The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-28

In Reading to-day ana the Suspicion
OF artiiiciality in the movement Of that
stock had a rcpressive rather than a
stimulating effect on the general spec
ulativc movement. The tactics of the
traders consisted altogether in watch
on the trend of the movement In Read
ing and in attempts to follow the
movements In that stock or guiding
their ventures in other stocks in con-
sonance with the fluctuations in Read
ing. --------..-
The news regarding Reading derel-
opments was as vague and as various
az yesterday, including revival Of
practically all rumors which have
done duty In connection with market
movements in that stock for several
years past. The report most dwelt
upon alleged a plan for distribution of
surplus of segregated assets to stock
holders in some such manner as was
done in the case of Delaware, I.acka-
wanna and Western to meet the re-
quirements of the so-called commodi-
ties clause of the Hepburn law The
full detail assumed by this report set
the time for the proposed action to-
day. The announcement. therefore.
that there would be no meeting of
the directors OF the company to-day
halted the movement but only tenn
United States Steel surrendered It's
usual prmacy of the market to Read
Ing, with a volume less than one-half
that of the latter stock, with Union
of the dealings. Readings pronortion
to the whole market reached 81 per
cent Prices at the end of the day
We're at the lowest and showed trivial
net losses
The banking community studied with
great interest the compilation of ma
tional reports TO the Controller Of Sep
TENDER l. although the subject was
not much discussed in the stock mar
ket itself. The showing was regarded
n 10
drag which was applied TO the extern
sion of credits following the appear
ance of the spring abstract of bank
representatives. The progress made to-
wards rectiication is evinced with sat
isfactIon, but opinion is not convinced
that the process ie complete.
AS for the $4,000 600 loan expansion
which has occurred since June 80 1t is
considered moderate in view of the
needs of the season. Moreover, New
York banks account for over $4,000
600 of the loan expansion, although 1T
is known that rediscounting for nte-
rior banks and purchase of commercial
paper. was largely responsible for their
showing. The New York banks also
have secured more than the total of
the two months gain in cash shown
by all the banks But it is in the
yearly comparison that there is found
matter for remaining solicitude. There
is seen there loan increase for the
twelve months of sS3S. 2TS,o00, while
CASH HoIuluSS are lower Dy over W.
$1,000 than year ago. The decrease
in the same time in the item due to
other banks and bankers of $T5.122.-
600 indicates that interior banks are
still holding their reserves in their
own vaults rather than entrusting
them to reserve agents. While this
yearly comparison shows less glazing
discrepancy in these items than was
the case either in the summer or spring
comparison. there is seen to be room
still for Improvement The influence
of the October settlements continued
to harden interest rates in the imme-
date money market. Foreign exchange
rates advanced in response to the
higher discount rate in London. The
Subtreasury has taken S4,291 900 from
the New York banks thus far this
week. Money on call rose to Ia pei
cent
Bonds were irregular. Total sales
par value, s2.731.00o United States
bonds were unclaimed in the bid pric,
On call.
Total sales of stocks for the da,
were 4S4.so0 shares.
New York. September 27.-Pr,m,
nercantile paper, 1906 per cent
sterling exchange strong, with actua
business In bankers bills at s4.S355 a
s4SS.66 for siXty-day bills and a,
1865 for demand. Commercial bills
k4,SS Ia. Bar silver, 53 Us Mexican
5ollars 40; Money on call easy, 7-Sm
-; ruling rate, q closing bid 9
Dffered at Ia per cent. Time loan.
arm: sixty days, 8 3-464 per cent, ant