New-York tribune., 1909-12-10
FINANCIAL MARKET
POOL STOCKS STRONG.
Bank of England Reduces
Discount Rate TO ! 1-2
Per Cent.

Stock market prices were strong in the
best part OF the day. with decided gains
I'm a few issues IN which active pool op-
erations were under way. notably in the
copper shares. Missouri. Kansas & Texas.
Norfolk & Western. Pennsylvania and
Union Pacific Trading in the general
list was not active. but we'll sustained
strength was shown in the larger num-
ber of securities. while sentiment in
speculative circles was cheerful over the
outlook for higher quotations before the
end Of the year improvement in traders
views being based upon the reduction in
the Bank OF England discount rate and
on the evidence from all parts of the
country Of satisfaction in business quar-
ters over the Presidents message and
confidence that no legislation Of a dis
turbing character will be undertaken at
the present session of Congress. The ad-
par and tho upward movement i'm Penn
sylvania helped along the theory that the
first named company would be taken
back by the Pennsylvania on a per
cent guarantee for the stock and the
fact that such an arrangement would
give the Pennsylvania. through its con-
troll Of the Panhandle. a route from Chi
cago IN Norfolk appealed strongly 70
operators who find I'm railway combinA-
tions. either real or fancied. active ar
guments for rising prices.
No particular reason was advanced for
The strength and activity I'm Missouri.
Kansas & Texas. but Street gossip inti-
mated that the bull pool IN ii would like
10 push it's price 20 so. Such a level
would discount favorable developments
for p long time 10 come. New York
Central WAS well bought and the copper
shares We're in demand by traders who
believe that pool operations will carry
quotations 10 much better figures. and
that. irrespective OF speculative condi-
tions and merger possibilities. the posi-
tion Of the copper trade foreshadows
enough Improvement i'm the. industry I'm
the new year TO warrant accumulation of
tho issues At prevailing prices. Copper
trade authorities are optimistic over the
outlook for new business. and the idea
that production will he curtailed is not
general marlborough Metropolitan pre-
ferred found fewer followers in yester-
days market and the suggestion that
the people who have been operating in
n for higher prices i'm recent weeks are
the same individuals who pushed Third
Avenue up on the pleasing fiction that
tho stock was worth moro than 40 at a
time when heavy assessments were as
sured and then parted with their hold
ings to confidinG public buyers served to
create reasonable suspicion regarding the
stories that Inter Met issues will sell
many points higher before they go lower.
Wall Street is 50 bullish that conserva-
tive houses advise the taking Of profits
on all advances.
The most important development I'm
the money market yesterday was the
reduction by the Bank OF England i'm its
minimum rate OF discount from . per
cent 10 Az per cent. the per cent rate
having prevailed since October q, when
an advance from per cent was made.
While AZ per cent is high for this period
OF the year the decline reflects the con
viction on the part of the governors OF
the British institution that the need for
the abnormal per cent rate no longer
exists despite the confusion into whica
English government finances have been
thrown as a consequence of the Tejec-
ton OF tho budget. and il should serve
10 reassure followers of money market
affairs over the future OF financial con-
ditions in London. The per cent rate
las been effective i'm placing the Bank OF
Englsnd's proportion or reserve 10 LA
bility at practically unprecedented level
for the second week in December. and