The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-11-02
INTEREST IN STOCK
MARKET is IANGUIO

New York, Nov. Operations in
stocks today were of an exceedingly
desultory character and the interest
In the market was langud in ad-
vance Of the holiday tomorrow. The
observance OF All Saints holiday in
London and Paris today also subtract
ed materially from the volume of the
days business and deprived the mar
ket OF an index of sentiment on the
international money outlook which is
much relied on at present The
money markets proper sent encour
aging news from abroad and this was
a prime factor in the early rise in
prices Of stocks here The weekly
statement of the German bank dis
closed some heavy inroads on re-
sources, incident to the November
settlements and the private discount
rate in Berlin rose a fraction.
The Bank of England secured all
Of the SS,5O0,000 South African gold
arriving in the London market with
out competition, and at further re
cession In the price, which wipes out,
in effect, the recent premium over the
obligatory price 10 he paid by the
bank which has prevailed while other
centers we're competing for London
gold supply This was looked upon
as gratifying evidence of the salts
factory progress of the recuperation
in the Bank of England's condition.
The effect was helpful to the New
York stock market. Notwithstanding
the absence of direct operations In
the local stock market on behalf of
London
There was a striking diversion of
speculative effort 10 low priced indus
trial stocks and specialities while the
more prominent trading stocks were
neglected The minor members OF
the steel group, especially the rail-
road equipment stocks, were conspic-
uouS. The influx Of new orders for
equipment from the railroads was
partly responsible for this movement.
Something was made of the reports
OF large sales OF copper metal in the
last few days, but the copper indus"
with the receipt of copper 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 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 corpora
tlon involved I'm the issue at par of
a stock selling In the market In tho
neighborhood of l4S, the appraise-
ment Of the operation was somewhat
confused The resort TO stock Is
sue AT all in place of bond issue
Is testimony to the faulty investment
demand for fixed interest bearing Sc
curitics which has been remarked in
the bond market throughout the lat
ter stages of the active speculative
demand for stocks. The six per cent
dividend rate now existing on Penn
syyania railroad stock and left un'
changed by the days declaration rep
resents, II maintained, high rate
for new capital The proceeds are TO
provide for the payment of S6O.o0O,OOO
of collateral notes which bore seven
per cent and of s20,00oo00 OF SIX per
cent bonds falling due next year
The stock market tone became
somewhat dropping after the news OF
the Pennsylvania directors action
Bonds we're irregular.
Total sales par value, sS.393.00O.
United States IS declined Ia per
cent on call