The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-28
STOCKS AND BONDS.

strong market was q repetition OF yes
terday's, but on a smaller scale. The
resemblance extended to the reactionary
tendency caused by the heavy realizing
in progress under cover of the sustaining
strength of a 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 we'll 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 terms of the trust, would be
dissolved by the payment of one year
full 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 CORPORATION of the
expectation of similar action in the case
of Reading. 1t is improbable therefore
that the mere fact of the reduction OF
the dividend would have shocked the
stock market, had it not been definitely
determined by the way in which the Read
on the purchase of enormous blocks of
stock. The sudden tumble in those stocks
caused by the announcement of the diyi-
dend reduction gave rise to chilling
apprehension that the bold spectators
who are leading the operations for adj
vancing prices are acting without the
best information in all cases and may be
putting up prices simply by the force of
abundant funds and without substantial
grounds for the higher range of values.
The dimensions of the selling to take
profits, which was going on yesterday
and today, was an additional factor in
arousng uneasiness as to the solidity of
the demand which has made the higher
range for prices. The favorites of yes
terday and day before pretty generally
suffered from realizing even which the
Readings, Illinois Central and Colorado
Fuel and Iron were advancing most
buoyantly Additional heavy transfer of
currency to the West was a contributing
factor to unsettling confidence. The de-
positS of currency at the Treasury
today for transfer amounted to 500, 900,
of which $500, 900 was for Chicago. $780,
900 for Cincinnati and $4,000 for New
Orleans. Without counting this move
ment the Sub-Treasury has taken from
the banks up to yesterday SO 652, 600
which must figure in Saturdays bank
statement and the Sub Treasury today
had a small credit balance at the Clear
ing House. The unfavorable character
of the Weather Bureaus weekly crop
bulletin, especially in regard to cotton
was q disturbing influence. All unfavor-
al N n cd in
early attempts to put up Reading stocks
on the ground that the end of the coal
strike was near. The movement in
Illinois Central was unexplained; that
in Colorado Fuel and Iron seemed to be
due to intimations that the parties to
the dispute for control were in a con-
ciliatory attitude, which was denied after
the close by the giving out of a state
ment showing new phase OF
the contest. United States Ex-
press, General Electric and Sloss- Shelf
field Steel made conspicuous advances
The market closed irregular and slightly
above the lowest.
Speculative bond issues yielded in SYM
pathy with stocks. Total sales of bonds
par value, $2,545.OOO.
United States bonds were all unchanged
on the last call.
The total sales of stocks for the day
were $4,000 shares, including the fol-
lowing: Atchison, $4,000; Atchison, pre-
ferred, 10,500 Baltimore and Ohio, As, 700
Canadian Pacific, $500; Chesapeake anC
Ohio, 10,100; Chicago and Great West.
ern, $500; Erie. SO 400; Erie, first pre-.
ferred, $500; Erie, second preferred
! $500; Illinois Central, $4,000; Louisville
and Nashville, 9,400; Mexican Central
| $500; Missouri, Kansas and Texas, 1900
Missouri, Kansas and Texas, preferred
| 5000; Norfolk and Western, 7,400; New
| York Oontario and Western, 16, 500; Phil
adelphia and Reading, 211 500; Philadel
| phia and Reading, first preferred, Is, 800
Philadelphia and Reading, second pre-
| ferred, 25,640; Chicago, Milwaukee ant
| st. Paul, $4,000; Southern Pacific( 26,7O0
Southern Railway, IA %; Texas ant
Pacific, $500; Union Pac4. $4,000; Colo
RADIO Fuel and Iron, 46, 900 Pacific Coast
| 1890; Tennessee Coal and Iron, 10, 100
United States Leather, 20,5oO; Unite,
States Steel Corporation, 7,400; Western
| Union Telegraph, 10000; American Loco