New-York tribune., 1909-11-02
FINANCIAL MARKET
STOCKS IN1CTITE.
Gail Money 1dvances and
Currency Shipments Reported.

Stock market trading was light in vol
ume and made up in large part of the
operations of the professional element,
commission houses having few orders for
public account and only unimportant or
ders for substantial Wall Street interests
who have been the chief buyers on all re-
cent declines. Prices as rule were firm,
but operations were too small to exert a
special influence upon quotations. An
nuuncement that the Pennsylvania Rail
road would make % per cent stock is
sue, equal to about $S0.000.000 for the
purpose of meeting maturing notes and
bonds. was effective in inducing a brief
squirt Of bullish activity in the after
noon. the Improvement, however. falling
to hold for any length of time. though in
certain issues, notably New York Cen
tral. moderate degree of strength was
maintained until the close, buying Of the
Vanderbilt stock being based on the
theory that it would be the next to re-
ceive the benefit of rights from new cap
itaI financing. Reading was neglected
throughout the day, and for the first
time in many weeks United States Steel
was relatively inactive. though the deal
ings in ii were heavy in comparison with
the ordinary run of transactions. Among
the specialties Pittsburg Coal was a
strong feature on a revival of bull ru
mors regarding the future Of the prop
erty The idea that the Pennsylvania
eventually will take over the Pittsburg
Coal Company finds many believers in
the Street. The railway equipment
shares were higher and the general mar
ket closed at small net gains. Amalga
mated Copper. American Smelling, Read
ing and Union Pacific being among the
important exceptions
Buying Of Pennsylvania stock was en-
couraged by the company's report of
earnings for the month of September,
showing gain in gross revenue on the
lines East and West of Pittsburg of So,
651.S00 and a gain in net OF $1,S09, 400
comparison being made with the cOrre-
spending period a year ago. As the Penn
sylvania Railroad handles a remarkably
diversified traffic and covers a section of
the country rich in manufacturing en-
terprise, its earnings supply trust
worthy indication of the course of in
dustrtal affairs in this countrr. 1t is not
unlikely that the stock of the company
will be restored to a per cent basis in
1910, while it also is probable that New
York Central will raise it's rate to pc,
cent. the level prevailing for a short time
prior to the panic of 1907. Southern
Railway is another road that promises to
become more popular with investors at
no remote day. as the business of the
company in recent months and the heavy
expenditures that have been made on the
property insure the resumption of divi-
dcnds on the preferred stock probably
carly in tie new year, on the basis of 3
per cent annually al the start. There
has been good buying Of Southern Rail
way preferred in the last few months
and the present price of the issue justi-
fics the expectation of a dividend while
the same thing may be said of Rock
Island preferred
Developments in the money market
were distinctly unfavorable to the theory
that active bull speculation in securities
is warranted at the present time. Call
funds rose to ; per cent, though ruling
under that figure; interior exchanges
moved against this centre. the banks
showed a large loss on their operations
with the Sub Treasury since Friday
night and heavy shipments of currency
were made to out t-of-town points The
Bank of Germany. while maintaining it's
r per cent rate, made am extremely poor
weekly return. and there was nothing in
the general position of the money mar
ket abroad or the sterling exchange sit
ration here that encouraged the expecta-
tiou of an addition 10 local bank holdings
through imports Of gold from Europe.
Local bank loans exceed deposits.