The daily morning journal and courier., 1906-10-30

 Fell OfT--strength of Time Money Gold for Englnnd's Bank-Pennsy's
 DIyidcnd-SteePs Diyidend--Nipissing Again-Chicago U. T. Muddle-Uncle sam Buys More Silver.
 Yesterdays stock market was quite a dull affair.
 Stocks were steady, then higher, and toward the close weakened.
 Pennsy did the only exciting act. It ran up point or two and then grew omnously quiet
 The advance in Pennsylvania was pre- dicted on somewhat convincing ru- Cnors that the dividend will be placed on a I per cent. basis Thursday. Inas- much as several of the constituent companies, with the Baltimore & Ohio, and Norfolk & Western, have all rais ed their rates this year, the outlook for an increase Is good. The higher rate will be in response to 8 speculative demand.
 More than one-half the days busi- ness was done in the first hour. Sales then amounted to 22960O shares, con- trasting with 4O,20O shares between and 2 o'clock. The first hour was at the rate of l, ,15O, ,OOO shares per day. The strength of the United States Steel common reflected a sentiment that the dividend might be one per cent for the quarter at to-days meet ing.
 Nipissing was the only strong stock in the late dealings on the curb, again selling at a new high record, 29 1-2. Other stocks were dull and generally weak,
 The political situation remains the chief barrier against any expanse in speculative interest. The director of the mint yesterday purchased 100000 ounces of silver at 7O977 per fine ounce, to be delivered at the New Orleans mint. Time loans were difficult to execute, ' for little money was offered There is a gradual stiffening in the renewal rate on call, with the prospect of a higher rate at the end of the week. Conditions abroad are gradually im- proving.
 With the election odds unchanged there was no definite way to guage po- litical sentiment, It was feared that the market would not show much change for a day,
 One speculative account of $5,O00,000, which was liqudated in London last N Friday, was under negotiations with banks in New York yesterday, in the effort to secure the necessary ad- Hances before the securities actually arr rive on this side.
 Reading was carefully watched. Whenever Reading starts it always looks to many persons as if old per- formances were about to be repeated.
 One reason for the dullness, accord Ing to stock exchange report was that itommission houses had notified all cus- Oomers that whether they are long or A IIhort of stocks they must keep up good margins over the election. Larger 4 margins will be required on some of # the low-priced issues than have been in vogue up to the present time,
 The best buying In the list just now is in Steel common. It was claimed that it was being accumulated by near ly all the large interests, who are iden- tified with the property
 The Boston market was steady at first yesterday on moderate dealings, but later eased, Calumet and Arizona rose S1O, on another and fourth con- secutive increase in the quarterly divi- dend to $4 making SIS paid for the Year.
 Wall street expects that at to-days quarterly meeting of the directors of : the United States Steel corporation the statement of net earnings of the giant steel combination for the past three months will show a total approximat- $40 900.
 New Haven I. & s. was bid, 1-2 asked yesterday in Philadelphia.
 Some good judges of the market thought that the western element were trying to depress stocks in order to get them back at lower figures. They sold very heavily a week ago, and have not taken back their sales yet,
 Money on call at the stock exchange yesterday opened at 1-2 per cent, highest, 1-2; lowest, 3 1-2; closing, 4. Most of the days loans were at 4 1-2 per cent.
 London had buying orders for about 25,0OO shares, They took Steel, Penn sylyana, Southern Pacific and Cana dian Pacific
 A Chicago dispatch says: Cyrus H. Mccormick, and number of holders of stock in the North Chicago City Rail way company, have filed motions for permission to file petitions in the Unit ed States circuit court, allowing them to intervene in the proposed settle ment of the traction problems in this city. The two street car companies mentioned form the basis of the Chica- go Union Traction company, which op- crates the street cars on the north and west sides of the city. The bulk of the stock of the company is owned in New York, and it is claimed by1 the Chiea- go holders that the New York owners are trying to freeze out" all of the local interests.