The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-27
m eW Y Ork
Stock Market

stock market to-day gave Signs OIL
more life. and took on n semblance
OF breadth and strength Thee increas-
ed congestion Of the dealings In Read.
Ing, as the day progressed. iessenod
the appearance OF breadth ana restored
that of narrow professionalism. which
has been the fault of the market
for some time past. Sales OF Reading
made up over 40 per cent Of the days
aggregate transactions.
The stresstlaid by the current specu-
lation on the question or raising
freight rates was eXomplilled AGAIN ny
the influence of the reported action
OF railroad labor organizations to FUR
Their the requests of the railroads to
urged that the enlistment of railroad
employees as body In favor of the
proposed increases would represent an
important body of public opinion In
Itself with corresponding weight in
the political aspect of the subject An-
other influence connected with this
topic was the pains taken by Commits
sioner Lane to review his remarks
in the railroad rate hearing on the
subject of increases OF freight charges.
This was taken as intended to depre-
cate the construction placed on those
remarks in the steel market last week.
which made them place the commits.
sioner definitely in opposition to the
demands of the railroads which are
the subject of the inquiry. London
joined in the buying on liberal scale.
also from uncovered shorts.
The conspicuous STRENGTH of Read
ing at first was made an argument In
favor of the general advance. but later
became the grounds for some doubt
and hesitation over the general move
ment The news regarding the stock
was confined to surmises over the
identity of the large buyers, these
tors OF the first magnitude In specula-
tive campaigns. There appeared at the
same time analysis of the. company's
finances and progress. calculated to
the shares. but presenting no new
facts The large proportion of the to-
tai Reading stock held In the treas
uries of other railroads to influence
the control, and by estates and invest
ors. makes It an. attractive medium
always for organized market move
ments. and makes the short interest
in the stock particularly vulnerable
market position of Reading that sus-
picion of the movement grew as the
operations engrossed an interesting
proportion of the whole market.
The hardening tendency OF money
rates was ignored in the conviction
that the causes for 1t We're temporary.
and lay in the preparations for the
October settlements. In Berlin, espe-
fially, the necessities of these. pay
fnents loom large. The advance in the
official rate of the Imperial Bank of
(, Germany. while predicted, was made a
full ! per cent. to 5 per cent. instead
of the expected 4 IL per cent. The
private discount rate rose only is per
cent, to 4 lis per cent. but the pri-
waite discount rate in London made a
sharper response, the rate for three
months bills getting above the official
bank rate. An advance in the bank
rate on Thursday under these circum-
stances would not cause surprise
The advance In foreign EXCHANGE
rates here was a resno-se to the for
eisn money market developments. The
placing in London of sT.5oO.o00 OF
Union Pacific refunding bonds neutral.
ized the influence of the London money
market on the stock market here The
market early threw off the restraint OF
the coming convention at Saratoga
The market also seemed to be free
from misgivings over the low tempera.
lures reported from the corn belt
Bonds were strong Total sales, pal
value, were s2,362,0Oo United state.
bonds We're unchanged IN the biz
price on call
Total sales OF stocks for the da,
Were 426,7oo shares
New York. September 2s.-Prim,
/ mercantile paper. 1-2@6 per cent
Sterling exchange strong with actua
business in bankers bills at S4S36O6
$4.S375 for siXty-day bills. and al
$4,000 for demand. Commercial bills
S4.S3@$4.S3 1-2. Bar silver, SO IA
Mexican dollars, 44 Money on cal
easy. l 3-402 per cent ruling rate. 2
closing bids, rs; offered at pc,