The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-28

NEW YORK, Aug. 27.-Today's early
stock market was repetition of yester-
days, but on smaller scale. The re-
semDlance extended to the reactionary
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 well below last night.
There has been an impression for many
weeks that the Reading dividend would
be reduced in order to extend the vot-
ing trust, which under the terms of the
trust, would be dissolved by the payment
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
preferred stock was a strong corrobora-
ton of the expectation of similar ac-
ton In the case of Reading. 1t is i'm
probable, therefore, that the mere fact
of the reduction of the dividend would have
). oUk> d the marker. h;td it net n-,n for
T.. determined way ii: which the Eta,Iing
stocks were Id 7anced this mcra,ng On
the purchase of enormous blocks Ct
stocks.
Looking Askance at Spectators.
The sudden tumble in those stocks
caused by the announcement of the divi-
dend reduction gave rise to a chilling
apprehension that the bold SPECTATORS
who are leading the operations for adj
Vanclng 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
grounds for the higher range Of values.
The dimensions of the Selling to take
an additional factor in arousing uneasi-
ness as to the solidity of the demand
which has made the higher range for
prices. The favo"ites of yesterday and
day before pretty generally suffered from
realizing, even while the Readings. Illi-
nois Central and Colorado Fuel were ad-
Vancing most buoya:ltly.
Additional heavy transfers of cul1 cncy
to the West was contributing factor to
unsettlinS confidence. The 1epost's of
currency at the subtrea3rry today fer
100000 was for Chicago, $780, 900 for Gin
ciEnati and $4,000 for New Orleans.
Without counting this movement $685.,
00G, which must figure in Saturdays bank
statement, and the subtreasury today
had small credit balance at the clear
ing house. The treasury Statement from
the revenue for the day Of $1.2S9. 427, TINS
bringing the deficit since the beginning
OF the fiscal year to below $4,000, O0J.
Wall Street Doubts.
Doubts are felt in Wall street as to
the extent OF the n ca5ur3S fnf relief ef
the money market, which the secretary of
the treasury will be willing to take. An
other disturbing influence was the report
OF a decrease N net income of the Atch-
lsan for July Of $345.ot1, which was The
more effective On accotlat of yesterdays
heavy speculation in the stock. The I'M
ia vorable character. of the weather, the
crop bulletin, especially in re-, trd to cot
favorable inf1uerres were disresarded in
the early attempts to put Up Reading
stocks on the ground that the emil CT
the coal strike was near The movement
in Illinois Central WAS unexplained, that
in Colorado Full seemed to be due to liz
timations that the parties to the dispute
for control were in a conciliatory atti-
tude, which was followed after the close
by the giving out of a statement showing
q renewed phase of the contest United
States Express, General Electric and
Sloss Sheffield Steel made conspicuous
advances. The market closed Irregular
and slightly above the lowest.
Speculative bond issues yielded in SYM
pathy with stocks. Total sales, par value,
81 545, O0O United States bonds were all
unchanged on the last call.
Stocks