The Birmingham age-herald., 1908-01-18
STOCK MARKET
 CLOSES STRONG Weakness In Early Session Is
 Followed By Rally BEARS COVER THEIR SALES Rumor That J. p. Morgan Has Ac- quired Control of Equitable Life
 Assurance Society Aids
 Bullsh Tendencies.
BEARS COVER THEIR SALES

New York. January 17.-Substantial pro- gress was made today in the digestion or speculative profft-taking, which has been accommodating on the stock market Tor several days past The sharp reaction which developed yesterday was quite widely extended during the early trading today, and afforded such relief from the pressure bearing on the market that the way was opened for material recovery The bears had been active short sellers on the decline and their active demand to cover helped the rebound. So did the cir culation of rumors of important changes in financial institutions, especially an al legged passage of control of. the Eqult- able Life Assurance society to J. P. Mor- gan. This rumor, coupled with the az gressive advance in Northern Pacific, was the effective factor in turning the mar ket and driving the bears to rout North ern Pacifs showed resistance to the early depression in continuance of the same showing in yesterdays decline. The per sistence of this strength gave it impress siveness and served to convince the skep- tical that some good news was forthcom- ing regarding the stock, the result beng a revival of assertions of an intended eX- tra disbursement on the stock. such as were current prior to the declaration Of the regular dividend.
 Money markets gave striking evidence of the continued growth of banking re- serves both here and abroad The de- clining tendency of foreign discounts and the appearance of continental lenders in the London market driving down the Lon don discount rate, did not prevent rapid rise in the sterling exchange rate here, and a discussion of a possible early gold export movement. Reserves are now ac- cumulating so rapidly in New York that this prospect seems to nave no disturbing effect The banks nave made another heavy gain on the weeks interior cur rency movement receipts on balances from the interior having reached appar- ently the neighborhood of S,000, GOO besides about $2,000,000 on sub-treasury opera tions.
 That reports of gold at this time would hinge on money market consideration, rather than on merchandise, is called by the foreign trade statement for Decem- Der, showing an excess value of exports of s114S90, 665 which is more than twice as great as in December of 1906. December gold net imports amounted to $43,4 ,O6S, following the $63. GOO brought in dur ing November. There has been an abrupt falling off in value of December imports of merchandise to $92 2SS,71. compared with $110 943, 900 in November and $134S5O,- GOO in December of 1906, making striking exhibit of the countrys reduced consump- tion as an effect of the financial crisis.
 December exports, on the other hand, have risen several million dollars over even the November record to an absolute record for any one month at $207, 179,- 436. The enormous outws d movement of grain and cotton has con> lcted large ly to this result.
 The violent early decline In prices to- day centered largely in the metal indus trials, Amalgamated Copper and Amer ican Smelting being special targets of at tack for reasons obvious in the depressed condition of the mining industries New York Central was also pressed for sale sharply, the long account in the stock having been considerably extended in the buying following the sale of equipment notes. The selling of Anialgamated Cop per was accompanied by comparisons of the relative high price of the stock now