The San Francisco call., 1906-09-16
READING LEADS IN
STOCK MARKET.
General List Is but Little
Effected and Small Net
Declines Mark the Closing
WALL STREET is QUIET


NEW YORK. Sept 1s.-Reading had
the market largely 70 itself today, with
Baltimore and Ohio as a conspicuous
pendant to the display and with
number OF iow-grade industrials maxi
ing spectacular movements in the
background. The general list was but
little affected and the majority of
stocks closed at small net declines and
were not notably active.
The failure of the bank statement
TO come up to expectations had some
thing TO do with the result. But the
violence OF the movement in Reading
and the lack of authentic informa-
tion TO explain IL had an unfavorable
effect on speculative sentiment There
were flying rumors in great variety,
most OF which pointed TO closer re-
lations between Reading and Baltimore
and Ohio. Hence the parallel move.
ment in that stock
Other rumors pointed to the forma-
tion of holding company to take
over coal compa mics from the railroads
owing TO the question of the legality
Of their present holdings. Other coal
ers showed some sympathy with Read
ing. The cash gain of the bankss-was
scarcely more than half the prelimi-
nary estimates based on the weeks
currency movement. the increase
amounting TO but s7,e32.7oo. as result
Of the weeks receipts of gold to the
amount Of over S20oo0.oo0 by with
drawal from the sub-treasury against
imports enga ged. There have been re-
ceipts OF gold this week OF $3.000.0o0
shipped before the privilege OF with
drawal OF Government funds was ac-
corded
The cash gain thus shown would
have been insufficient to wipe out the
deficit in reserves without the accom-
panying decrease in deposits by the
scaling down OF loans. The impairment
in the expected cash gain seems TO be
due 10 the further building up of the
10 comply with the requirements for
additional holdings which come into
force on October /.
Foreign exchange rates continue to
move upward away from the gold-inl-
port point. But ii is expected that
gold viii begin TO arrive early next
week which was shipped from London
last Saturday and which. therefore. did
not allow Withdrawals of Government
funds under the Treasury order which
went into effect on Monday. The
amount Of these shipments is estimated
at $4,000. 600 10 $1,000 600 The mar
ket closed easy under the influence of
the bank showing.
Total sales of bonds (par value),
s1sl2.00e.
Bonds have been dull and generally
heavy. United States 2s have advanced
4 per cent on call during the week
RELIEVING THE sTRINGENCY.
The operation on Monday of the
treasury aid TO gold imports was fol- /
lowed by the release of a flood OF gold
for immediate transfer into New York
bank reserves The effect was to break
the stringency in the money market
BY recuperation Of surplus in the re-
serves Of the New York banks. which
were deficient IN the last bank state
ment by margin Of $6,577,925. The
stimulating effect on the stock market
Of the easing OF the money situation
proved TO be but moderate. and the
speculation showed a tendency TO lapse
into professional hands and the .fiuc-
tuatons IN prices TO become narrow
and uncertain Tt was assumed that
the power OF the capitalist and bank
ers which had been operating IN the
market were desisting in the pursuit
OF the campaign which was inaug-
urated with the dividend action on
Union Pacific and Southern Pacific.
a desire TO await the further clear
ing up Of the money situation was at
tributsd 10 the motive for this atti-
tude, as news of general condition
continued in the highest degree salts
factory.
Practically all of the gold secured
for this market during the week came
from the Bank OF England and was
reflected IN a decline in the bullion
holdings Of that institution of nearly
SIS, ,00e. 900 in the weekly statement on
Thursday and in an advance in the
eficial discount rate from 4 TO per
cent.