The Birmingham age-herald., 1910-09-27
MORE STRENGTH IN
 THE STOCK MARKET Dealings Are Principally in
 Reading Shares
DEMAND IS IMPROVED
Freight Rate Question Is still Having Effect and This Prevents Any Advance Which Might Be 
 Started

New York, September 26.-The stock market today gave signs of more life and took on a -semblance of breadth and strength. The increased conges- tions of the dealings in Reading as the day progressed lessened the ap- pearance of breadth and restored that of narrow progress which has been the fault of the market for some time. Sales of Reading made up more than 40 per cent of the days aggregate l transactions.
 The stress laid by current speculation on the question of raising freight rates was exempliied again by the influence | of the reported action of railroad la- f Dor organizations to further the re- | quests of the railroads to be allowed l to advance rates. It was urged that, f the enlistment of railroad employees as a body in favor of the proposed increases would represent an import ant body of public opinion in itself with corresponding weight in the po- I litical aspect of the subject T Another influence connected with Jthis topic was the pains taken by Com \ missioner Lane of the commerce com mission to review his remarks in the l railroad rate hearing on the subject of \ increases of freight charges. This was taken as intended to deprecate the con- struction placed on those remarks in the steel market last week, which then place the commissioner definitely in | f0 ndc nf ra roads, which are the subject of the inquiry. London joined in the buying on a liberal scale and there was sub ! stantial demand also from uncovered shorts.
 1.-The conspicuous strength of Reading at first was made an argument in fa- vor of the general advance, but later became the grounds for some doubt and hesitation over the general movement.
 The news regarding the stock was con- fined to surmises over the identity of the large buyers, these pointing to vari- ous well known operators of the first magnitude in speculative campaigns. There appeared, at the same time, an
 analysis of the company's finances and
 progress calculated to sustain esti- mates of higher value for the shares,
 but presenting. no new facts
 l The large portion of the total Read
 ing stock held in the treasury of oth-
 CT railroads to influence the control land by estates and investors makes 1t Ian attractive medium always for or ganized market movements, and makes the short interest in the stock par Iticularly vulnerable. It was on ac- count of this well known market po- sition of Reading that suspicion of the movement grew as the operations en- \ srossed an increased proportion of the whole market
 The hardening tendency of money Urates was ignored in the conviction Ithat the causes for it were temporary land lay in the preparations for the Oc- hYtober settlements. In Berlin especially \ Ethe necessities of these payments loom Large. rhe advance in the official rate of the imperial bank of Germany, while predicted, was made full 1 per cent to 5 per cent. instead of the expected |kh per cent. The private discount rate
 in London made a sharper response, the
 rate for three months bills getting
 above the official ban krate. An ad-
 vance in the bank rate on Thursday. under these circumstances, would not cause surprise.
 The advance in foreign exchange rates here was response to the for eign money market developments The
 
 Union Pacific refundng bonds neutral Hized the influence of the London money tmarket on the stock market here The gmarket early threw off the restraint }of the coming convention at Saratoga. 1The market salso seemed to be free 1from misgivings over the low temper lature reported from the corn belt Bonds were strong. Total sales, par lvalue. $2,362,000.
 I1 United States bonds were unchanged lin the bid price on call.