The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-21
GENERAL ADVANCE
IN STOCK MARKET
Brokers Look Favorably Upon
Recent Legislation
LAST PRICES ARE BEST
But Promise of Poor Wheat Crop
Is Factor Which Retards
Much of the Advance

stocks chose for the central subject of
consideration today the signing by Pres
ident Taft of the railroad bill and the
subsequent completion of contemplated
legislation on that subject for the pres
ent. The action of the wheat market
brought the crop prospect into view as
a contending factor and interrupted the
influence of the railroad bill. There was
slight increase of animation In the spec
ulation as is evidenced by the meagre
aggregate of the days transactions, but
the last prices of the day were general
ly the best.
The favorable effect on the tone of the
market of the disposition of the railroad
legislation may be due simply to feel
ing of relief that 1t is out of the way
Some of its clauses are avowedly dis
tasteful to the railroads as well as ship
pers. The more immediate influence of
the bill on the stock market comes from
the fact that its passage will be made
the signal for renewed notices of the
intended increase in freight rates.
In the financial district the conviction
Is general that increases will be granted,
which will conserve the prosperous con-
dition of the railroads, whether the in
creases are equal to those asked or
not.
This conviction underlies the apprehen-
sion that tactics of professed discomfort
and alarm will be used by the railroads
In the conduct of their campaign for the
increase; tactics which may operate to
discredit railroad securities as we'll az
to recommend compliance with demands
for increased rates. The expediency OF
these tactics is matter for controversy,
apparently. between different banking and
capitalistio parties, the dispute in itself
warning of some of the speculative eie-
ment from the market
Stocks of companies whose executives
are most openly dissatisfied with the
situation did not diverge notably from
the upward course prices of today. The
active efforts of banking representative
toward reconciling great shippers to the
desired rate increases and the necessary
consultation with the government author
tiles enjoined by the new railroad law
carry broad suggestion that future
railroad rates are likely to be subject
of agreement. which the antitrust law
will hardly be invoked to prevent.
Dry weather, with too great heat in
the northwest over Sunday continued to-
day, and the resultant active demand
for wheat reported from that region car
ried disagreeable intimation that the
wheat crop is still subject to harmful
contingencies, in contrast with the late
ly prevailing confidence in the outcome
in the harvest. The jump In wheat
checked the slowly rising tendency of
prices OF stocks but without proving
stronger influence on the granger stocks
than on the general list. The reports
of railroad officials regarding traffic con-
dftions showed signs OF the same cIeav-
ago as is found amongst executive offi-
GERS over the adequacy of the rate sit
uetion.
Iron producers seem to be making con-
cessions still to secure the large volume
of orders which are reported. Copper
also showed another decline in price IN
London today. The oeffring for public
subscription of the Southern Pacific ter
minal mortgage bonds upset supposi-
ton that these bonds had been disposed
of to German and Swiss bankers at abso.
lutte sale.
The coming July money settlements are
believed to have some restraint on the
stock market.
The London market remains quiet, In
sympathy with the conviction of the COM
ing period Of easy money
b. Bonds were firmer. Total sales, par
value. $1,4S5,0O0
United States 3s declined u per cent
IN the bid price on can.