Reading Goes Higher Banks Reduce Their Loans
In New York the weekly bank statement showed higher cash holdings at clearing houses and a reduced loan total, boosting the overall surplus to about 306.9 million. Reading stock led gains with a sharp rise, while American Locomotive and Distillers’ Securities also advanced. The money market softened with gold imports anticipated and sterling exchange rising as public funds flow boosted liquidity. A government crop report forecast record wheat and corn harvests, with favorable August weather supporting yields.
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Special to The Washington Post notes talk of 7 percent dividends on Reading stock and possible control by Harriman interests. Readers recall half-admitted manipulation as Reading common neared 159 with big stop orders unsettled, while rumors of separation of Reading from coal properties swirl and markets react with wide-eyed interest.
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Money on call nominal to strong with dull but steady sixty and ninety day loans. Prime mercantile paper at 4 1 4 per cent. Sterling exchange steady. Bankers bills demand 4839 064. end 4907 43025 for sixty day bills. Commercial rates 4310 481% and 48344. Silver 87 1 2 percent. Mexican dollars 58 1 2 percent. Government bonds steady. Rafirgad bonds 4m.
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