Los Angeles herald., 1909-11-02
OPERATIONS IN
STOCKS lANGUID
OBSERVANCE OF HOLIDAYS
DETRACT FROM BUSINESS
MONEY MARKETS SEND ENcoUR-
AGING NEWS FROM ABROAD
Low-Prlced Stocks In Industrials and
Specials Were Bought to the
Exclusion Of Prominent
Trading Shares
IBy Associated Press.l

NEW YORK, Nov. 1.-Operations in
stocks today were of an exceedingly
desultory character and the interest in
the market was languid.
The observance of All Saints holiday
in London and Paris today also sub
tracted materially from the volume Of
the days business and deprived the
market of an index of sentiment on
the international money outlook which
Is much relied on at present.
The money market proper sent en-
couraging news from abroad, and this
was a Prime factor in the early rise
OF prices of stocks here.
The weekly statement of the German
bank disclosed some heavy inroads on
resources, incident to the November
settlements, and the private discount
rate In Berlin rose a FRACTION.
The Bank of England obtained all Of
the $780, 900 South African gold ar
irving in the London market without
competition and at a further recession
in the price, which wipes out. in effect,
The recent premium over the obliga-
tory price to be paid by the bank
which has prevailed while other CEN
tiers were competing for London gold
supply. This was looked upon as
gratifying evidence of the satisfactory
progress of recuperation in the Bank
OF England's condition
Inc GlAtCl WAS HtlDlut " Aii0 -NCN
York stock market, owing to an abb
sence of direct operations in New York
on behalf OF London.
There was a striking diversions of
speculative effort to low-priced Indus
trial stocks and specialties while the
more prominent trading stocks were
neglected. The minor members of the
steel group, especially the railroad
equipment stocks, were conspicuous.
The influx of new orders for equipment
from railroads was partly responsible
for this movement.
Some reports of large copper sales in
the last few days were made, but cop
per deals did not hold we'll and sagged
with the receipt of quotations from
London, showing a decline In prices.
The speculation looked somewhat
askance at the terms announced for
the new Pennsylvania stock issue,
which was at a lower price than had
been expected. As between the in
creased value of the subscription rights
to the individual stockholders and the
low credit for the corporation involved
in the issue at par of a stock selling
in the market in the neighborhood of
14S, the appraisement of the operation
was somewhat confused.
The resort to a stock issue at all in
place of bond issue Is testimony to
the faulty investment demand for fixed
interest bearing securities, which has
been remarked I'll the bond market
throughout the latter stages of the
active speculative demand for stocks.
The per cent dividend rate now
existing on Pennsylvania railroad stock
and left unchanged by the DAYS Ctv.-
dend reports, If maintained, high
rate to pay for new capital. The pro-
ceeds are to provide for the payment
OF $50 100000 of collateral per cent
and $20,000,090 of per cent bonds
falling due next year
The stock market tone became some
what dropping after the news of the
Pennsylvania action.
Bonds were irregular. Total sales,
par value, SO, 1893, 600. United States 2's
declined Ia per cent on call.