The Birmingham age-herald., 1906-11-03
GAINS IN STOCKS STILL BEING MADE Big Jump is Made By the Hill
 Stocks READING ALSO ADVANCES Course of Call Loan Market Did Not Interrupt Movement-Poor Bank
 Statement Is Expected
 Tomorrow.
READING ALSO ADVANCES

New York, November 2-The advance in stocks, which was stimulated at first by the increase in the Pennsylvania divi- dend. was continued today on an in- creased volume of business. There was evidence to indicate large buying by an uncovered short interest, and this was particularly urgent in the stocks, which rose most sharply It manifested itself first in the Hill stocks, in the 9A jump in Great Northern, preferred, and 5H in Northern Pacific. No news was forthcom- ing to explain the violent rise in these stocks and it was generally attributed to the squeeze of an incautious short interest, which is particularly vulnerable fin these stocks, owing to the small floating supply in the market. The same influence was credited with the aggressive ad- vance in Reading. The only news regard ing that stock was the report of the net earnings for September, which showed a falling off from September of last year, both for the coal company and the railroad company, the decrease for all companies reaching $427159, or 25 per cent.
 The fact became obvious that there has been large amount of short selling in the market based on the assumption that a period of unsettlement and depression was certain to intervene before the cleo tion, which would afford an opportunity to cover shorts at profit There was an extensive retirement of such commit ments today, the weakness of their posi- tion being aggravated by the sympathetic effect on the general list of the increase in the Pennsylvania dividend. That stock was still alive today, but it was held back from further advance over yes- terday's high level by free profit taking. The Pennsylvania railroads net earnings for September were also published and showed that the increase in gross earn ings would be practically eaten up by the growth in operating expenses.
 There were some further conferences between railroad officials and employees over the question of increases in wages, and reduction of working hours, but sen- timent in the stock market was not af- fected and there was a growth ot as- suraHce that settlement would be et- fected without an interruption of proht- able activity. The course of the call loan market did not interrupt the improvement in prices of stocks, in spite Of the pros pect oI poor Ddlih statement 'OiNi row.
 The sub-treasury had taken from the hanks un to Thursday night S3,l ,0OO, and trustworthy estimates of the movement of currency to the interior indicated a further loss on that account sufficient to bring the total decrease to nearly s7COo.0O0 Shifting of accounts incident to November settlements would tend to eX- pand the loan account. There has been 2 general supposition also that the de- crease in loans reported last week are not a true reflection of the actual course of that item, and that rectlhcatlon Tn this weeks statement would be likely to work an expansion in the item.
 Foreisn discounts rose today and the Plank of France and the Imperial Bank or Germany reported a considerable impair- naent of condition, both by decrease of re- serve and increase of liabilities. The result was a strong foreign exchange market here, the higher money rate abroad prompting the withholding ol IT. nance bills from this market while the demand for remittance from here was ouite active Professional profit taking on the days advance became general un- der cover of the latter stages ot the advance in Reading, and the market closed easier and materially lower than the highest prices of the day
 Bonds were steady; total sales, par value, S2,794000.
 United States 3s advanced II per cent on call.