The Birmingham age-herald., 1902-08-28
STOCK MARKET
 SUFFERS BREAK Weakness Set in and Prices Broke All Around. ENTIRE LIST IS SHOCKED Reduction in Amount Earned By Read Ina Is Responsible for the Acute
 sIump-other Reasons
 Also Attributed.
ENTIRE LIST IS SHOCKED

New York, August 27.-Todays early strong market was a repetition of yes- terday but on a smaller scale. The re- semblance extended to the reactionary tendency caused by the heavy realizing in under cover sustaining strength of few stocks but 1t was not until the an- nouncement of the reduction of the divi- dend on Reading first preferred that the weakness of the whole market became acute and prices broke all around to be- low last night. There has been an im- pression for many weeks that the Reading dividend would be reduced in order ito 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 postpone ment of the dividend on the preferred stock was strong corroboration of the expectation of similar action in the case of Reading. It is improbable, therefore, that the mere fact of the reduction of the dividend would have shocked the stock market, had 1t not been for the de- termined way in which the Reading stocks were advanced this morning on the purchase of enormous blocks of stock. The sudden tumble In those stocks caused by the announcement of the dividend re- duction gave rise to a chilling apprehen- sion that the bold spectators who are leading the operations for advancing prices are acting without the best in- formation in all cases and may be putting up all prices simply by the force of abundant funds and without substantial grounds for higher range of values. The dimensions of the selling to take profits which were going on yesterday and today was an additional factor in arousing un- easiness as to the solidity of the demand which has made the higher range for prices. The favorites of yesterday and day before pretty generally suffered from realization even when the Readings, Illi- nois and Colorado Fuel were advancing most buoyantly.
 Additional heavy transfers of currency to the west was contributing factor to unsettling confidence. The deposits Of currency at the sub-treasury today for transfer amounted to $640000, of which $500, GOO was for Chicago $100 900 for Gin cinnati and $40,0O0 for New Orleans. Without counting this movement the Sub-treaSury has taken rom tne banks up to yesterday $3,562,000 which must figure in Saturdays bank statement and the sub-treasury today had a small credit balance at the clearing house. The treas ury statement from Washington today showed a surplus in the revenue for the day of $1, 259, 427, thus bringing the deficit since the beginning of the f1scal year to below S5, 900, 900. Doubts are relt in Wall street as to the extent of the measures for the relief of the money market which the secretary of the treasury will be willing to make. Another disturbing in- fuence was the report Of a decrease in net income of the Atchison for July of B346 511, which was the more effective on account of yesterdays heavy speculation in the stock. The unfavorable character of the weather bureaus weekly crop bull letin, especially in regard to cotton, was a disturbing influence. All unfavorable influences were disregarded in the early attempt to put up Reading stocks on the ground that the end of the coal strike was near. The movement in Illinois Gen. tral was unexplained; that in Colorado Fuel seemed to be due to intimations that the parties to the dispute for con- trol were in a conciliatory attitude, which was forwarded after the close by the giving out of a statement showing renewed phase of the contest United States Express, General Electric and 5loss-Sheffield made conspicuous ad- yances. The market closed irregular and slightly above the lowest Speculative bond issues yielded in sympathy with stocks. Total sales, par value, $2,545,000.
 United States bonds were all unchanged Dn the last call.