The morning journal-courier., 1908-05-02
WALL STREET NOTES
Reduction in P. R. R. Dividend Accompanied by Substan-
 tial Rally.
SHARP RISE AT THE CLOSE
Taking Effect of the Hepburn Com modltics Clause Attracted Little
 Attention.

The reduction of the Pennsylvania semi-annual dividend at noon from l-2 to per cent was accompanied by a substantial rally in that stock showing that the news had been fully discounted by the recent panic. when the price went down to l03 1-2. A further reduction In the price of crude copper at midday was also i5 nored by the metal group. which were firm for some time after the news came out. At this time May wheat in Chicago was bounding upward al q rapid rate. with rise of more than three cents before l o'clock The wheat market as a whole was strong, but this was not a factor in stocks. When 1t was asserted shortly before the close that 1t Is the intention of Attorney General Bonapnrte to instl- ute test cases against the coal raIl- roads, though there Is no desire to have the penalty enforced, s.oc1s re- ceded somewhat with signs of consiG erable profit taking by those who had bid prices up at midday On the whole, it was chiefly a professional market and the public was not par ticipating to any large extent. At the close prices ran up sharply again.
 Just before the Pennsylvania div idend was announced the market was very strong, with Union Pacific up to 136 1-2, St. Paul f29, Reading l09 and Copper SO. Pennsylvania had touched 120 1-2, but fell back 10 ll9 S-4, im- mediately after the dividend news came out Then 1t had another bulge which carried 1t up to 120 5-S, and checked the slightly reactionary ten- dency in the general list
 It is understood that there Is quite a little competition for the s40,000.- 900 of six months revenue bonds that New York city is going to issue, and that the rate of interest will not be so high as rumored (S 7-S per cent.l: that 1t will, in fact, more likely be less than the current market rate for a six months loan.
 
 the same nature as the movement In Reading earlier in the week, when t rose to 112 in connection with cover ing of large lines of short contracts, including those of Charles Cosmr. That there was a large short interest in St. Paul there is no question. had the pool in this stock made tho best use of this circumstance. Thursday the stock loaned flat. There was no news on which the rise was based, outside of the circumstances men toned.
 The fact that 1t was the first day on which becomes effective the Hep burn law relative to prohibiting rail roads from carrying the coal which they mine themselves, 0 nich is now illegal and renders them subject to q heavy fine, attracted scarcely any attention. The coal railroad stocks were virtually unaffected by this incl dent, though they were somewhat heavy with fhe remainder of tho market early in the morning It was generally assumed that although con. gress has not yet taken action post. pcning the commodity clause of tho law, 1t will do so before the sessior ends and that Attorney General Bon. aparte will not in the meantime pro. ceed against the transportation com panles That he would not do SC was semi-otlcially given out earlier r the year
 The copper metal continues to show unsettlement with the New Yorl Metal exchange yesterday quotint asking prices Is of q cent pounC lower for all grades. It is this stat of the metal trade that, of course accounts for the tagging tendency o Amalgamated Copper in the marke lately