The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-08
SOME RECOVERY
IN STOCK MARKET
Presidents Message Has Ne
Bad Effect Upon Stocks
ACTIVITY IS RELAXED
General Drift of Stocks Is Downward,
But After Taft's Message lie Read
Recovery Is Made In
Prices.

New York January 7.-whatever may
be thought of the influence OF the Pres
ident's message on the stock market, 1t
cannot be supposed that there was any
thing In 1t that was news in that region.
uhe full text of the message was dstrib-
uted to brokers' offices within a few
minutes after its delivery to Congress,
advance copies having been in hand for
Chat purpose.
4 The preparation for the document,
moreover, has involved such widespread
consultation and such free preliminary
discussion by the author in public adj
dresses that scarcely any passage of 1t
could be regarded as a novelty.
Ever since the conference of railroad
presidents at the White House last Mon
DAY for the purpose of offering their
objections to the recommendations to be
anade, the stock market has devoted most
of its attention to taking measures
prompted by the views of the forth
coming paper. The result was seen In
the state approaching idleness into which
the market fell after the message was
published. The element Immediately In
touch with the stock market had aleardy
taken such steps as they deemed ap-
propriate to the conditions presented by
the executive recommendations.
Such steps on the part of the spec
nlators are naturally In the effort to
anticipate and take advantage of what
the more scattered general public may
do.
In the movement Of special stocks here
and there which has occurred during
the week 1t Is possible to suppose that
action was prompted by particular pas
cages of the message. The provision
suggesting that a corporation now own
ing not less than one-half of the en-
tire issue and outstanding stock of any
other railroad company shall not be for
hidden TO acquire all of the remainder
OF such stock might have prompted ad-
ditiona accumulation by present hold
ers of minority of stock In other
railroads. The Union Pacific holdings of
Southern Pacific and the Pennsylvania
holdings of Norfolk and Western offer
examples, the present control of these
roads being exercised by minority hold
ings The past week has seen large
accumulation at advancing prices of both
OF these controlled stocks
Putting aside the question of how far
speculative action may have anticipated
already the effect of the progress here
set out the opinion in financial circles
IS clear that grave weight must attach
to the comprehensive plan set before
Congress for dealing with the corporation
problem. The means of complying with
The proposed law Tor FEDERAL charters
received more attention than any other
phase of the subject. The view of the
ultimate effect of such a system was not
wholly unfavorable from the view point
of capital and of corporation interests
4 Other influences, so far as they We're
reflective in the days stock market were
mixed. Some influence was exerted by
the reports of the widespread damage
by the storm. The drawing out of the
railroad switchmen's strike in the north
west was dislilsed in spite of the claims
advanced for the railroads that the strike
was practically broken.
The easing of the money market
helped the speculation The ruling rate
for call loans was below per cent
for the first time during the week. Pre-
1iminary estimates of the weeks cur
rency movement pointed to a heavy cash
gain by the banks, the high call loan
rate early In the week having served
j oparently to attract large sums here
- lm the interior. Estimates of the
e eeks gain ran as high as $10,000,000.
opinions on the loan changes are still
. It sea. The cash grain was an element
I'm rallying stocks late in the day.
Bonds were steady. Total sales, par
value. sS;71S.oOO.
United States bonds were unchanged
on call.