New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-27
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Bank of England Lowers Dis
count Rate to q Per Cent.

ket were Ignt IN NOluIl' u" n INV
If uricos that showed unimportant
changes. as compared with the finai rg
ures Of tho preceding day. As rue net
gains were reported. Trading was maze
m in large part Of tho operations ~ an
unirnortant professional element. COM
mission houses having few orders on
either side Of tho account. while the Ieao-
ine, wall street interests apparently we're
ouite willing to let the market take care
of itself According to the opinion NJ
many experienced spectators the cur
rent course Of the market foreshado"s B
neriod Of inactivity pending IN" ruUng
nv the Interstate Commerce commission
on the application Of the railroads TO IN
crease freight rates and the decision by
the Supreme Court on tn" corporation
cases now before 1t, but according 70 'he
Same authorities expansion In specula-
tive and investment operations viii FOL
lou. the settlement OF these important
questions.
while these decisions will contain Gle
r,ents If the utmost importance 10 the
world Of money and business, they VIII
not interfere with progress IN our IN
dustries. Indeed, no matter when way
the Supreme Court may rule in the cases
of tho American Tobacco Company anu
tho Standard oil Company, the general
course OF business in the country should
! he helped by the elimination or an uh-
certainty which for many months mas
served 70 restrict industrial transactions
| And the same thing holds good regard
/ ing the settlement Of the railroad rate
I cortroversv. The general market. both
for stocks and bonds was as dull III the
final trading as reported in the forenoo"
dealings. but prices maintained
SC, strength. with the best gains
among the prominent shares IN hfa"'"e'
/ ,,,,ale,anated Copper. Union Paclhc anu
,-.,..d states steel. Although the 81
D., directors. as fOreshadoWed III t'lS
column Yesterday, declared the ree u'"'
di,idends. the stock Of the company was
,t,o,oes The larger part of the totai
,,,.iress WAS supplied by four issues ana
doaBngs In all stocks showed falhns
ocr of more than 100000 shares from the
record Of the day before, while there was
q heavier reduction in the volume o'
trading in the bond department '"'
,io,btor business in the bond market AS
conpared with the day before was que
cb,oNv 10 the cessation Of speculation III
,,. new CITY ii. per cent bonds.
The supply Of bills in the local foreign
exchange market is light. ana So 'a'
,l..ro "a no evidence OF offerings against
-,,rcbases bv Europe Of the new Ne"
vork civ A., per cent bonds. II is
o,,,,c likely that owing to the ease IN
money At this centre bonds bought by
foreign interests viii remain here Tor th'
,,resent while it is evident that the re-
,.r,r,. expected increase in the supply OF
.vctaucc rs not 20 develop in the near
,,,,.,ra Sterling rates declined ~ the
oneuing ,aetcrday. wholly in sympathy
Nth tho reduction in the Bank Of Eng
lands minimum rate q discount, but re-
cov,~ed q pert Of IN" loss before the
close under the influence Of an active
demand for remittance. At 3lS9 per
cent tho British institutions proportion
of reserve 20 liabilities compares WIN
II. 81 per cent at this time a year ago
when the discount rate was oi2 per cent
against per cent at present win fHV'
ner cent in 1909 on discount rate or :
per cent. and secs per cent In 1905 on
discount basis Of { per cent The action
of the governors Of the Bank OF Eng
I land in reducing the rate from W. per
cent 70 per cent indicates that the Az
per cent rate has been effective IN
checking the outflow OF gold from inc
British capital while the showing made
nv the institution IN it's weekly return
suggests that London Is in position 10
handle all ordinary monetary demands
I If borrowers are willing 70 pay what may
still be- considered stiff rates for accom-
mediation for this period Of the year. II
is not believed that there will be i'm
portant recession from prevailing quota
| tions for funds I'm London at present, nor
! is II expected that rates in New York
will seek a level under that now current.
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