The Birmingham age-herald., 1911-01-01

fact that Kuhn, Loeb and other bankers came to the rescue and took over large
 blocks of endangered securities. A huge line of Rock Island thus salvaged by
 Kuhn, Loeb & Co.,, afterwards passed into the hands of Phelps. Dodge & Co., copper miners and railroad owners.
 The market experienced sensational
 recovery in prices after the break which culminated July 26. Union Pacific ad- vaIlced 25 points. Reading almost as much and Steel went from 61M to S3 and above.
 The whole list acted in harmony, al-
 though, of course, the leaders went far
 thest. The move halted for awhile just
 before the Maine election, but when the
 returns from that state came in 1t gath
 cred strength again and advanced strong
 ly until after the November election. AL
 though the stock market discounted the
 November verdict with the accompany
 Ing backset to MT. Roosevet's radical
 views. the campaign was unquestionably
 disquieting in It's effect upon popular con-
 f1dence. M ef s..f- tss.
 Since the week following the November
 elections, the market has gradually
 worked off, although the tone toward the end of the year developed considerable flrmness. This was due in large part to the reinvestment of moneys to be dis tributed in interest and dividends along about the first of the year, sum aggre- gating $225 000, 600, a record breaking total by the way. A great many people lacked the patience to wait for the actual re- ceipt of their January income. but in- vested part of 1t in advance.
 Al feature of the year-end Is that stocks are found to be heavily concentrated in the hands of strong syndicates and groups of rich capitalists with unlimited bank standing. The public, according to the commission men and brokerage houses, is not largely interested in the speculative branch of the market. In other words, the public is not carrying any considerable part of the floating sup ply. That fact accounts for the lack of pressure which is so often remarked these days. The large holders seem quite willing to stand pat and wait de- | velopments. According to Wall street the most im- portant development ahead Is the de- cision of -the Interstate Commerce Com mission on the rate question, due about the first of February. Upon this result | may depend the policy to be pursued by railroads in the ordering of new mate- rial and in the general conduct of their | business They would like to so ahead with the expenditure of large sums of money, but will not feel free to raise the necessary capital unless increased income | is assured by governmental consent 10 an l increase In rates. That at least Is the present impression. It may be. that m the event of the commissions refusal 10 ai- low a rate advance that readJustmen' will take place along different lines namely scaling down of dividends and | the enforcement of economies in other directions. Indeed there are many who | take the ground that this IS the course i which will have to be pursued ana thai | it's inauguration will mark the, beginning
 of permanent advance in stock quota- i tions and the beginning also of wholesale
 business improvement in every depart | ment.
 The money situation ruled what may be l termed s'comfortable. most of the year There was a time in the early fall when
 bankers looked forward to the possibilit, | of close money during the crop moving | season They rather expected there I would have to be forced liquidation oi
 s'the western situation" but nothing se'
 rious happened. Banks in some of ths
 western states were over-extended, but l under the urgings of the comptroller o1 the currency at Washington and of state banking authorities. banks very gener' ally adopted more conservative policy
 Loans are stllE larger in certain parts ol