New-York tribune., 1909-09-16
FINANCIAL MARKETS
1DT.fNCE IN STOCKS.
4 Million Share DGy-Ne7c Highs
for Reading and Stcel-Money
Rates Up.

The course of the stock market yesterday
gave every indication of resumption OF the
bullish movement which was interrupted py 'he
return home of Mr.. Hartman, critically ILL., and
his death a few weeks later. The speculation
broadened and tho various pools vigorously
marked Up their wares, while the outside pupllc9
encouraged by the entrance OF J. p Morgan IT,
into the National City Banks board. which was
widely heralded as a conclusive evidence OF com
plete harmony among the most powerful inter
ests in the Street, showed an inclination 10
venture again into the speculative precihcts'
The rates for money were frmer ana are eA-
pected by all competent observers to go conslo-
erablv higher within the next few weeks. If In
deed the end OF this week will not see the wiping
out of the surplus reserve Of the Associated
Banks and with il a sudden advance In money
rates: but the stock market paid no attention 10
the trend of the money market
The transactions were in excess of million
shares Steel common and Reading each supply
ing more than a fifth of the total business OF
the lay Reading scored one Of the principal ad-
vances of the session. touching a new hlgh rec
ord price of 1918 and closing almost at the top,
with a net gain Of 3Ss points It's advance
was accompanied by reports Of increase I'm
the dividend rate. through higher dividend for
it's controlled company, the Central Railroad OF
New Jersey, which made net advance OF
points United States Steel common the most
active issue of the day. with its sales Of more
than 2O6 900 shares like Reading. reached
new high record level going TO 81 q. and closed
virtually at its best with net gain Of 2@s
points The trading in all of the steel stocks
was active at advancing prices, justified 10 some
extent by the undoubtedly fiourishing condition
of the industry fresh demonstration of which
was given by the reports from leading trade
Journals Yesterday of the heavy orders by ralI-
roads for steel rails; but in the case or steel
common a special stimulus was given by the an
nouncement of the visit paid 10 some OF the
Steel CORPORATIONS plants by the managing di-
rector of the Credit Lyonnais. of Paris the in
ference being drawn that his influence might be
exerted in favor of the corporation in a further
attempt which interests identified with the latter
might make to have its stocks admltted 10 quo
tation on the Paris Bourse
Union Pacific, although dealt in to fairly
large extent moved within a narrow price
range and ended the day with only fTac-
fionaI net advance, while Southern racine
gained H. points. Noteworthy strength WAS
shown bv New York Central, and Big -Four ad-
vanced 81 points. its progress being aided by
the election of James Stillman as director. II
being argued that his entrance into the board
of the New York Central subsidiary, In the race
of his policy announced a year or two ago OF
retiring from directorates was another proof
Of the establishment of harmonious relations
between the National City Bank-Kuhn. Loeb in
terests and the Morgan interests ana or de-
sire on the part of these associated interests
10 give reinsurance TO investors both here and
abroad Mr. Stillrnan, however, has for "ears
been = director Of the New York Central and Of
most Of its controlled and allied companies with
the exception of the Big -Four
Specialties figured in Yesterdays market, some
of which had long been laggards, and such
handsome advances were made as 3l2 points In
Union Bag and Paper preferred, 31s in United
States Realty 2ls in Railway Steel Spring, rs
i'm American Hide and Leather preferred ano
~ i'm American Sugar. The call money rate
again ruled as high as per cent and rates for
time funds advanced 4 per cent, the demand
from borrowers being increased by the frmness
of the rate for day-to-day accommodation