The Birmingham age-herald., 1910-09-28
SLIGHT DECLINE tHH
 IN STOCK MARKET Deals in Reading Affect Prices
 Adversely TRADERS ARE WAITING
Business Is Not Very Extensive the Market Is Almost Entirely in the Hands of Profess
 sional Dealers


 ton of the speculative operations in Reading today and the suspicion of arti- icality in the movement of that stock had a oppressive rather than stimu- 1ating effect on the general speculative movement. The tactics of the traders consisted altogether in a watch on the trend of the movement in Reading and in attempts to follow the movements in that stock or guiding their ventures in other stocks in consonnance with the fluctuations in Reading
 The news regarding Reading develop ments was as vague and as various as yesterday, including a revival of prac- tically all rumors which have done duty in connection with the markets move- ment in that stock for several years. The report most dwet upon alleged plan for distribution of surplus of segre gated 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-called commodities 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 df> rectors of the company today halted the movement, but only temporarily.
 United States Steel surrendered it's usual primary of the market to Read ing with volume less than one- half of the latter stock. with Union Pa cfc a poor third in the amount of the dealings. Readings proportion to the whole market reached 37 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 controller as of Sep tember 1, although the subject was not much discussed in the stock market itself. The showing 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.
 The progress made toward rectification Is viewed with satisfaction, but opinion is not convinced that the process is com plete. AS for the 37000,000 loan expan- sion which has occurred since June 30, it is considered moderate in view of the needs of the season.. Moreover, New York banks account for more than $29- 00U,O0D or The l0dns ekpdHsloH, dllHouSh 1t Is known that rediscountng for in- terior banks and purchase of commer- cial 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 itifs in these early comparisons that. there Is found matter for remaining so]icitude There is seen there loan in- crease from the 12 months of sS36,27S0oo, while cash holdings are lower by over s2 900 than a year ago. The decrease in the same time in the item due 10 other banks and bankers of $75, ,000 fn- dicates that interior banks are still hold ing their reserves in their own vaults, . rather than entrusting them to reserve agents While this early comparison shows less glaring 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 October settlements continue to harden interest rates in the immediate money market. Foreign ex- change rates advanced in response to the higher discount rate in London.
 The sub-treasury has taken $4,291000 from the New York banks thus far this week, Money on call rose to 2A per cent.
 Bonds irregular. Total sales par value te7s GOO.
 United States bonds unchanged on call.