The Birmingham age-herald., 1910-07-29
FURTHER ADVANCE
 IS MADE IN STOCKS Powerful Banking Syndicate Is
 Active in Market WEAK STOCKS HELPED
Certain Lines of Stocks Aids the Financial Outlook Very
 Materially

New York, July 29.-Further material recuperaton of stock market values to- day followed the disclosure of additional detail of arrangements by which heavy blocks of securities hanging over the market had been taken over by power ful banking syndicates, thus saving the necessity of further sacrifice of values in a ruthless sale in the open market without demand sufficient to absorb the offerings.
 Attention was focused in the opera tion of dealings with the Pearson syn dicate holdings, taken up by Kuhn, Loeb Co.,, and foreign associates.
 Circumstantiaf and authentic reports on this transaction gave it 8 major in terest, but there were conjectures of other similar settlements, especially one growing out of project of railroad amalgamation as ambitious almost in scope as the one taken over by the trans fer admitted
 The effect of these developments on the speculative tone of the market was electrical. Relief from threatened liqui- dation of dislodged holdings was enough in itself to change the complexion of the outlook. To this was added the room for surmises over the new combinations and changes of control possibly to be effected out of the new ownership of the shares. There was some anxiety shown in the direction of this surmise 80 far as it suggested the possibility of these new holdings coming back on the market at more advantageous oppor- tunity. Bad effects of this supposltion were neutralized by intimations of the probable permanent character of the new Investment.
 Sudden adjustment of so dangerous a situation left very large short interest uncovered in the market which had counted on a continuance of forced liqui- dation to depress prices to still lower level.
 The bear party were large and urgent buyers in all departments of the mar ket and their necessities made 1t easy for their opponents to l-:d prices up on them rapidly.
 It was assumed the settlements would include placing substantial amounts of securities with foreign holders. Some large blocks of very high grade stocks were believed to have passed in the process of protection and adjustment, some of which were designed for foreign investors Buying in the open market also included a substantial proportion of orders for foreign account. The low level to which prices had been forced proved attractive to investors when the fact became known of the clearing of the situation. Money movement current continues toward strengthening New York bank reserves in spite of fpme of the offsetting. movements.
 Shipments of half million dollars in gold today to Canada makes a total of a million for that destination this week Special interest will attach to the loan account of the coming bank statement especially that of some of the trust com panies and institutions outside the clear ing house, where the important relief operations of the week may be looked to to have their effect. Today's Bank of England weekly report shows the strong / recuperative forces for that money mar. ket still in full force with correspond Ing strength for the New York money market. This is a source of available relief for any needs abroad.
 Advices concerning the corn crops were more favorable today and the poor cot ton reports were disregarded Reports or restriction of copper production took for them given by names including the president of the Amalgamated Copper company for concessions
 Bonds were firm. Total sales, par value. E, 2,3S4,0o0; United States bonds were unchanged on call