Norwich bulletin., 1909-11-02
FINANCIAL AND COMMERCIAL.
VERY LANeUID INTEREST
 TAKEN IN STOCK SPECULATION
Election Excitement Had Deterrine Effect on Traders-Little Participa- ton in Market.

New York, Nov. 1.-Operations in the stock market today were of an exceedingly desultory character and the interest in the speculation was very languid. The one day of business in- tervening before the election. day holi- day had a deterrent effect on the trad CTS and there was no participation in the market. The observance of the All Saints holiday in London and Paris today also subtracted materially from the volume of the days business and deprived the market of an index of sentiment on the International mon- ey outlook, which is much relied on at present. The money markets sent encouraging news from abroad and this was a prime factor in the early rise in prices here. There was some sion that the Imperial Bank of Ger many would advance it's official dis count rate today and the fact that the rate was left undisturbed prompted some covering of shorts by those sell CTS. The weekly statement of the Ger man bank disclosed some heavy in- roads on resources incident to the No- vembeI settlements and the private discount rate in Berlin rose a fraction
 The Bank of England secured all of the $3,500,00o 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 oTbliga- tory price to be paid by the bank which has prevailed while other centers were competing for London's gold supply. This was looked upon as gratifying ev- idence of the satisfactory progress of the recuperation in the Bank of Eng land condition which was insisted upon by the board of governors. The effect was helpful to the New York stock market, notwithstanding the absence of direct operations in the local stock market in behalf of London. There was a striking diversion of speculative effort to low priced industrial stocks and specialties, while the more promi- nent 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 the railroads was partly responsible for this movement, which was based also on the smaller proportion of the ad- vance hitherto made in these stocks compared with the premier steel stock. Something was made of the reports of large sales of copper metal within the last few days. but the copper indus trials did not hold well and sagged with the receipt of copper quotations from London showing decline in prices. The speculation looked some what askance at the terms announced for the new. Pennsylvania stock issue, which was at a lower price than had been anticipated. 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 stock selling in the market in the neighborhood of 14S the appraisement of the operation was somewhat confused. The resort to stock issue at all in place of a bond issue is testimony to the faulty invest ment demand for fixed interest bear ing securities which has been remarked in the bond market throughout the lat ter stages of the active speculative de- mand for stocks. The six per cent dividend rate now existing on Penn- 1 sylvania railroad stock and left un- changed by today's declaration repre- sents, if maintained, a high rate to pay for new capital. The proceeds are to provide for the payment of s60,O00,- 900 of collateral notes which bore five per cent. and of $20, ,00O, ,000 of six per cent. bonds falling due next year. The stock market tone became somewhat dropping after the news of the Penn sylvania directors action. Bonds were irregular. Total sales, par value, s. 59S,000. United States twos declined l-4 per cent. on call.