The Birmingham age-herald., 1910-07-15
PRICES OF STOCKS
 CLOSE VERY STRONG Advances Are Not Great >tut
 Undertone Is Good
BUYERS ARE CAUTIOUS
Action Regarding Railroad Rates By the Interestate Commerce Com mission Is Regarded as Very
 Favorable By Brokers

New York, July 1A-Speculative trans actions in stocks today were dull and conducted with caution. Obstacles which appeared in the course of price move ment in either direction discouraged the pursuit of operations for any long time.
 There was no effective demand, and prices, as result. sagged downward. When the uncovered bears did reach out for stocks they complained of difficulty in securing them and called the market oversold. The demand from this source was effective at price recessions' put substantial support would not appear Ill any way for successful recovery.
 The closing tone was strong.
 Action by the interstate commerce commission in favor of suspend1ng rate advances proposed by the railroads was discussed more in strained manner to interpret it's significance toward the fnai decision on the reasonableness or the advances asked than for it's face value
 The refusal to suspend the advance in suburban passenger rates out or New York was regarded as so favorable to the railroads that the determination to assume Jurisdiction and proceed to con sideration of the reasonableness was temporarily placed in the background.
 The opinion was expressed that the rate advances might not be the full time allowance given others to run and the employment of the interim might be use- ful for those desiring mature delibera- tIon This prospect was regarded favora- bly as promising to hasten the advan- tage of advances to be allowed. There is a feeling of confidence also that ad- vances will be allowed ultimately. These assumptions contributed to the undertone of slight strength in stocks.
 The possibility of a strike by Pennsyl- vania railroad men was reflected only in a negligent and almost motionless state of the stock. As settlement was expect ed and the belief that Increases would be conceded grew stponger with the an- nouncement of other conferences of the employees and officials. Increased operat- ing expenses of the railroads and the narrowing of profits as consequence are the avowed arguments for asking increased rates. May earnings of 65 rail- road companies. compiled, show an increase In gross over May of last year of $24596,000 or 15.as per cent; an in- crease of operating expenses of $21, ,391, 900, or 1s. .52 per cent, and an increase on net of 8, ,2O4,9OO, or 6.3s per cent.
 Copper industrials showed some relief from the pressure to which they have been subjected recently, and this took out Of the market a sympathetic effect toward depression.
 eThe metal in the London market at the same time showed appreciabie indecision early and later recovery. The settlement ih London and the strong showing of the Bank of England statement were helpful factors in financial markets.
 The maintenance of the official dis count rate of the Bank of England proved ineffective in holding continental rates together in spite of upward of $250o0,000 repayments of market indebt- edness to the bankss
 The redemption of government treasury bills supplies in resources to the money market for this purpose was not felt at first. Further large maturities of treas ury. bills are In immediate prospect of development
 Sterling exchange declined here to a new low level in consonance with the same condition in London. indicating the prospect of further imports of gold to New York.
 The strength of the wheat markets in the northwest directed renewed atten- tion to the spring wheat prospect. but hopeful estimates of the harvesting as a whole were of great influence.
 Bonds were irregular. Total sales, par value, $1 .322000.
 United States bonds were unchanged pn-call.