The Washington herald., 1907-11-02
WALL STREET NOTES
Investment Buying Proves
Feature of the Day.
PENNSY DIVIDEND THE SANE
Directors at Heetiag in Philadelphia
Lose No Time in Milking Announce
ment-GOld Importation VIII Prove
Profitable Because of Premium Of
fered--Foreign Markets Closed.

New York, Nov Within the past few
weeks the roll of stockholders OF Della
ware and Hudson has been increased by
about $50 new names. The fact is highly
interesting as an Illustration of the vol
ume of the investment buying in the mar
ket and more particularly of the volume
LOT buying in odd lots, for practically
every one Of the new names represents
Ia purchase Of less than 100 shares That
the proportion Of investment buying iu
some other stocks is even greater. goes
without saying. II in such a stock the
number OF new stockholders can be in
creased by 800 or 700 names ii few
weeks, 1t is fairly safe assumption that
while the process may be slow. this class
OF buying viii ia time restore the stock
market TO a perfectly healthy condition.
The foreign market. being closed to-
dag. there was practically no business for
foreign account The closing Of the con-
unental bourses was due 10 the observ-
ance of All Saints Day, but in London
where, as one trader said they have no
saints the suspension of business was
IN accordance with long-estabIshed
custom OF closing on May ] and Noyem-
Der I, the days on which the Bank or
England closes its books.
No time was lest by the directors OF
Pennsylvania in discussing the dividend
question. The board convened az $50
and ten minutes later the announcement
was made that the dividend had been
declared at the regular rate. This made
u clear that the liquidation in Che stock
IN the past few days had not been caused
by any advance information of what the
winter dividend would be. and it strength
ened the belief entertained in most quar-
IeIs thar the decline ia the price had uoi
resulted from anything in the company
affairs, bat fTon necessities which com
PEELED individuals TO convert securities
into cash. During the greater part ol tho
session the stock hung around JOS. and
it was argued that unless an advance oc-
CURED ia the meantime q price Of less
than l,5 cX-diyidend might look very
cheap next Monday
with currency at a premium the i'm
poTtatious Of sold arranged at the be-
ginning Of the present movement viii
prove unusually profitable Some of the
Importers have had offers of a premium
on their consignments. but as rule they
have preferred to retain the ownership
of their metal until il actually arrives
here This new factor In the situation
caused quite a furry in The exchange
market sending up the price of demand
sterling and cables until some traders
began 10 wonder If the foreigners. after
allowing American bankers 10 engage
gold were not going % reverse their po-
siton and take the metal back again.
There never was. however. any danger
of this. A premium ofs1 per cent ou cur
rent currency is equivalent 90 : cents ir
the price OF exchange, so that it rea.IT
depended on the premium which currency
could command whether IL would Doe prof
liable 90 make imports even az the high-
est point touched by exchange rates dur
ing the day Further engagements wer.
made on a considerable scale. and il was
said to be altogether probable that un-
less the currency situation eased mp con-
siderably the movement would yet reach
much larger proportions