The Montgomery advertiser., 1907-12-04
THE STOCK MARKET

,E New York. Dec s.--Prices were put through . rsmarkabla ssrses oe fluctuations today at the stock Exchange without any the current of the news or events The movement. in fact was rather obviously ma- nipulative and professional The trading is. fs Which aatsr derfng in it's effects on the mind of the room traders, who were left in a condition of weariness, accurately reflected in the lans yals of repose.
 The severe whipping up of the market and the excessive irregularity of the fiuctu. the trend of speculative operations going on and to facilitate the accomplishment of the ends sought by swing the market an ap-
 The aggressive bidding up of one or two stocks was proved to be directed against important outstanding short interests in nents seemed to have accurate knowledge Reading and American Smelling were com spicuous in this class and the course of these two stocks dominated the whole mar ket for time. The later quietness sug- gested the making of large selling orders to realize with large buying orders to cover shorts during the period of activity resulting iu . material reduction of the speculative position on both sides The publication of the Presidents message was mada the signal for tho closing up n spec ulative commitments as the various fore- casts Of the message had been made the ba- sis for such dealings in the last few days.
 The actual perusal of the message discios- ed little material to prompt the adoption or a new market position.
 There was a general agreement amonRst financial authorities that the improvement in the banking position had not proceeded far enough to warrant any important exten- sion of credits for use in stock market op- erations. The recoveryfn the premium on currency which approached two per cent emphasized this view. Various requirements were reported to explain the higher cur rency premium. The meeting of payrolls. the needs of importers in making cash pay ments of customs and especially the per Arn and Southern banks for cashs all were 4n evidence. A
 The immediate future of the United States serious discussion. To draw on the deposits in the banks at this time. or in fact be- fore the turn of the year, woulc involve conditions that would be viewed with some published this morning by financial leaders of recognized information and accepted au- thority especially on the position of possi- hie extent of over-extension of enterprise vet to be rectified had a chilling effect on some of the purely speculative enthusiasm which had been stirred up tD&the stock ex- change neighborhood in the last few days. r London continued to sell stocks in this market notwithstanding the large influx of gold holdings into the Bank of England and the decline in the open market discount rate The discount rate at Berlin also receded, which development was viewed with special satisfaction in view or the weak return of the Imperial Bank Of Ger many for the week and the. anxiety that IS felt over the Berlin position generally, Last prices of stocks. after the numerous fiucfc- ations were about the lowest of the day.
 Bonds were irregular. Total sales par value 8, ,S60. .0o0. United States. bonds were unchanged on call.
 CLOSING STOCK LIST. :.