The Birmingham age-herald., 1910-09-13
STOCKS ADVANCE
 ON BU[[|SH NEWS
'ale of Rock Island Stock
 Helps the Market
HE UNDERTONE IS GOOD
rices Show Resistance to Bearish In- fuences Which Signify That Transactions Are on a
 Level Basis

] New York, September 12.-The news Incidents of the day in the financial larkets was the resale by Kuhn, Loeb 7 Co. to Phelps, Dodge & Go. of the
 Rock Island preferred stock which was I'd July, at a time when demoralization Threatened the stock market
 II The reception of the second transac- fion by the stock market today was in |fsarked contrast with the electrifying i fleet of the announcement of the first. A comparison of market prices then l nd now may account for the difference In the sentimental effect. Rock Island Kreferred then touched 54, while today |lt rose to 665s, rise from Saturdays s losing price of 3 F, thus leaving a nar- tow margin for the expression of i'm Ibrovement. Prices in the general list
 Ire correspondingly higher than when he Rock Island deal acted as an arrest 10 threatened demoralization.
 T Todays announcement was of very moderate influence toward arousing the sstock market from it's apathy The lew arrangement effected no sensa- ional suggestions of extensive re- Alignment in the railroad field. Kuhn. loeb & Co.,, at the time they purchased he Rock Island and other stocks from 8|he Pearson syndicate said guardedly: HfThe purchases of stock carry with hem certain potentialities. The state HInent that a new trans-continental I|ailroad will be formed is an assump s|ion."
 Todays development implies that IEuch an assumption was i'll founded. Phelps, Dodge & Co. are already large owners in connection with mining in flerests in Arizona and New Mexico through the Fl Paso and Southwestern Company, which has a traffic agreement Through a subsidiary company with Ihe Chicago, Rock Island Pacific rail- load, to which the mining com spanies contribute a large amount of reight traffic. The relinquishment of Rock Island holdings by the Lankers or the Union Pacific and Southern Pa lfic give the transaction much sig spihcance toward the larger railroad policies of the country and that of a 4leSdtlNe TdlileI tldH d PoolllNS Shoi better.
 More effect was produced on the Hays stock market by the inferences Ilrawn by the professional trading ele- snent from the power of resistance to slnfavorable factors shown by last ,yeeks market.
 Politics was believed to have lost 1 ts power for harm for the present. Lit . le fear is now entertained that the snoney market will be subjected to Stringent conditions this autumn. sNestern banking advices point to i'm Forovement in the position there and apid movement of grain to market Is
 a relieving factor. The effect is dis ,ernible in an inquiry in mercantile , ines. The crop prospect is promising Although a renewed fall in tempera ure and predictions of frost in the belt served as warning against over Confidence today.
 The London money market is abun- flantly supplied again and the week s Advance of gold were taken for the Continent of Europe without arresting he downward course of the previous Hliscount rate. The August output of | gold at the Rand rose another degree Toward the only other month showing Nn excess, which was in December of sos. when rectification of yearly ac- H.ounts affected the record. More funds hre offered in New York for time loans Eft recently prevailing bid rates. Bond dealings were larger and a srreater number of issues were dealt n than lately, but the activity was tnostly in bonds of the speculative s.lass. The tone was irregular. Total Bales, par value. s1,S76,000. United Astates bonds were unchanged on call.