The Montgomery advertiser., 1909-11-02

New York. Nov. l.--operAtions in
stocks today were Of an exceedingly
desultory character ana interest in the
market m n was very iansufd. The one day
ton day holiday Sad ! e deterrent Mt ssssct
on the traders and there was no par
tieipation In the market. The obssrv-
snce Of the All Saints holiday IN Lon.
materially from the volume Of the
days euginess and deprived the market
OF an index Of sentiment on the inter-
national money outlook. which II much
kets proper sent encouraging news
from abroad. and this was prime fac-.
tor In the early rise In prices Of stocks
mere. There was some selling on SAT-
periaI Bank OF Germany would advance
Its oflcial discount rate today and the
fact that the rate was left undisturbed
prompted some covering Of shorts By
the German bank disclosed some heavy
inroads on resources, incident to the
November settlements and the private
discount rate In Berlin rose q fraction.
the $500. 900 South African gold ar.
irving In the London market without
competition, and at q further recession
In the price, which wipes out In eff
ligfory price to be paid by the bank
which has prevailed while other CEN
tiers were competing for London's gois
supply. There was looked down upon
as gratifying evidence OF the satisfac-
the Bank Of England. which was In
sttsed upon by the board Of governors.
The effect was helpful to the New York
stock market. notwithstanding the abb
sence Of direct operations In the local
stock market on behalf of London.
There was q striking diversion Of spec
ulative EFFORT to low priced industrial
stocks and specialtfes while the more
prominent trading stocks Were neglect
ed. The minor members of the steel
group, especially the railroad equip
ment stocks, were conspicuous. The
influences Of new orders for equipment
BILE for this movement, which was bas-
cd also on the smaller proportion Of
the adavnce hitherto made In these
stocks compared with the premier steel
ports Of large sales Of copper metal
within the last few days. but the cop
per fndustrials did not hold well and
sagged with the receipt Of copper quo-
tations from London showing q de-
ed somewhat askance at the terms an
nounced for the new Pennsylvania
stock issue which was at lower price
than had I'd been been an. snticipated: AZ be-
scription rights to the individual stock
holders and the low credit for the cor
poration inovlyed in the issue at par Of
stock selling In the market In the
neighborhood Of 14s. the appraisement
Of the operation was somewhat con-
fused. The resort to stock Issue at
all in place of bond Issue Is testimony
TO the faulty investment demand for
figed interest-bearing securities, which
has been remarked In the bond mar
ket throughout the later stages OF the
active speculative demand for stocks.
The per cent. dividend rate now ex-
listing on Pennsylvania Railroad stock
and left unchanged by the days dec
laration represents IL maintained, .
high rate to pay for new capital. The
proceeds are to provide for the pay
ment of $60,o00,000 of collateral notes
which bore per cent. and of 100000
900 of 9 per cent. bonds falling due
next year. The stock market tone be-
came somewhat dropping after the
news Of the Pennsylvania directors ac-
ton.
Bonds were irregular. Total sales
par value, $3,3e3,0O0.
United States rs declined Ia per
cent. on call.
CLOSING STOCK LIST.