The Birmingham age-herald., 1910-09-22
'R|CES ADVANCED
 IN STOCK MARKET
Han to Gut Steel Prices Is
 Cause of Strength
TRADING IS VERY ACTIVE
ction of Minnesota Judge in Declar- ing Railroad Rates Too Low Is
 Also Factor in the Advance

New York, September 21.--The stock larket today had as an incentive to Higher prices the statement issued yes |erday by Chairman D. H. Gary of the nited States Steel corporation, deny |hg reports of an intended "wide open 1t" in prices of steel products to e announced before the end of the |resent week. The reference in Judge arys statement to Gan effort of stock |bbbing or other improper persons to |reat1y exaggerate, if not misrepresent |acts," was supposed to point to the purce of part of the demand to cover 1orts today.
 Rumors have been very fnsistent for |svera1 days of a coming announcement rom the United States Steel officials | hfch might prove of sensational im- ort to the market Yesterdays official atement made 1t clear that whatever ice readjustment might be in progress \ the steel trade, 1t Is to be conducted Iithout the sdenonstrative method em- |loyed in the announcement of open l |lts in prices in February of 1909. It did not escape comment, however, That the cut announced at that time arked the beginning of growth in de- Hand for steel products and incidentally |le low price for the United States : eel shares The present decision ito aintain fair prices and to cooperate E far as they may legally and proper
 do so," marks variation from the gorous steps of 1909
 | An affective supplement to the Gary atement as marked influence was |he decision submitted by special mas Ar to the United States circuit court ecla ring void the railroad rates made K, the Minnesota state legislature. The Professional traders in stocks on the Dor of the stock exchange jumped to |bme very wide conclusions rom the ecision and from the grounds on wh1ch
 was based that the rates were con zcatorv and also an interference with
 terstate commerce.
 There was seen in this strong round for contention against a possl-
 e @decision on rates unfavorable to the ailroads by the interstate commerce bmmission following the hearing now
 progress. This point of view was rengthened by the announcement Of
 a postponement of additional increases
 rates proposed by the roads of the Xiddle west The effect of the Min- esota rate decision was pronounced on
 roads immediately affected ana hose lines traverse the state.
 The action of the Westinghouse Elec-
 ic directors in declaring accumulated yidends due on the first preferred ock was a hopeful factor for higher -ices The reports of influential new hnking interests in the 1nterborough- etropolitan company induced lively
 eculation in the stocks and bonds or
 at company and of the old surface rect. railway companies included in
 e system. ss..lsf,
 The pronounced weakness developed
 tbe corn market was accepted as
 Inclusive evidence of the favorapie -on,ise for th at important crop ana US ,nroach 10 safety from further danger
 damage from frost. A favorable 1m- .ession was made by, the estimates or
 eo Aa5 900 to be dfsbursed in Octo- IF renresenting an increase of S5,S42'-
 n in dividend payments and of So.Soo'-
 n in interest payments over the oc-
 ber period of last year
 The ,fmprovement which is occurring
 inc demand for bonds is not unre-
 ted to this development in connection ith the small offerings of new securi- es for several months past.
 The heavy accumulation of surplus
 nds which was made in fear of oney stringency are also nav1ng an feet on the bond market.
 Bonds were irregular. Total sales' hr value, $2,S36,oOo.
 Tinted States bond were unchanged
 the bid price on call.