The Birmingham age-herald., 1903-08-13
PRICES ADVANCED
 BY HOPEFUL VIEW
DulIness Develops in Reaction
 Due to Withholding
ROCK ISLAND IS A FACTOR
Rumored Deal Concerning seaboard Air Line Fails to Chill Operators, But Starts Flood of Re-
 ports in Stock Market.

New York. August 12.-Wall streets nore hopeful view of the outlook was re- aected in the comprehensive upward movement of prices with which the days operations began. The advance became so -apid as to oyerrun the newly awakened demand and attract selling to profit which caused some hesitation feature of the market was the dullness which de- veloped on reactions due to the with holdings of stock from the market except at advancing prices. The speculation made up of professional traders, played an important part in the movement. and undoubtedly buying to cover short con- tracts was on a large scale. Yesterdays market already showed signs of being oversold, the genuine liquidation having failed to keep pace with the bear selling to anticipate it.
 The fact was Illustrated in today's mar ket that there are buyers who will come in on an advance who would refrain from buying at tine lower level There is a large volume of selling which disappears from the market also when prices turn up- wards. Of course this is especially true of forced sellers by reason of margins wiped out and shrinkage of collateral But it is also true that holders of securities are prepared to sell them when the price Is declining, who will hold when the prices begin to advance.
 The selling of collateral out of loans and the contraction of credits seemed to have disappeared entirely today. Aside from these considerations there were no marked changes in conditions to account for the alleged demand for securities. Rates from time money continue very firm. The continued heaviness of foreign exchange caused active discussion of pos sibly early gold exports. London is buy ng quite freely of stocks. The increas-f Ing sense of security in the safety of the ripening crop Is encouragement to offer exchange bills in the market for long periods to be covered at maturity, when the export of the crop Is in progress
 The weather bureaus weekly summary Dn corn yesterday added to the encour- agement caused by the monthly report published the day before. In the gereral- ly better sentiment of the day hopes were expressed of a good bank statement, al- though there was no very obvious flue- nation for this in any known depart ments. Later in the day the market came under the influence of a flood of rumors regarding the disposition of the Seaboard Air Line. It was significant of the change in the stock market sentiment that a proposition which promised large addition to an already large vol ume of securities failed to cause the chill of apprehension which the market has shown at all recent suggestions of the creation of new securities. The leadership assumed by Rock Island in the late strong upward movement foreshadowed the an- nouncement just before the close of share in the control of the Seaboard Air Line by Rock Island interests. The days gains reached to points for the prin- cipal active stocks and more than that for specialtes. The market closed very strong and active.
 The general tone of the bond market was strong. Total sales, par value, s2, 1000.