The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-11-02
WALL STREET DULL
AND TRADING SLOW
Little Interest Taken in Prices
in Advance of Election
Holiday.
LONDON GETS MORE GOLD
NEWS OF PENNSYLVANIA STOCK
ISSUE NOT RELISHED.
LONDON GETS MORE GOLD

New York, Nov. 1-Operations in
stocks today were of an exceedingly ces-
ultory character and interest in the mar
ket was languid in advance of the holi-
day tomorrow. The observance Of All
Saints day in. London and Paris today
also subtracted materially from the vol
ume of the days business and deprlNeQ
the market of an index of sentiment on
the international money outlook, winch
Is much relied on at present The mon
ey market proper sent encouraging news
from abroad, and this was prime rae
tor in the early rise IN prices or STOCKS
here. The weekly statement or the Ger
man bank disclosed some heavy inroads
ON resources, incident 10 the November
settlements, and the private discount rate
in Berlin rose a traction.
The Bank OF England secured all OF
the $4,000 South African gold arriving
in the London market without compeu-
ton and at a further recession IN the
price, which wipes out, IN ERECT, the re-
cent premium over Ike obligatory price
to be paid by the hank which has pre-
vailed while other centers were compel
ing for London gold supply This was
looked upon as gratifying evidence OF the
satisfactory progress OF recuperatlon IN
the Bank of England's condition.
The effect was helpful to the New York
stock market, Notwithstanding the aO-
sence OF direct operations IN the local
stock market on behalf of London.
d
priced Industrial stocks and spectalues,
while the more prominent trading stocks
were neglected. The minor members OF
the street group, especially the railroad
equipment stocks, were conspicuous. Inc
influx of new orders for equipment from
the railroads was partly responsible fol
this movement.
Something was made of the reported
large sales of copper during the last few
days but the cupper industrials did moi
hold well and sagged with the receipt OF
copper quotations from London showing
decline in prices.
The speculation looked somewhat
askance at the terms announced for thf
new Pennsylvania stock issue, which was
at a lower price than had been antiCi
pated. As between the increased valu'
of the subscription rights to the indi
Vidual stockholders and the low credit TO
the corporation involved in the issue a
par of a stock selling in the market II
the neighbOrhoud of 14S. the appraisemen
of the operation was somewhat confused
The resort to a stock issue at all II
place of a bond issue is testimony q
the faulty investment demand for fiXe,
Understanding securities, which has beel
marked in the stock market during tn
later stages of speculative demand 70
stocks.
The 6 per cent dividend rate now ex
listing on Pennsylvania railroad stock an
left unchanged by the days declaration
represents, if maintained high rate I
pay for new capital The proceeds ar
TO provide for the payment of S60OUj,00
of collateral notes which bore per cen
and for N0O00000 of per cent bond
falling due next year.
The stock market tone became some
what dropping after the news of the Penn
sylvania directors action.
Bonds were irregular. Total sales, pa
value. So, 1913 900. United States Is de
clined i per cent on call