New-York tribune., 1908-03-20
'Ex dividend
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

The stock market moved with much irregu
larity yesterday. with some fractional advances
in the early trading and then q general decline.
which was followed in the late afternoon by
buying movement which resulted in the ma ajoritY
of the issues recovering their early losses.
number Of the leading stocks. particularly in the
railroad group, closing the day with net gains
ranging from to points. The trading was
professional in character and upon q con-
siderab1y reduced scale compared with
Wednesday London was a seller here. and the
market in London depressed, notwithstand
ng the reduction in the discount rate of the
Bank Of England. the unfavorable factors being
the poor success of the Grand Trunk Pacific
bond Offering and the reduction in the dividend
of the Rio Tinto Copper Company, the most
important copper producer in Europe, The
action of the Rio Tinto had no influence the
local copper stocks, the dividends of all of which
have been cut within the last few months Rail
road earnings reported yesterday were no more
encouraging than in the recent past, but the
Missouri Pacifics showing of s276.794 decrease
IN net for January. bringing the total decrease
since July l up s19S6.005, did not serve to de-
press the stock which closed unchanged at 81 =,
almost the best OF the day. New York Central,
which fell so sharply on the preceding day on
the of the cut in the dividend, steady
yesterday, ending with net gain Of Z point,
Brooklyn Rapid Transit developed much
strength rising 3 points and closing at the top
on apparently well founded reports that one of
the greatest banking houses was to act as fiscal
agent OF the company, and the per cent bonds
also advanced on heavy trading
The United States Steel issues made fractional
net gains, but 1t not until after the close of
the market that the came out that the
leading steel manufacturing interests had deter
mined to adhere for the present at least TO their
policy Of not making price concessions That
this policy be persisted in If the business
depression shall long continue Is not anywhere
believed, and the decision of the committee. rep
reSenting ufacturing concerns on the boards
of which many directors who rank among
the most experienced and able business men and
f7nanciers of the country, is therefore of i'm
pOrtance indicating that in the judgment of
this body of experts on business conditions the
prevailing stagnation in trade and industry is
likely within reasonably short time to end.
The reduction of the Bank of Englands rate
10 8 per cent. which had been generally looked
for, IS the fifth since the beginning of the year,
cent on January ?, and brings the rate the
lowest point it has reached since September,
1905. In the number and extent of its sue
cessive reductions the rate has closely followed
the precedents afforded by the recovery from the
effects of former panics of Importance The
banks action, which had been foreshadoWed by
the increasing ease in the London money mar
ker, is likely be soon followed by further
lowering of the rate, in view of the strength Of
the institutions position, the proportion of re
serve to liabilities standing at 51.26 per cent,
against 50.01 a week ago. and being the highest
for this date in March since 1905. when the
banks rate 212 per cent The bank in the
last week added more than $S.o0Q.ohG to its gold
holdings. while loans decreased s3,655,000 and
total reserve increased S3.9s0,000.