The Birmingham age-herald., 1910-01-13
SHARP DECLINE IN STOCK MARKET luIf In The Market Is Followed
 By Heavy Selling MONEY MARKET IMPROVED Rock Island Flury and Fear of Leeis- lation By Congress Are Principal Causes of the Slump In the
 General List. 
MONEY MARKET IMPROVED

New York, January 12.--The manner in witch the stock market flattened out to- day when relieved from selling pressure was hardly less discouraging to specula- tive sentiment than the active declines of the two earlier days of the present week. During the noon hour the sales of stocks were less than 40,000 shares and 1t was during the period of practical etasnation that prices rested at about the top level of the day. At the same time reports from the loan crowd on the noor of the stock exchange were of a more active demand for stocks for de- livery than has been witnessed for many weeks.
 This evidence Of .le, substantial growth of the short interest coupled with its tranquility in the face of the check to the downward course of prices was re- garded as ominous. The lack of resil- iency in the market encouraged the re- newal of operations for the decline which became precipitous.
 So far as the money market situation has been deterrent to speculative oper- atApns, the condition was substantially improved today. After opening at per ceiYt rates receded, thus lowerinx the maximum rate of yesterday and of the day before and establishing the lowest ruling rate that has been touched in the new year. The conviction is left, however, that requirements to be met In the money market outside of the stock market uses are so considerable that the supplies available for that use are likely to be affected. These additional uses for money apply rather to proposed capital outlays than to immediate com snerciai employment.
 Speculative sentiment would be better satisfied with signs of expanding mer- cantile demands for money. The reflux of funds from circulation is 80 heavy at present as to suggest rather Hull in trade activity. The current redemp- tfons of bank notes are on an enormous scale and the daily gain Of the New York banks on sub-treasury operations is due, in no small part, to the presenta- tion there for redemption of bank notes received from the interior and which are thus converted into legal reserve money. The rapid fall in the price of cotton was believed to make requirements for addi- tiorial margins which caused some pres sure, on the stock market
 Ndws from Washington also serves as a ,kminder of factors at work which preIzegarded as unfavorable to the cause of Ejaculation. The advances made py the Union Pacific authorities to the law offices of the government for possible compromise of the suits under the anti trust law convey an impression or ap- prehension of the outcome of those suits The taking up for consultation or the measures proposed for preventing deal- tngs in futures in the commodities mar kets showed the persistence of the forces at work in directions which are not rel 3shed by those most active in specuia- tive movements.
 There was the same spirit of apprehen- sion regarding the outcome of the meet ing of the board of governors to be neld after the stock market closed, to act on the report of the committee which in- yestigated the Rock Island episode. There has been no doubt of the part played by this apprehension on important liqul- dation that has been going for many days How far the immediate acton or the committee must go to clear up me whole subject and put it in the category of past influences was left entirely con- 3ectural while the stock exchange was still in session
 The midday rally in the market seemed To be accepted as a test of the specuia- tive position. When it was seen that buying was practically suspended at the higher level of prices selling was re- newed with great aggressiveness ana the whole list yielded weakly and closed at about the lowest prices of the day.
 Bonds were irregular. Total sales, par value, sS,2es.0o.
 United States 2s declined h per cent on} call