The Montgomery advertiser., 1908-12-14

of the market against the ceiling to take profits on previous purchases in other stocks. The pursuit of this pro- cess reaches in time to the dregs of the market and sfirs up a lot of monde script of such value as to be eharily handled in times of speculative indh- ference A movement in such securities Is accepted as a. warnihg by practiced operators of the approach to eulmin- ation of q speculative movement Tn the movement now in progress in the stock market last weeks energence of some of this ttstrusted clAssaof securities is not the first that has occurred and this former prominence proved without et feet in checking the upward movement of other securities. For this resson speculative opinion over the future course of prices has remained dividsd with the suppoeition held by consid- erabIe party that the movement was broadening into a general and wide spread participation of a kind which overturns all ordinary rules and sweiIs Into such excited speculative move merts as have proved historical.
 ii has proved not unusual for spec uiative movements of the past to be suddenly arrested in full career by sudden constriction of the money mar | kat. leading to an unexpected with q drawai of credits employed in stock | market operations. The dread that the | approach of the end of the year might | develop such a condition has proved an occasional restraint on the money market. The past week saw a season able hardening of money rates under 1 fine operation of forces of depletion of l the money supply. Accumulations or | reserves have commenced to provide | for the great annual disbursements ana to meet the demands of the hoii- | day trade. A decline in condition or l the Bank of England until the end of l the year is looked forward to as | consequence, with a possible advance | immediately of It's oficial discount rate and the corresponding response in sil Fine great money centers which that action always involves The Bank or France continues its unprecedented ac- cumuIation of gold with the result Of 1 renewing the outward movement or gold to that center from New York.
 The recent bond issues in New York have helped to absorb available cred it's and to swell the loan and deposit items of the banks to record figures. The Royernment fiscal operations, iF- cluding bank note redemptiOns and subscriptions to the Panama Canal bonds are drawing large sums from the New York banks into the sub Treasury. with the decrease of ehe bank surplus from It's former unwieid- Iy proportions. there arises the ouea- tion of the sufaciency of money mar ket supplies to carry over the end of the year without exhaustion of the
 surplus and pinch in the money mar.
 ket.
 The conviction is general that with
 the turn of the year there win result
 a great refiux into bank reserves and great ease in the money market. The
 immediate developments in business
 and industry have not played much part in the stock market. The assem-
 bling of Congress and the Presidents
 message were without the disturbina
 effect sometimes felt. Some material
 for an advance in prices was fin fact
 seen in those events. There was 6 bet
 ter feeling over the copper trade and
 expectations were professed of an ear
 Iy placing of some large orders for
 steel products by the large railroad
 systems.
 Movements amongst the railroads tc
 raise freight rates were regarded as
 favorable to the interests of share
 holders.