The Birmingham age-herald., 1910-01-05

 STOCKS RALLY IN
 ACTIVE MARKET Gall Money ReIaxes and Brokers Gain Confidence BUYING BY BIG INTERESTS Fears That Congress Would Enact Leg slatlon Adverse to the Welfare of Railroads Interests Have
 About Disappeared.
BUYING BY BIG INTERESTS

New York, January 1.-The stringency i in the call money rate relaxed today and stocks rallied. just reversing yesterdays market. Corresponding changes occurred in stock market sentiment regarding pros }pective presidential messages. Allowance must be made for the natural 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 liquidaties. in the stock market which was forced or influenced by the calling of loans. The banks thus increased their resources and the stock market lessened its demands for money. The precipitate fall in prices yesterday also carried with 1t growth in the short interest in the market and demand from this source for covering purposes was a material factor in rally ing the market.
 There was enough show of support in the days market to take away the ap- pearance of the abandonment of specu- 1ation by its recent powerful supporters, an appearance which was of great infiu- ence in dscouraging the speculative sen- timent yesterday
 The process of liquidation was pushed to further lengths in the early part of today's market, and the level of prices at one time was 1 to points lower than { yesterdays close quite generally. The ' call money market opened at per cent and the urgency of the demand contribu- ted to the selling process in stocks. When it was seen that the days probable re- ouirements had been filled without ex- ceeding yesterdays rate the figure began to decline and the stock market began to right itself.
 The character of the buying and bid ding LID in Southern Pacific served as assurance also that influential support was being extended. The strength of this stock ultimately spread it's effect by sympathy through the rest of the mar tSet.
 The mornings reports of the confer ence yesterday at the White House pe- tween the President and executive heads pf several great industrial and railroad corporations confirmed the uneasiness caused by yesterdays reports and had much to do with initial declines in the prices of stocks.
 Then came a statement from President w. c. Brown of the New York Central, one of the conferees, protesting to feei no apprehension about the proposed Dill, either in It's probable effects on the rail- roads or investors. Arguments were of- fered also with every appearance of be- ing inspired by interested parties that good as well as harm to corporate ln- terests might come of the proposed changes, especially the proposal for red eral charters It was even asserted that she precedent of previous legislation With {. respect to the railroads 1ust1hed nope rshat increased income from them might result as in the case of doing away with rebates and the inhibition against passes.
 Later came the report from Washington That the Presidents message on the ln- terstate commerce laws amendments, once postponed from Wednesday to Fri day. had again been set forward to next Monday. From this it was concluded that the arguments presented by the raii- road presidents had been taken into re- newed consideration with prospect or ,yorkine changes in the executive recom- meudations to Congress. The quick mu- tations of feelings on this subject were "a demonstration of the sensitiveness or speculative opinion in the matter. Ine possibility of further variations III the nrospect until the whole matter IS ols- nosed of was not entirely reisneo ana operated to continue the unsettieHent 'ol The market to some extent.
 A factor in quieting anxiety about anti .ay,,orate measures was the news Of the hrodigious merger of trust companies ef- @ected under the auspices of J. F. Morgan a Co The accomplishment of such huge generalization of financial powers was fo1t to demonstrate an ability In tnat direction that deprived the outlook of ca,,se for anxiety from the standpoint ,f vested capital The rally put prices eenerally higher than yesterdays clos- ing. - r., s,,as aor i value, $5.271,o00 {, limited States As coupon declined "A per cent on call. t