The Birmingham age-herald., 1908-12-19
STOCK MARKET
 IS AGAIN WEAK Efforts Are Made to Arrest the
 Decline
BEARS HAM MER HEAVILY
Belief Is Widespread That Professional Operations Are Responsible for the Slump and Due to Over
 loading of One Person.

New York, December 1S.-There was fur ther weakness in stocks today. but the market was not so entirely without sup port as was the case yesterday. Last prices, in fact, were little changed. Eff forts were seen during the early part of the day to arrest the decline The resis- tance shown by American Smelting at 80 and by United States Steel at 53 was an example. When the Smelling stock began to break to new low levels the bears threw off their timidity and renewed the attack on the general list. The assump- ton IS widespread that concerted pro- Iess1onal attack is responsible for the de- cline fn prices, and the quick rallies from time to time, indicating a nasty cover 1ng of shorts, was corroborative. Another view of the matter attributes the sem blance of bear operations to the masked purpose of a party long of stocks to dis pose of the holdings, bear raid on prices tending to inclte support of prices by in- side interests.
 Much attention was devoted to Amerio- an Smelling and to the published report of ! project to build rival smelters through the country and organize a for midable rival to the present dominant in- terest. While the intention to organize this competition was believed to some ex-
 
 Smelling shares was ascribed partly to their vulnerable position by reason of oevr-speculation and an advance to prices unHarranted by the dividend ] eturn the earnings and the prospects in the trade. The close sympathy with its weakness shown by other stocks in the metal group, even those supposed to benefit from the new smelting project, was proof of this The condition in the copper market was d. cline in Amalgamated Copper and re- ports of a combination in process of for nation to control the marketing of cop per did not offset the knowledge that production was proceeding far in advance of consumption.
 The hostile array of great financial groups was an unpleasant contrast with tle hopes recently prevalent in the finan- cial district of a drawing together of all the great forces of wealth. The pas senger fare war opened up by the Wabash over busir ess between Pittsburg and Chi cago has increased influence on account of the slippositon that E. H. Hartman was a new power in Wabash affairs. A more rational explanation of the pressure of the liquidation in the stock market was found in the outlook for tomorrows bank statement
 The rise in money rates during the week
 
 other points, the gain of the local banks on the balance of the interior movement rising sharply over last week to over $2,- 000000. This is a meagre offset to the sub -treasury's absorption of $24, 453,OOO. I'm portant financial operations during the week have made continued requirements on banking credits. The easier tone of call loans yesterday and today, however, prove the conservation of a margin of sur plus reserves. This easier rate for money Was accomplished today by recovery in foreign exchange rates by a violent break of centimes in the sterling exchange rate at Paris. Discounts also hardened in Paris and in London, and gold was marked up in London today. The likeli- hood of resumption of gold exports from New York was thus increased.
 Bonds were irregular. Total sales par value, $5, 96O 900.
 United States bonds were unchanged on call