The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-09-28
SUSPICION Of
ART|f|C|Al|TY
Reading Still oongested and
Stimulation Was Entirely
Absent

NeW YORK, sept. Z6.-The congeB-
ton OF the speculative operations in
Reading today and the suspicion Of
artihciality in. the movement Of that
stock had q repressive rather than q
stimulating effect ON the general
speculative movement. The tactics Of
the traders consisted altogether In q
watch on the trend of the movement
IN Reading and In attempts to follow
the movements In that stocks or guild
ing their ventures In other stocks in
consonance with the fluctuations in
Reading. The news regarding Read
Ing developments was q vague and
as various as yesterday, including q
revival Of practically all rumors
which have done duty in connection
with market movements in that stock
for several years.
The report most dwelt upon alleged
a plan for distribution Of surplus or
OF segrated assets to stockholders in
some such manner as was done In the
case Of Delaware, Lackawanna and
Western to meet the requirements of
the so-calied commodities clause of
the Hepburn law.
The full detail assumed by this re-
port set the time for the proposed
action today. The announcement,
therefore. that there would be no
meeting Of the directors Of the COM
pany today halted the movement, but
only temporarily.
United States Steel surrender it's
usual primacy Of the market to Read
ing with volume less than one-half
that of the latter stock, with Union
Pacic poor third in the amount of
the dealings. Readings proportion to
the whole market reached thirty
seven per cent. Prices at the end of
the day were at the lowest and showed
trivial net losses.
The banking community studied
with great interest the compilation of
national bank reports to the comp
troller as Of September 1, although
the subject was not much discussed
IN the stock market itself. The show
Ing was regarded as demonstrating
the wisdom Of the drag which was
applied to the extension Of credits,
following the appearance Of the spring
abstract Of bank reports.
Progress made towards rectification
= viewed with satisfaction, but opin-
ion is not convinced that the process
Is complete. Az for the $4,000 900
loan expansion which has occurred
since June 80, 1t is considered xnoder-
ate In view Of the needs Of the season.
for more than 500 1000, 900 Of the loan
expansion although 1t is known that
rediscounting for interior banks and
purchase Of commercial paper was
largely responsible for their showing.
The New York banks also have Sc
cured more than the total of the two
months gain In cash shown by all the
banks. But It is in these early COM
PARSONS that there b found matter
for remaining solicitude. There is
seen there loan increase for the
twelve months Of $33S, 27S,000 while
cash holdings are lower by over two
millions than year ago. The de-
crease in the same time In the item
due to other banks and bankers Of
$75.122,000 indicates that interior
banks are still holding their agents.
While this yearly comparison shows
less glaring discrepancies In these
items than was the case either In the
summer or spring comparison, there
b seen to be room still for improve
mont. The influence Of the October
settlements continued to harden inter-
est rates in the immediate money
market. Foreign exchange rates adj
vanced in response to the higher dis
count rates In London. The SUBJ
treasury has taken 1920, 900 from the
New York banks thus far this week.
Money on call rose to 21-4 per cent.
Bonds were Irregular Total sales,
par value $2,731 900. United States
bonds were unchanged In the bid
nrirA m call