The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-09-27
some LIFE N
STOCK MARKET
Congestion in Reading as Day
Progressed Was q Marked
Feature

New York, Sept. 27.-The stock
market today gave signs OF more life
AND took on q semblance of breadth
and strength. The increased con-
gestton of the dealings in Reading as
the day progressed lessened the APP
pearance of breadth and restored
that Of narrow professionalism,
which has been the fault of the mar
ket for some time. Sales of Reading
made up more than forty per cent of
the days aggregate transactions.
The stress laid by current specula-
ton on the question of raising
freight rates was exemplified again
by the influence Of the reported &C.
ton Of railroad labor organizations
to further the requests of the rail-
roads to be allowed to advance rates.
1t was urged that the enlistment Of
railroad employees as body in favor
Of the proposed increases would rep
resent an important body of public
opinion in itself, with corresponding
weight in the political aspect of the
subject. Another influence connect
ed with this topic was the pains TAX
en- by Commissioner Lane Of the
commerce commission to review his
remarks in the railroad rate hearing
on the subject Of increases of freight
charges. This was taken as intended
to deprecate the construction placed
on those remarks in the steel market
last week, which made them place
the commissioner definitely in oppo-
sitton to the demands Of the railroads
which are the subject Of the inquiry.
London Joined in the buying on
liberal scale, and there was SUBJ
stantial demand also from uncovered
shorts.
The conspicuous strength of Read
ing at first was made an argument in
favor Of the general advance but lat
or became the grounds for some
doubt and hesitation over the general
movement. The news regarding the
stock was confined to surmises over
the identity Of the large buyers,
these pointing to various we'll known
operators of the first magnitude in
speculative campaigns. There ap-
peared. at the same time, analysis of
the company's finances and progress
calculated to sustain estimates of
higher value for the shares but pre-
senting no new facts.
The large proportion Of the total
Reading stock held in the treasury Of
other railroads to influence the
control and by estates and investors
makes 1t an attractive medium al
ways for organized market move
ments, and makes the short interest
In the stock particularly vulnerable
1t was on account of this we'll known
market position of Reading that sus-
ptcion Of the movement grew as the
operations engrossed an increasing
proportion Of the whole market.
In Berlin, especially, the necessi-
ties of these payments loom large.
The advance in the official rate of the
imperial Bank of Germany, while
predicted, was made full one per
cent to five per cent, instead Of the
expected 1-2 per cent. The private
discount rate rose only 1-3 per cent
to 4 1-8 per cent, but the private dis
count rate in London made sharper
response, the rate for three months
bills getting above the official bank
rate. An advance in the bank rate
on Thursday. Under the circum-
stances would not cause surprise.
The advance in foreign exchange
rates here was response to the for
eign money market developments.
The placing in London of $7,500,00O
Of Union Pacific refunding bonds
neutralized the influence of the Lon
don money market on the stock mar
ket here. The market early threw off
the restraint of the coming conven-
ton at Saratoga. The market also
seemed to be free from misgivings
over the low temperatures reported
from the corn belt.
Bonds were strong. Total sales,
par value $2,362.000. United States
bonds were unchanged in the bid
price on call.