The daily morning journal and courier., 1907-11-02

annual dividend at the rate of 3 1-2 Iper cent, the market dropped
 While there was no pressure of liqui- fation there continued to be a dribble bf 1t, which, with the better facilities For speculative short selling than for Boing long exist, accounted for the markets action.
 Excitement over the abnormal sit- Patton has distinctly quieted down. Transactions yesterday fell to quite 3lnimportant total, and while this re- 3ulted undoubtedly in part from the lockade of credit facilities, and in Rart, also, to the very proper discour- &ging of all speculative operations by Commission brokers, still the mere fact nat even Thursdays activity was bandoned was in it's way a gratifying Ffection of financial feeling generally. Pennsylvania's dividend is the third ! nee the stock went on per cent. hsis, and because of additional stock sued, will be the largest in amount cash distributed in the history of e company, calling for nearly S11,- DOC, or 3 1-2 per cent. on more than 14, 100000 stock.
 The most that could be reasonably ped for is that nothing whatever. Tod or bad, should happen in a sen- tional way to disturb this quiet dur g the next few days. It hardly need said that the situation is artificial q unnatural; it is so, however, only cause of the recent crazy run of de- sitors and their hoarding of money. pea king of Pennsylvania's dividend the stocks low price, 1t brought 'thl the thought in Wall street that Bort of paralysis seems to have taken ssession of many persons, caused bv # very collapse in prices themselves, engendered fear that after All Pre must be something the matter h stocks which are capable of fall-
 so greatly.
 he utterances of President Mccrea. the Pennsylvania railroad, regarding renchments, were among the most |z itlve influences in the stock market terday, although continued rumors arding trust companies also played a t. Many persons refused to he as. led as to the better position of cer-
 institutions. The chances are thai nv of these stories emanated from operators, who were again plying IT trade in the market.
 stlmates as to the total amount of & lrities bought for cash in the last
 days vary considerably. They 'ge from $5O,OO0OOO to $1OO, 1000, ,OOO.
 osing prices were irregular after a quiet afternoon session. In the ab- De of further disturbing elements, l street seemed a little more hope- although in no mood to buy stocks. cue was afforded by the foreign kets yesterday. Both the London
 k exchange and the Paris house closed because it was All Saints
 It is probable that the extent to Ph French investors will buy into
 new $SO,0OO,OOO New York city 6
 cent. revenue bona issue will not me known before next week. This
 have very important bearing up-
 UT foreign exchange position.
 lilroad earnings, as reflected by e for September, published yester-
 by the Pennsylvania, were regard Is reassuring in one respectable
 in which the volume of gross re-
 keeps up. In this respect the
 hess setback has curtailed traffic
 Arkably little, though October re.
 will show the check to a greater
 ee than September. The lines west
 Pittsburg managed to retain some
 le gross increase in net, which was
 idered reassuring. The large in-
 Pe in operating expenses for the