The Birmingham age-herald., 1909-07-31
HEAVY DEALINGS IN STOCK MARKET Highest Record Prices Reached
 In Some Stocks TARIFF OUT OF THE WAY Since Tariff Report Is Complete the Market Is Relieved and Advances
 in Many Stocks Are
 Very Sharp.
TARIFF OUT OF THE WAY

New York, July 3O.-The dealings at the stock exchange by noon today had over taken the figures for yesterdays total dealings and the days total rose to over 100000 shares. The increased activity of the market was accompanied by great variety in the demand and an imposing but not wholly comprehensive show or strength. Union Pacific. United States Steel Southern Pacific and Atchson all sold during the day at the highest prices in their history Commission houses re- ported some accession of outside demand but the action of the market was sug' gestive still of professional operations.
 It is a feature of the present situation in the stock market that, with all the enormous accumulation of holdings that has been accomplished, brokerage offices profess to be little involved in the way of money borrowed for the holding of stocks on margin for customers. The ex- planation offered Is that the principal par ticlpants in the recent market have re- sorted to the banks directly for loans, and that 1t is with these institutions that the collateral is largely held. The com parative freedom of the market from the usual backsets and vicissitudes of spec Ii brokers are advising the shifting im- pulses of traders in and out, is said to , be due reasonably to the same cause.
 Today's active market was attributed in its broadly underlying impulses to the signing of the conference report on the tariff bill. The movement was helped along by speculative devices and made swift progress toward the indicated end One of the devices used that proved most ,t tira,, of nf the accumulation of this or that stock by some financial magnate for investment. The name of John D. Rockefeller figured in the days gossip in this connection So, also, did that of p. H. Hartman, who was alleged to be reinvesting the large cash proceeds of recent sales of Atchison preferred in New York Central and other trunk lines for replacement in the treas ury of the Union Pacific.
 A sudden jump in Western Union was accompanied by an assertion that an early absorption of that company by the American Telephone and Telegraph com pany was in contemplation. Reading was made conspicuous with a revival of re- ports that have done duty many times before of financial plan involving a re. adjustment in it's stock issues and an in- crease in the dividend. An astonishing number of rumors bearing on particular properties were set afloat in this way and gave rise to isolated price movements in succession. and this was responsible largely for the professional appearance of the market in spite of it's breadth and ac- tivity.
 More gold was engaged for export to Argentina and the hardening of time money rates progressed. The banks are promised a cash gain as large as last weeks, but favorable sub-treasury opera tions have contributed to this the receipts on balance on the interior movement showing a decline from last week. The stock markets closing ton was strong