The Birmingham age-herald., 1907-12-10
STOCKS DISPLAY
 V|GOR ON DECLINE After Opening Lower Prices
 Run Up Quickly GOOD SUPPORT TO MARKET Call Money Is Higher and Primer, But Easiness Is Shown In Other Paper and Good Promise Is Made
 For Future.
GOOD SUPPORT TO MARKET I

New York, December 9.--The stock mar ket gave plain evidence today of the op- eration of protective measures for the support of prices against depression. The vigor with which the market rallied from the general declines at the opening and the determination at which prices were bid up of the half dozen stocks which are of most value in shaping speculative sem timent on the whole list gave testimony to the benevolent 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 mo- tives guiding the movement Cynical ob- servers profess to see in it nothing beyond a device to secure an advantageous mar ket for holdings which large capitalists were practically forced to take on during the period of panic to avert the utter de- moralizaton of affairs in which they were interested.
 The more liberal view of the favor shown toward the recovery is that a ju- ~dicious readjustment of prices was war ranted after the utter prostration 10 which forced liquidation had carired quo- tations and that the general credit posi- [ tion would be helped by this readJust- ment affecting securities that form basis for extensive money obligations and which figure in the balance sheets of many in stitutions for which the annual state mefits 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 few special stocks and which would In an offered market movement be of marked sympathetic effect on the general list The weakness of the copper group, h- cuding American Smelling, was pro- nounced, and was directly attributaele to the unfavorable trade developments. The drastic reduction in the output of copper disclosed in the entire shutdown of some of the Amalgamated Copper company properties, pointed accurately to the sources of the doubts reflected in the movement of these stocks. Further dlVl- dend reductions were counted upon as an outcome of this action. There is grow ing appreciation also of the limited con- sumptive demand which has forerunner in the large exports of copper, and which are now alleged to be going to European stocks instead of into consumption. Ihe transfer of stocks from here to abroad IS said to have been made only with view to superior money market facilities there for holding up prices
 The imminence of the dividend meeting for Western Union explained the move ment of that stock. Fears were enter tained that the shrinkage in general busi- ness activity always reflected in telegraph revenues as the last incident to the strike of the telegraph operators would prompt the directors to pass the coming dividend or materially reduce it. This kind of ex- pectation was clearly shown in the case of other industrial stocks, notably dlsll- lery securities.
 The call money market was even iiriher than on Friday, due to increased stock market borro wing, and this served as an admonitory influence on speculative eX- tension. Another influence on the call loan market. however, was the stirring of life in the time loan market and in