The daily morning journal and courier., 1906-08-29
STOCK MARKET FEATURES
THE PHILADELPHIA FAILURE
 KNOCKS STOCKS.

4 Fall of From I've to Four Points for
 the Leaders--Early Strength Dissi-
 pated--GoId Can be Imported---CsOssip
 of the Day.
 The disaster to Philadelphia Trust company yesterday knocked active stocks off from two to four points and dissipated the markets early strength.
 Princes went off very rapidly and the decline was assisted by the profession al operators who had been working for a fall and for whom the news of the trouble came at the psychological mo- ment. The weakest issue was Pennsyl- vania, which sold under 139, a loss Of 3 points. Other stocks lost from l to 2 points. The opening of the market had been strong with new high record in Atchison, a 4-point gain in Canadian Pacific, of 1-2 points in St. Paul, and l to 2 elsewhere before the reaction set in.
 Although no gold is engaged abroad yet, there is no doubt that the metal can be obtained when necessary.
 We have almost unlimited credits abroad and can draw against them in one shape or another in the next six mcnths. Under these circumstances there is not much need for alarm over the postponement of actual gold im- port. The action of sterling exchange, which went as low as ASA, indicates the state of our balances abroad. The log ical conclusion from these facts Is that the gold is not wantetd here as funds are being secured in some other. way.
 The violent fluctuations in Anaconda early in the morning excited much in terest.
 After touching the low prices in the last hour the market rallied, but it was feverish to the closing with the bear element trying to force lower level for a weak opening to-day.
 Before the closing of this institution large selling orders had been received most of them being in Reading and Pennsylvania stock. The early weak ness of both stocks was therefore ex- plained for the first time.
 The four point rise in Canadian Pa cifc astonished the market, as the stock has been one of the very slow movers. Yesterdays advance was very, clearly manipulated.
 The action of the Hartman stock Kyr,c dax $a {Y7I ta fhoh 4 was the intention of the clique to SUD- port these issues, and they did take al great many stocks during the morning. The prices reacted probably farther than they expected, on account of thel Philadelphia Trust company affair.
 The bears thought that the Russian situation, the Standard Oil rebate cases and the money situation demanded al reaction of several points.
 St. Pauls president denies that the control of the road is going to Harri- rhan and denies that it is to give up to the Pacific. ! In spite of the high price the specu- lative element was urged very hard to Eouy St. Paul. One phase of the market situation in this state which impresses people Is the steady rise of the pre- ferred
 Atchison was run up to above 10S-a new high record. But 1t later sold off with the remainder of the list. The street was sckeptical about the next dividend, notwithstanding the efforts ] to make it appear that the rate would be advanced from 4 to 6 per cent,
 The only new feature to Atchison, apart from it's high record, was the story that tn eVanderbilts were buying into the road.
 The engagement of $75O,0oO of gold in 1 Australia was announced by Brown Brothers of this city yesterday. This is in addition to an engagement of a sinni- 1 lar amount announced Monday from the same locality.
 From some mysterious source came a denial of a possible advance in the Shelters dividend to 10 per cent. basis.
 It was learned yesterday that the Pennsylvania interests have in mind an early increase in the dividend on the Panhandle common from to 5 per cent. basis The stock Is selling around S4 and very active. On per
 (Continued on Eighth Page,)