The Montgomery advertiser., 1907-12-10
THE STOCK MARKET

New York. Dec. s.--The stock market to. day gave plain evidence of the operation of protective measures for the support of prices the market rallied from the general de- clines at the opening and the determination with which prices were bid up of the half dozen stocks which are of most influence in shaping speculative sentiment on the whole list gave testimony to the benevo- lent control being exercised by capitalists Of the largest resources. The fact of this support is now generally recognized about the stock exchange. while opinions vary widely as to the motives guiding the move- ment. cynical observers profess to see in 1t nothing beyond a device to secure an ad- vantageous market for holdings which large capitalists were practically forced to take on in the period of the panic to avert the they were interested.
 The more liberal view of the favor shown towards the recovery is that judctous re- adjustment of prices was warranted after the utter prostration to which forced liquid- ation had carried quotations and that the general credit position would be helped by ties that form a basis for extensive money obligation and which figure in the balance sheets of many institutions for which the annual statements are now in preparation. ;.
 The effectiveness of the support for the market was the more notable by reason of the rather acute weakness shown by a few special stocks and which would in an un- fettered market movement be of marked sympathetic effect on the general list. The weakness of the copper group including American Smelting was pronounced and was directly attributable to the unfavorabie trade developments. The drastic reduction in the output of copper disclosed in the en- tire shut down in some of the Amalgamated Copper Company properties, po1nted accu- rately to the source of the Ndoubts reflected in the movement of these stocks.
 Further dividend reductions were counted upon as an outcome of this action.
 There is a growing appreciation also of the limited consumptive demand which has figured in the recent large exports of cop per and which are now alleged to be going into European stocks instead of into con- sumption. The transfer of stocks from here to abroad is said to have been made only with view to superior money market facilities. there for holding purposcs. Fears were entertained that the shrinkage in gem eral business activity always reflected in telegraph revenues as we'll as the losses in cident to the strike of telegraph operators would prompt the directors to pass the com ing dividend materially reduce it, The call loan market was even firmer than on Friday. due to increased stock market bor- rowing and this was an admonitory influ- ence on speculative extension. Increased supplies were reported in these markets and bankers and money lenders were less bent on conserving their funds in the liquidated form of call loans.
 There were some withdrawal Of that form of credits evidently were being transferred to the others: clear intimation of the coming easing of the whole money situa- tion. This development aroused hope that the easing money might come before the turn of the year. although the expectation that the January settlement would have to be met before this happened. Some of the demand came from out of town banks. for currency kept up and a premium was still paid. Another large engagement of gold in London for import resulted but It was secured at a decline in the price. The late selling of United States Steel had sympathetic effect on the market and made the closing tone easy.
 Bonds were irregular. Total sales par val ue S2,92s,0O0 United States bonds. 2hs registered advanced A per cent; the cou- pons g. and the 3s and 4s 1s per cent on call.
 CIOSYNG STOCK LIST.