The Montgomery advertiser., 1902-08-28
WALL STREET REVIEW
DIVIDEND OF READING FIRST
 PREFERRED REDUCED.
On Its Announcement Weakness of the Whole Market Became Acute,
 and Prices Went Below
 Previous Days Level.

NEW YORK. Aug. 27.-Today's early strong market was a repetition of yesterdays but or a smaller scale. The resemblance exten1ed to the reactionary tendency caused by the heavy realization in a few stocks. but it was not until the announcement of the reduction or the dividend Reading first preferred that the and prices broke all around to below last night There has been an impression for many weeks that the Reading dividend would be reduced il order to extend the voting trust which un. der the terms of the trust would be dissolved ,S % the . od one & year TSs .u last week that the Southern Railway voting trust had Oeen requested by stockholders to defer the dissolution of the trust by the post. DOT ement of the dividend on the preferred stock was strong corroboration of the ex. Rsstson Of similar afton in ns tSs mere fact of the reduction of the dividend would have shocked the stock market had 1t the Reading stocks were advanced this morn. ing the purchase of enormous blocks CT stock. The sudden tumble in those stocks caused by the announcement of the dividend reduction gave rise to a chilling apprehension that the bold specuators 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 suostan- tial grounds for higher range of values. The dimensions of the selling to take pTonts which were going on yesterday and today was to the solidity of the demand which has made the higher range for prices. The favorites of yesterday and day before pretty generally sui fAred from realization, cNen when the Read- ings. Illinois Central and Colorado Fuel were advancing most buoyantly. Additional heavy tributing factor to unsettling confidence. The deposits of currency at the sub-treasury today for transfer today amounted 10 S64o, ooo' or which $500, 900 was for Chicago, Sl0O 900 for Cincinnati and $40 900 for New Orleans Without counting this movement the sub ,esdsy as atsR FV Which ehe must figure on Saturdays bank statement and the sub-treas- ury today had small credit balance at the revenue for the day of si ,24s. 427. this bring ns ssa 'hs year qee se bea% Deub. measures for the relief of the money market willing to make. Another disturbing inftu- ence was the report of decrease in net in come, of the ,na oTs fSr op @ of yesterdays heavy speculation in the stock The unfavorable character of the Weather Bu- reaus weekly crop bulletin especially in re gard to cotton, a disturbing influence. All unfavorable influences were disregarded in the early attempts to put up Reading stocks was near. The movement in Illinois Central was unexplained that in Colorado Fuel seemed to be due to intimations that the parties to the dispute for control were in a conciliatory attitude. which was forwarded after the close by the giving out % Of as nssI Express. General Electric and Sloss- -Sheffieid made conspicuous advances The market closed irregular and slightly above the lowest.
 Speculative bond issues yielded in sympa- thy with stocks. Total sales (par valuel, S2. 545, 900. United States bonds were all un- changed on the last call.
 Money and Exchange.
 NEW YORK, Aug. 27.-Money on call steady at 3d4 per cent: closing bid and asked So 3h per cent. ,,
 Prime mercantile paper. 4Aq5h.
 Sterling exchange fairly steadv' bankers bills, 4S7 for demand and 4So. lo TOT oo days.
 Posted rates, 4 S5h64.88.
 Commercial bills. 4S3hG4. .S4.
 Bar silver 521a; Mexican dollars, 4I14. Government bonds. steady; State bonds, steady; railroad bonds. irregular
 lrk