The Birmingham age-herald., 1912-05-10
[AL|NGS AGAIN IN
 MODERATE VOLUME
he of Market Steadier and Stronger Than for
 Some Time

" York. May 9.-The tone of today's
 k market for the greater part of the
 ion was more steady and strong than
 kny time since last Friday. when
 es underwent their first severe re-
 al in some weeks. Dealings were
 n in moderate volume. but the move
 vas fairly broad, taking in num-
 of equipment issues, as we'll as other
 -active shares. There was further
 Ing of American Can, the preferred
 es rising to new high record at
 All the standard issues were higher the usual degree of activity in United
 es Steel and Reading. The former
 sharply in the early afternoon, when
 ecame known that the United States
 pit court In New Jersey had refused frant an injunction asked for by the fral government in connection with the firy now proceeding in this city. the final hour the entire market re- ed itself, beginning with a further | inc in Illinois Central. whicll- fell to it's lowest price in four years. A Ing movement then ensued which |ed out the greater part of the previous and reduced net gains to minor pro- ions. The severe break in Illinois |tral was attributed to the heavy losses property is supposed to have incurred Ia result of the disastrous floods in Mississippi valley
 Fduction of the Bank of England dis |ht rate fromxa to 215 per cent was of the few important developments fhe day. The new rate is the lowest |over a year and only twice in the \ E years has Great Britain's financial |vark deemed it wise to post as low a F. namely, in May, 1908, and March, Top news of the day lent confirmation recent adverse advices. Dispatches In the northwest stated that the cool lther of the week and general rains North Dakota and Minnesota had given heck to seeding. From the west came |.tional word of more or less discour- hg conditions. while the damage caused rains in cotton in some of the southern Ees was reported to be very heavy. merican stocks were strong in London, Eumably due to buying for New York ount. London's operations here were with a small balance on
 buying side Private cables to our ikers indicated that London would pro- d cautiously in the conduct of it's lncial affairs. as a result of the British rier's speech to the home bankers, which he ,dwelt on the advisability of ing heed to the present era of labor est and warned them against their tude of 'complacent optimism"
 side from it's reduced discount the lk of Engiand's weekly statement was sresting in showing an increase in It's portion of reserves to liabilities and coderate gain of bullion. The German lk statement disclosed a reduction of r $21, 900, GOO in discounts, of S15,0O0, 900 loans aud nominal increase of gold. ? Bank of France reduced its dis nts by. $3600o0OO. and also slightly sngthened its gold holdings.
 o change was reported in local money es, the supply continuing abundant h demand comparatively light. New K banks have lost thus far this week 1ething like $e,50O,000, which is more h double last weeks drain.
 he bond market maintained a fairly ady tone today, but few issues tended CT. Total sales, par value. $2,500, 600. nited States government bonds were ;hanged on call.