The Birmingham age-herald., 1910-01-16
STOCKS RALLY ON STRONG SUPPORT. Selling Is HeavyDuring Greater
 Part of Session READING IS VERY STRONG Bear Traders Are Trying to Work on Fears of Investors By Talking of f Adverse Legislation By k Congress.
By THOMAS c. sHoTwELL

New York. January 1A-(Special.)- , Stocks rallied sharply in the last few minutes of trading today, the advance averaging about points in the active Issues. This was due to the exhaustion of selling power and to strong support from insiders. The fact that the bank state ment showed . cash gain in actual figures of $22, H5soo; reduction in loans of S1s. 23s 5o0; a gain in deposits of $38. .333 5o0, and an increase of surplus reserves of As, 3SS05o, led to belief that the short interest would have some trouble cov- ering next week.
 < Pennsylvania was the strong feature Throughout the entire day. It yielded but little and led the advance to the close. Opening figures were much lower follow Ing deciuine in London in the American department. London's home stocks were strong in spite of s10o0 1000 loan for Ireland, but the British brokers throw Americans overheard in a way that raissd the suspicion that the selling came from New York.
 A feeble rally was seen in the first hour. followed by a second drive at tae market On this second decline the gen. l, eral list reached a level not touched for nearly a year. All the gains seen dur ing the Taft administration were wiped out.
 Strength of the local Gas stocks was a Feature of the morning, Bankers imine- diately began to argue that companies not affected by federal incorporation law would be the safest investments. Brook lyn Union Gas did not break throughout the session, and Consolidated Gas re- covered quickly its loss of the early trad ing. Reading surprised the street with the strength of its late trading Steel was taken in great blocks on the advance by bankers identified with the trust Copper stocks moved up freely and even on the curb where the low-priced cop pers had been weak there was a material Improvement.
 Southern Pacific. Union Pacific and the Hill stocks were all prominent in the Last hour. The closing was strong at the best figures of the day A short Interest of huge proportions is outstand- ing. The bear traders are attempting to work on the fears of the general public by grossly misrepresenting the Sherman antitrust law. They are saying that the legislation proposed by President Taft 'Wlll leave corporatlons subject to prose- cution by states attorneys. As q matter of fact, the Sherman antitrust law -x- plicitly declares that no official, either state or national, can institute proceed ings under the law except the Attorney General of the United States or United States district attorneys under his specific direction. Number Of shares sold today, s59, 400 against s554,855 a year ago.
 Par value of bonds sold, g, ,76S, 900, against g, ,796000 year ago.
 The American Railway association re- ports less demand for cars. This is due to the heavy snowstorms. There is a general slackening of business on tidewa- ter coal roads.
 { Sears, Roebuck & Go. increased the dividend on the common stock today from a 6 to a per cent basis. The directors announce that this years net earnings should be 20 per cent on the common stock of which there Is s3o,0Oo.0Oo out standing.
 The Pearson syndicate bought much of it's Rock Island stock through Canadian brokers. This is the explanation of tho report crr1 rent three weeks ago that Canadian Pacific was buying Rock Island.