Omaha daily bee., 1909-11-02
NEW YORK STOCKS AND BONDS
Market Inactive Because Of APPROACH
of Election and Holiday Abroad.
LOWER PRICED ISSUES RISE
Minor Members Of steel Group and
Railroad EauIpment Issues the
center of Intere- Bonds
Are Irregular.

NEW YORK, Nov Operations in stock
today were OF an exceedingly desultOry
character and the interest N the market
tervening before the election day holiday
had a deterrent effect on the traders and
there was no part cipation 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 in
eek Of eminent on the International money
outlook, which Is much relied on at pres
ent. The money. markets proper, sent en-
courag ng 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 disclosed some heavy
inroads on resources, incident to the No
vember settlements and the private dis
count rate in Berlin rose a fraction.
The Bank OF England secured all Of the
10000 South African gold arriving In the
London market without competition, and
at a further recession in the price, which
wipes out, in effect, the recent premium
over. the obligatory price to be paid by
the bank which has prevailed while other
%centers were competing for London gold
flying evidence OF the satisfactory progress
Of recuperation in the Bank of England
board OF governors. The effect was help
full 20 the New York stock market.
There was a striking diversion. OF spec
stocks and specialties while the more prom
inent trading stocks were neglected. The
minor members OF the steel group, espe-
1900 #@@ go 49,
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 advance hitherto made in these stocks,
compared with the premier steel stock.
Something was made of the reports OF large
sales Of cope metal within the last few
days, but the copper industrials did not
hold well and sagged 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 Penn
sylvania stock issue, which was at a low
er price than had been anticipated. As
between the increased value OF the sub
scriytion rights TO the individual stockhold-
ers and the low credit for the corporation
involved I'm the issue at par of a stock
selling I'm the market in the neighboThood
of las, the appraisement Of the operation
was somewhat confused.
The resort to a stock issue at all In
place of a bond issue is testimony to the
faulty investment demand for fixed inter
est bearing securities. which has been re-
marked In the bond market throughout the
latter stages of the active speculative de-
mand for stocks. The 6 per cent dividend
rate now existing on Pennsylvania railroad
stock and left unchanged by the days dec
lardtion represents, II maintained In a high
rate to pay for new capital. The proceeds
are to provide for the payment of $4,000, O0
and of S20,O0OOOO of s per cent bonds falling
due next year. The stock market tone
became somewhat dropping after the news
of the Pennsylvania directors action.
Bonds were irregular. Total sales, pa
value, S3,S9S,Oo0. United States 2s declined
u per cent on call.
Following were the sales and range OF
/ nriNaG nn tho GfnnL nNnhnnun fndnUH