The Birmingham age-herald., 1912-02-09
PRICES FELL BACK
 ON BEAR SELLING Except for Tobacco and Cop per Stocks. Market AL
 most Stationary

New York, February s.-Except for the tobacco and copper stocks the market was almost stationary during the greater part of today's session. Prices of a few active issues rose at the opening but quickly fell back on bear selling. Trad ing became listless and changes for the day in most cases were insignificant.
 The tobacco stock fluctuated violently for time owing to the announcement of the coming retirement of James B. Duke as president of the American To- bacco company to become head of the British American Tobacco company. Am erican tobacco broke 10 points. Leggett and Myers and Lorillard G. All of these stocks rallied sharply later in the day On the curb British American was active and rose rapidly at the outset, although 1t subsequently, fell back.
 The copper stocks were the strong fea- lures of the market Trading in these issues was influenced by the favorable monthly report of the copper producers.
 Although a reduction in stocks on hand had been expected the decrease of more than 23,0OO,0OO pounds surpassed expecta- tions and was made the basis of demon- stration by bull leaders. Amalgamaten copper was marked up 2A, American Smelling 19s and the other eoppers a point or more Although domestic deliveries fell off there was an increase of the for eign delivery and a decrease of 3,559, ,oo0 pounds in the production for January.
 Although the dullness of the market re- gently has been attributed partly to the desire to await developments at Wash ington regarding the congressional in- vestigation of the money trust, no re- sponse was made to the news that the in- vestigation probably would be confined to conservative limits. The traders lack of interest in the decision of the democratic caucus was explained by the fact that Wall street for several days had expected such an outcome.
 Reduction of the Bank of England s rate of interest from 4 to 31a per cent had been predicted by international bankers here and it was said that the official rate of the Bank of Germany which now stands at per cent, probably would be reduced on Monday. The Bank of Eng lands rate had stood at 4 per cent since last September, when it was raised from the per cent rate, which prevailed all last summer. Bankers were of the opin- ion that the rate might be reduced aga;n within a few weeks, although it is cx- pected that a conservative policy will he followed in view of the uncertain politi- cal conditions on the continent and the gold requirements. of Italy, Turkey and India. The banks increase of proportion of reserve to liability from S.0l per cert to 52 .94 places it in a strong position. The proportion approxmates the high figure of this season of last year and compares favoraby with the average of 5.S per cent for the last 10 years.
 Two more shipments of gold out of the country were reported today. An addi- tional -Se 00o, ,OO0 was engaged for transpcr- tation to Paris, bringing up the total on the present movement to $S,00o00O. For South America $250,000 was obtained. Tbe loss in gold is expected to play an i'm portant part in the weeks bank state ment On operations with the sub treasury the banks already have lost more than s6.o00,0Oo. At the same time re- ceipts from the interior have diminished and $1, ,00O,e00 was transferred today by the sub-treasury to San FraSs<co. An ap preciable cut in the surplus reserve at the end of the week is regarded as probable.
 Buying of bonds was widely distributed and prices were held we'll Total sales, par value, $3,357,o 600. United States bonds were unchanged on call.