The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-09-10
READIaG TAKES
CENTER OF STAGE
It's Violent Movement Was
Dominating Influence
THE GOVERNMENT REPORT
Changers and stock Market In General
IL Sensitive to News About the
Corr crop-Bonds
Were Active.
THE GOVERNMENT REPORT

New York September s.-Reading held
the center of the stock exchange today
and its violent movement was the DOM
ipant influence on the market. When it
broke to more than a point under last
night after the market had opened
strong 1t was concluded that important
speculative interests were getting out of
the market and the traders rushed to
follow the movement Union Pacific also
got a point under last night. and the Pa
cific continued to be affected by profit
taking all day.
When Reading made its violent rebound
the traders conclued that the early sell
ing had been on the short side rather
than liquidation. The shorts rushed to
cover in the stock and this show of
timidity on their part was considered as
another effective test of the stability OF
the market with chances favoring fur
their advance. The belief was preva-
lent, however, that influential parties had
changed their position and vague uneasi-
ness was felt of some forthcoming devel-
opment.
Some selling of goods was based on
belief In damage to the corn crop. That
cereal however, was inclined to decline
in price, This was attributed in part to
the disposition to take profits in 1t before
the appearance of the government
monthly report tomorrow. This report
is also awaited with interest in the stock
market as to the prospect in that crop
Tt is evident that the stock market is
sensitive to corn crop news and any
decision on the point would be likely to
have important effect upon the grangerS
United States Steel preferred was un-
usually sluggish during the greater par.
of the day. but 1t was suddenly brougnt
into the advance and lifted into h1gh
Holre on the movement. The Pennsylvania
group and the hard and soft coal car
riers generally were benefited In sympa-
thy owing to the advantages to them OF
n revival in the iron and steel trade. other
metal stocks and those or metal consnm-
ing companies also responded including
Amalgamated Copper.
There was no news to explain this move
ooent nor that in Reading. and the me
terials which affected the market was
largely the operation which could pc
traced to any influential source. Inc
movement In Rock Island was associated
to some extent with the current rumors
that the control of Chicago and Alton
had picked up in the open market In the
Rock Island interest.
Chicago and Alton was neglected and
unaffected by the story. The feveri~-l
fluctuations in the Metropolitan fractions
indicated the CONFUSION Vi seH'ilheue 80
The reported call for deposit of the GER
tihcates for Metropolitan securities stock
in which but so per cent has been PAID
'rhere was doubt whether an additional
snstallment was to be paid or whether
the expected traction merger was IN
VOWEL The late upward movement in
sympathy with United States Steel pre-
Ferred made the closing strong The pros
pect of another weak bank return was OF
little effect on the market. The banks
seem TO have lost about 100000 more