The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-28
STOCKS GO STILL LOWER
THE MARKET LARGELY A DUPLICA-
TIoN OF THAT OF TUESDAY.
Points of strength Used as Covers for
Persistent Profit Enthusiastically
Conditions Become Disquieting.

NEW YORK, Aug 27.-To-day's early
stock market was a repetition of yester-
days, but on a smaller scale. The re-
semblance 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 un-
I'll 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 i'm
preston for many weeks that the Reading
dividend would be reduced in order to ex-
tend the voting trust, which under the
terms Of the trust would be dissolved by the
payment of one years 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
postponement of the dividend on the pre-
ferred stock was 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
dividend would have shocked the stock
market had Il not been for the determined
way in which the Reading stocks were adj
enormous blocks of stock The sudden
tumble in those stocks caused by the an
nouncement Of the dividend reduction gave
rise to a chilling apprehension that the bold
spectators who are leading the operations
for advancing prices are acting without the
best information in all cases and may be
putting up all prices simply by the force of
abundant funds. and without substantial
g.
dimensions of the selling to take profits,
which was going yesterday and to-day,
was an additional factor in arousing I'M
easiness as to the solldity of the demand
which has made the higher range OF prices
The favorites of yesterday and day before
pretty generally suffered from realizing,
even while the Readings Illinois Central
and Colorado Fuel were advancing most
buoyantly.
Additional heavy transfers of currency to
the West were contributing factor to I'M
settling confidence. The deposits of cur
rency at the subtreasury to-day for trans
Ter amounted to $4,000. of which $780,
was for Chicago 500. 900 for Cincinnati and
10000 for New Orleans. Without counting
this movement the subtreasury has taken
from the banks up 10 yesterday 1861. 000.
Which must figure in Saturdays bank state
ment, and the subtreasury to-day had a
small credit balance at the clearing house.
Inc treasury statement from Washington
to-day showed a surplus in the revenue for
the day of 81 239. 427. thus bringing the deficit
since the beginning of the fiscal year to be-
low 100000 Doubts are felt in Wall street
as TO the extent Of the measures of relief
Tor the money market which the secretary
OF the treasury will be willing to take.
Another disturbing influence was the re-
port or decrease in net income of the
Atchison for July of $346,5l1, which was the
more effective on account of yesterday
heavy speculation in the stock. The unfa-
Vorable character of the Weather Bureaus
weekly crop bulletin, especially in regard
to cotton, was disturbing influence All
| unfavOrable influences We're disregarded in
the 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 seemed TO be due to intimate that
the parties TO the dispute for control were
IN a conciliatory attitude. which was fol-
lowed after the close by the giving out of a
statement showing a renewed phase of the
contest. United States Express. General
Electric and Sloss-Sheffield Steel made con-
spicuous advances. The market closed ir-
regular and slightly above the lowest.
Speculative bond issues yielded in sympa-
thy with stocks. Total sales, at par value
were $2,545,OO0. United States bonds were
all unchanged on the last call
The following table shows the range of
prices on Wednesday: