New-York tribune., 1910-02-19
FINANCIAL MARKET
RE4DTNG SHARES Up.
Banks Gain Cash on Week' S
d CwrencU Increment.

Stock market trading was heavy
throughout the day. with active opera
tions for higher prices in the larger
number of leading issues In the first
hour Of business, however. the general
list was weak under the influence OF
profit taking sales and moderate bear
PRESSURE, these movements being sue
ceeded by resumption of bull manipu~
Iation in Reading, under the influence
Of which most stocks advanced to new
high figures for the week Reading, IN
Guiding the recent dividend, sold at the
best price ever recorded. for the issue
without the accompaniment Of news de-
Yelopments affecting the Reading prop
erty, surmises regarding the reason for
the bull operations in the stock even
failing to offer adequate explanation for
a 6 per cent security selling at level
returning only a trif1e more than ; per
cent. Reading shares. Of course, possess
great intrinsic merit, but they have be-
come speculative footballs and are not
safe for the ordinary operator who con-
ducts his transactions on borrowed
money. The stock is absolutely con-
frolled by few interests. who are able
to shape the course Of its price in the
direction best suited to their purposes
Although the advance naturally suggests
to many minds the probability Of in
creased dividends and melon cuttings,
there appears no immediate chance of
such developments, especially as raising
the rate would serve to lessen the value
Of the stock for speculative gambols-
Commission houses had few orders for
public account. except for investment,
the great bulk of the days total bus--
ness again representing the transactions
OF big traders who deal in 800 and 1,tAD
share lots. Final prices were slightly
under the best, with the chief gains in
Reading, Louisville &, Nashville. Union
Pacific, Central Leather. St Paul and
New York Central, the last named gam
ing more than two points. Excellent
buying of this issue has been noted in
the last two weeks. In the bond market
a buying movement Of large proportions
developed in American Tobacco collateral
trust Is. which advanced from the open
ing at SOS TO S384, losing half Of the
gain before the close. The speculation
in the issues was based on the theory
that the government would win its suit
against the American Tobacco Company,
and that as the collateral IS are redeem
able at par they would be called at 100
Following q court order demanding dis
solution of the Tobacco Trust. The weak
point OF the argument was found in the
advance Of the collateral 6s to lOo- AS
these bonds also are redeemahle at par
they should have declined in order to
have given any weight TO the theory ad-
vanced for the strength of the As
According 20 the known movement of
money in the week. The local banks have
gained upward Of S35o0,oO0 in cash
holdings, including a gain OF S2,OO5Uo
from the interior As the S1,JWoW
gold that will be exported to-day was
withdrawn from the banks only yester-
day. the engagement does not figure in
the preliminary statement OF money
changes. but it will be shown in the ex-
hibit Of the Clearing House showing
actual conditions Us Of February Is. It
is quite probable that the buying OF
stocks in the last Few days will be re-
fected in an expansion in loans, and if
this proves to be the case reserves will
hardly show much, if any, Improvement
IL to-day's statement. Call money has
been Iirmer IN the current week. Time
funds show no material change, while
sterling exchange rates continue to move
under the influence of adverse foreign
trade conditions, which are shown in fur
ther engagements Of GOLD for shipment
TO South America