Evening star., 1902-08-27
Realizing Sales in Recently
Active Stocks.
BOOM IN READING
FOLLOWED BY A DROP LATER IN
DAY.
Illinois Central Made Another Sudden
Advance of Three Points
Today.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, August 27.-Realizing sales
in considerable volume was a decided fea-
ture of the trading in the stocks recently
made active by the western element and
the market generally seemed to hesitate
under the pressure OF these sales
In some quarters the triple holiday was
urged sufficient reason for this selling
but there was also a pretty general belief
that the money market could not stand
many days like yesterday, in which some
100000 shares were traded in.
Commission houses reported an Increased
demand from the public and traders saw
signs of pool selling while they had a mar
ket from outside. Southern Pacific, Union
Pacific and Missouri Pacific were sold some
what freely during the day, the recent buy
ers expressing a willingness to distribute
some OF their holdings. In the western
group the desire to sell was unmistakable, a
sudden demand for Illinois Central result
ing in an advance of 3 per cent being the
only exception to the general tendency.
The meeting of the latter property called
for Friday is expected to vote upon an issue
or new stock, which will be rendered to
present shareholders in the form of rights
This prospect. and the strong position of
the property in the much discussed read
Justment of the Southern railroad situation,
were credited with having inspired the new
buying.
The coal stocks were features of the early
trading, the buying of Erie and Reading
belng upon large scale, and for interests
thought to be close to the management OF
The TWO properties. Round amounts of
Reading were taken at record prices and
the impression gained ground that BaltI-
more and Ohio was making sure of its con-
troll.
During the afternoon the directors of the
company announced the declaration of a
dividend of 1 per cent on Reading First
Preferred, instead Of the half-yearly rate
of per cent. This action is Intended To
prolong the life of the voting trust and to-
allow for an extension of time in which To
acquire or determine the control. The an
thraclte coal strike may serve as an eN-
cuse Tor the action, but in no well-informed
quarter will that argument be accepted
Unless the courts intervene Mr. Morgan
and his two associates will control Reading
for further period of two years
The stockholders will be deprived Of a
voice IN the management of their property
curing that time. Since the company is the
Keystone of the anthracite coal situation
and is an important factor in numerous
other enterprises today's action may be
taken as an indication that these collateral
Undertakings demand continued supremacy
in Reading.
Similar action in Southern Railway only a
few days ago should have prepared the
street Tor todays action. but instead a we'll
developed selling movement set in late in
the day, and the coal group gave way un-
der big dealings. 1t may be expected that
an extension of control by such methods
will bring the customary litigation In its
wake, and be made the subject of many
market movements.
Recent buyers will scarcely sell their
holdings, however, to the numerous inter-
ests who stand willing to assume control
of Reading.
Colorado Fuel was advanced sharply dur
ing the morning, the short interest cover
ing, freely the announcement that n
third party was buying the property i'm
opposition to both Gates and Osgood Clos
Ing prices were irregular as the result of
the Reading action.