The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-28
STOCKS AID BONDS.

New York. August 27.-Today's early
stock market was repetition of yester-
day. but on a small scale The resemb-
lance extended to the reacuonary tend
oncy caused by the heavy realizing in
progress under cover Of the sustaining
strength Of few stocks. but It was not
until the announcement Of the reduction
Of the dividend on Reading first preferred
that the weakness of the whole market
became acute and prices broke all around
to well below last night. There has been
an impression for many weeks that the
Reading dividend would be reduced in
order TO extend the voting trust which
under the term OF the trust would be
dissolved by the payment of one years
fun dividend on the first preferred stock.
The announcement last week that the
Southern Railway voting trust had been
requested by stockholders To defer the
dissolution of the trust by the postpone
ment Of the dividend on the preferred
stock was a strong Confederation OF the
expectation Of similar action in the case
of Reading.
1t is improbable. therefore. that the
mere fact Of the reduction Of the dlvi-
dend would have shocked the stock mar
ket had it not been for the determined
way in which the Reading stocks were
advanced this. morning on the purchase
Of enormous blocks OF stocks. Tho sud-
Gen tumble in those stocks caused by the
announcement of the dividend reduction
gave rise 10 a chilling apprehension that
the bold SPECTATORS vh0 are leading the
crerations for advancing prices are act
ing without the best Information IN ali
cases ard may be putting up al prices
simply hy the foTce Of abundant funds
and without substantial grounds for the
higher range Of values. The dimensions
oil the selling 70 take profits which was
going on yesterday and today, was an
additional factor in arousing uneasiness
as 10 the solitity Of the demand which
hss made the higher range Of prices The
favorites Of yesterday and DAY before
Pretty generally suffered from realizing
even while The Readings. Illinois CEN
tral and Colorado Fuel were advancing
most buoyantly.
Additional heavy transfers OF currency
70 She west was contributing factor 20
unseuline confidence The deposits II
currency ~ the slib-treaslry today fer
transfer amounted 10 5000 ~ which
S=aa epo was for Chicago 10000 fo- Gin
cinnatl ard Sso 81 for New Orleans
Without counting this movement me sub
treasury has taken from the banks q
Yesterday sss52eo which 5lsr heu-e IN
Saturdays bank statement ara The sub
treasury today had small credit balance
al the clearing house. The treasury state
uerr from washington today showed
surplus il revenue for TIE DAY ~ sl1sa ~
thus bringing the defcit since The begiH-
uing q the fiscal year 10 below Ee. 80
Doubts are fe.t IN wall Street as - The
extent Z The measures for relief - thc
money market which The secretary 4
the treasury 7iu - willing 10 take
Another distributing Influence v-zs -he
report - q decrease IL net income - III
s,chison for Juiy. y zE 81 which uas
TIE more effective o. account u vezter-
DAYS hesgr speculation q the STOCK me
.I-favo-ahie character - the wsatheT
bureaus weekly ZIP slustln. especially n
regard 70 cetr1r. was Distributing IN
cuence. al uafsvorable iae-e1cos were
5lsreslr5e5 la the ea-sy attempts - gut
up Reading stocks On the ground ttat
fae end = The caal strike Vas near ne
zsovement 81 Iaiuo Is Central Was u0eI-
alainei that 81 Co.1rado Faei seemed &c
~ due se ordinations thas the parties q
-he dispGss 20 control were in a coacil-
story a1fir1de. which vas folo~es after
she close D. th- g.vi1g cut q q STATE
rent showing rSz~~e1 phase 0f TIE