The Birmingham age-herald., 1907-12-04
PULATION IN
 STOCK MARKET  Fluctuations Take Place With out Apparent Cause PRICES GO UP THEN DOWN Short Interests Bid Up Stocks Slightly In the Early Session and This Is Followed By Declines On
 Realization.
PRICES GO UP THEN DOWN

New York, December 3.-Prices were put through remarkable series of fiuc- tuations today at the stock exchange without perceptible explanation for the changes in the current of the news or events. The movement, in fact, was rather obviously manipulative and pro- fessional The trading fell into extreme dullness after a time of this experience which was somewhat bewildering in it's effect on the minds of some traders who were left in condition of weariness ac- curately reflected in the languid move ment of the market in it's intervals of repose. The feverish whipping up of the market and the excessive irregular ity of the fluctuations were regarded as devices to conceal the trend of specula- tive operations going on and to facilitate the accomplishment of the ends sought by giving the market an appearance of great breadth and animation.
 The aggressive bidding up of one of two stocks was proved to be directed against important outstanding short in- terests in these stocks, of whose posi- tion their opponents seemed to have ac- curate knowledge. Reading and Amer jean Smelling were conspicuous in this class, and the course of these two stocks dominated the whole market for time. The later quietness suggested thefmeet- ing of large selling orders to realize with large buying orders to cover shorts dur ins the period. of activity resulting in a material reduction of the speculative po- Sition on both sides.
 The publication of the Presidents mes sage was made the signal for the closing up of speculative commitments, as the various forecasts of the message had been made the basis for such dealings in the last few days. The actual perusal of the message disclosed little material 1o prompt the adoption of new market position. There was a general agree ment among financial authorities that the improvement in the banking position had not proceeded far enough yet to warrant any important extensions of credits for use in stock market opera tions.
 The recovery in the premium on cur rency which approached per cent today emphasized this view. Various require ments were reported to explain the high CT currency premium The meeting of pay rolls, the needs of importers in making cash payments of customs and especially the persistence of demand from some of the western and southern banks for cash, all were in evidence. The inn mediate future of the United States treasury finances is also coming in for some serious discussion. It is generally understood that the treasury has met thu extraordinary drain of its available cash holdings in the building up of de- posits with the national banks by every bookkeeping expedient in the transfer of disbursing offices and other accounts as well as by deferring outlay on appropria- tions wherever possible, but the post ponement of such expenditure does not evade them and their payment will neces- sitate the replenishment of the treasury S cash balance. To draw upon the de- posits with the banks just at this time or, in fact before the. turn of the year,