Norwich bulletin., 1910-01-05
RALLY IN STOCK PRICES.
Followed Money Strinsency Relxation
 Bank Resources Increased.

New York, Jan. 4.-The strIngency in the call money rate relaxed to,Iay and prices of stocks rallied, thus re- versing the process of yesterday. Cor responding changes occurred iiI stock market sentiment regarding Ilie ex- pected presidential messages. Allow ance must be made for the ma atural forces of reaction in the significance attached to the movements of prices of stocks.
 The easing of the money market was due in part directly to the liquida- ton in the stock market, which was forced or influenced by the calling of loans. The banks thus increased their resources and the stock market less ened it's demands for money. The pre- ctpitate fall in prices yesterday also carried with it a growth in the short interest in the market and the demand from this source for covering purposes was material factor in rallying the market.
 There was enough show of support in today's market to take away the appearance of an abandonment of the speculation by it's recent powerful supporters an appearance which was of great influence in discoura ging the speculative sentiment yesterday.
 The process of liquidation was push ed to further lengths in the early part of today's market and the level of prices, at one time, was quite generally - close. The call loan market opened at per cent. and the urgency of the demand contributed to the selling pressure in stocks. When it was seen that the days principal requirements had been filled without exceeding that rate and the figure began to deIcine, the stock market began to right it. self
 The character of the buying and bidding up in Southern Pacific served as assurance also that influential sup port was being extended. The strength of this stock ultimately spread it's eff feet by sympathy through the rest of the market.
 The mornings reports of the confer ence at the White house yesterday be- tween the president and the executive heads of several great railroad sys- tems confirmed the uneasiness caused by yesterdays reports and had much to do with the morning declines in prices of stocks Then came a state ment from President w. c. Brown, of the New York Central, one of the con- ferees, protesting to feel no apprehen- sion about the proposed bill either in it's probable effects on the railroads or on investors.
 Later came the report from Wash ington that the presidents message on the interstate commerce law amendments, only postponed from Wednesday to Friday, had again been set forward to next Monday From this it was concluded that the argu- ments presented by the railroad presi- dents had been taken into renewed consideration, with prospect of working changes in the executive rec concentrations to congress. The quick mutations of feeling on this subject were a demonstration of the sensi- tiveness of speculative opinion in the matter.
 A factor in quieting anxiety about anti-corporate measures was the news of the prodigious merger of trust com panies effected under the auspices of J. P. Morgan and company. The ac- complishment of such a huge central ization of financial powers was felt to demonstrate an ability in that direc- tion that deprived the outlook of cause for anxiety from the standpoint of vested capital. The rally put prices