Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-01-05
The Markets.
NEW YORK STOCK MARKET.
Features Of tho Days DsaIings In All
The Leading Stocks.

New York, Jan 4-The stringency IN
the call money rate relaxed today anu
prices of stocks rallied. thus reversing
the process of yesterday. Corresponding
changes occurred in stock market sentl-
ment regarding the expected Presidential
messages. Allowances must be MADE Tor
the natural forces of reaction III tle SIG
nificance attached to the movements Oh
prices of stocks. The casing OF the lnon-
| ey market was due in part directly 10 the
| liquidation in the stock market, winch
was forced or influenced by the calling Oh
| loans The banks thus increased their
resources and the stock market lessened
| it's demand for money. The preclpltat,e
| fall in prices yesterday also carried WIN
| it growth in the short interest IN the
market and the demand from this course
| for covering purposes was material rae
tor in rallying the market. Ihere was
enough show of support in todayS mar
ket to take the appearance of an aban-
donment of the speculation by It's recent
powerful supporters, an appearances
| which was of great influence in discourage
| ing the speculative sentiment yesterday. ,
| The process of liquidation was pushed
| to further lengths in the early part OF
| todays market and the level OF prices, at
one time, was quite generally one 10 Two
| points lower than yesterdays close. Inc
call loan market opened at per cent ana
the urgency of the demand contributed
! to the selling pressure in stocks. When
| uuirements had been filled without ex-
! ceeding that rate and the figure began TO
decline the stock market began to right
| itself. The character of the buying ana
bidding up in Southern Pacific served as
surance also that influential support was
| being extended The strength OF this
stock ultimately spread its effect by SYM
pathy through the rest of the market
! The mornings report of the conference
! at the White House yesterday between
! the President and the executive heads OF
| several great railroad systems confirmed
the uneaSineSS caused by yesterday re-
ports and had much to do with the morn
| ing declines in prices of stocks Ihen
| came statement from President w. {.
Brown of the New York Central, one of
the conferees, protesting to feel no ap-
| prehension about the proposed bill either
| in it's probable effects on the railroads
| or on investors.
Later came the reports from Washing
| ton that the Presidents message on the
| interstate commerce law amendments,
! once postponed from Wednesday to Fri
| day, had been again set forward to next
| Monday From this it was concluded that
| the arguments presented by the railroad
presidents had been taken into considera-
| ton with a prospect of working changes
| in the executive recommendations to Con-
| greSS. The quick mutations of feeling on
| this subject were a demonstration of the
| sensitiveness of speculative opinion in the
| matter. factor in quoting anxiety
| about anti-corporate measures was the
| news of the prodigious merger of trust
| companies effected under the auspices of
j. p. Morgan & Co. The accomplishment
| of such a huge Capitalization of finan-
| cial powers was felt to demonstrate an
| ability in that direction that deprived the
| outlook of cause for anxiety from the
| standpoint of vested capital. The rally
put prices generally higher than yeSter-
| days closing.
| Bonds We're irregular Total sales, par
| value, S5.271 600. United States AS cou-
pom declined per cent. on CALL