The daily morning journal and courier., 1907-10-02
LATE FEATURES OF
 THE STOCK MARKET Sharp Advance Made After the
 Late Decline. A DRIVE AT ST. PAUL Whole Market Closes Strong, With Shorts Rushing
 to Cover.

w uOl0 N1dIACb O4O0NS 0'
 With Shorts Rushing
 to Cover.
 The stock market was distinguished by heaviness in the afternoon anu things looked squally, but late in the afternoon there was a rush up or prices, indicating that the bears were being driven in.
 The low prices were made on the an- nouncement of another cut in the price of copper on the Metal exchange, the reduction of the Anaconda dividend and misgivings over the presidents speech as to it's disquieting effect.
 St. Paul was the center of bear at tack during the day and was driven down to IA S-4 at about i o'clock, es- tablishing new low record for the year. That an old famous market leader like St. Paul should show such great weakness had a disturbing effect on, sentiment. This stock has been heavily sold for several days, the source of the supply being mystery. But Wall street was disposea to think that important interests were liquidat- ing, as stated in this paper Monday Reports about a possible reduction in the dividend, which Is now at the rate of per cent. year, were current; but the next dividend does not come until next March, so that action will not be taken, probably for some time to come, The opinion prevailed that no change in the dividend will be made.
 On the drive at the shorts in the last hour St. Paul was the central figure Z and was run up to 119, the chief gain of five points from the low being ac- complished in the last ten minutes of s the session. St. Pauls' sharp recovery z followed a denial which was attributed { to William Rockefeller, that the St. Paul railroad is making efforts to bor E row s2,OOO,OOO That fnancier was 8 quoted as saying that the company had an abundance of funds, and that < after allowing for the completion of the Pacific Coast extension it would x have on hand $2OOOO,OOO applicable for other purposes The copper stocks also ruled strong with buying principally to cover short contracts.
 To sum up the bad news of the day, fIa s,, 1,n # dividend on Anaconda Mining from a % 2 to per cent basis. Simultaneously # the price of copper metal was cut 1-4c., R so that the commercial grades are < quoted IA 1-4@14 3-4c This policy was N inevitable in view of the 60 per cent # curtailment in production at the Butte w mines and the 11c. falling off in the \ price of metal. It now remains for the K &Amalgamated Copper directors to meet the situation which sudden falling off \ in consumption has produced. They, too, will undoubtedly, fix a lower rate # in spite of the fact that the policy of Nmaklng dividends regular instead of 8part cash three months ago gave the Impression that the per cent. dividend Twas permanent Another important de- 4velopment was the receivership for the #Metropolitan Street railway. On the Republication of the Metropolitan Street N RailwayScompany to be made a party defendant in the action recently x Brought by the Pennsylvania Steel Co Band the Degnon Contracting company #against the New York City Railway company, and to have the receiyership extended so as to include the proper @tles of the Metropolitan company, Nudge p. Henry Lacombe of the United Estates Court signed an erder to that effect this afternoon. Adrian H. Joline sahnd Douglas Robinson, whom the same Aiudge named recently as receivers for he New York City Railway, were plac- Sed in charge of the Metropolitan prop erties as receivers, and the corporation was declared a party defendant. Un- der the appointment, the receivers will Administer the affairs of the Metropoli- tan company in conjunction with the New York City Railway company. No hdditional bonds were asked of the re- eeivers.
 Another unpleasant feature was the heavy increase in operating cost of Railroads is again in evidence by the Pennsylvania roads August earnings Gross rose $2410,000, but the net gair svas less than $400,0O0. This was for the
 ines east of Pittsburg. The western
 ines gained $1,27260O gross and $517,- D0O net. August gross was the largest bn record, and at yearly rate of near.
 Nv $1900 900. For the eight months of Ehe calendar year the gross increase is
 lbout $14,OO0,O0O, but the net gain is
 ess than $1,OO0,0OO.
 In spite of the If point advance il
 Canadian Pacific, the bear element diC
 ot show much alarm, and gave little
 eedto rumors that they would bt
 3uueezed in other quarters of the mar
 ft. They said that the rise in Canadian Pacifs had hurt. rather than strength 3ned the list, because it had exhausted fhe short interest too rapidly. They ar,
 Forking for lower prices this week or
 Two counts, viz, the speeches of Pres
 bent Roosevelt and firm call monel
 ates.
 Canadian Pacific fluctuations wer, fHearlv as violent as those Monday, hu @M became steadier in the afternoon 8huring the morning it changed iron
 B66 1-2 to 165 1-2 at the opening
 limbed to TO, then fell to 166 1-'
 gain, and held around that level fo