New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-30
REVIEW OF THE
STOCK MARKET
Prices Further Depressed,
Despite Widespread
Ease of Money.

Heavy selling early and late was
again more than the market could
easily absorb, and despite easier
money conditions here and abroad
final prices were materially below
those OF Wednesday. London, after
drop OF per cent in the Bank OF Eng
lands minimum discount rate, bought
American shares in the early trading.
but the opening market here failed 10
respond, and unusually heavy offerings
in the first half hour sent prices below
the final figures of yesterday. Around
midday trading was dull, coming al
most to n standstill after noon, but
drive IN the last hour resulted in
close around the low figures Of the day.
business was about the same In vol
ume as on Wednesday. Bonds were
bought TO about 100000
Nearly one hundred thousand shares
OF steel were sold. all below the final
figure Of the day before. and after
wide opening at three quotations a net
loss Of over a point was recorded
Reading, also under considerable
pressure. failed to show its strength Of
the day preceding and lost over
point and a half. Rock Island shares
resisted further liquidation and finished
the day unchanged, with considerable
&C collateral
Rumely's uncertain position in regard
to It's note issues caused a break or
over g points in the common and over
IN the preferred, record low prices
since the stocks were listed. Canadian
Pacific, favored in the foreign buying
was an exception to the general trend
of the market, advancing over : points.
Pressed Steel Car which after ten
years had announced the resumption
Of dividends, gained over 3 points.
Further evidence of universal none
tary ease was furnished by the reduc-
ton Of the official minimum discount
rate from 10 3 per cent in London
and from 4 to 3la per cent in Paris.
The Bank of Englands report gave the
proportion Of I,serve to liabilities as
$685. per cent as against last weeks
high percentage Of 5142 and an
average for the last ten years Of less
than 30 per cent. SO the rate, cut for
the third time since the first Of the
year was dropped at once 10 3 per
cent, instead Of reaching that low fig
ure next week, as many had expected.
The Bank of France, which had held
10 its minimum Of per cent for
fifteen months, reported in its changes
for the week an increase Of over o.
100000 francs in cash and OF over
100000 francs in general deposits.
Call loans. renewed at ia per cent
here, were made as low as 1l2 per cent,
and time accommodation was slightly
easier. The banks have now lost over
5000 900 TO the Treasury since
last Friday.
General news Of the day afforded
little to affect the movement Of secu-
rity prices. The decision Of the fed
eral court Of the eastern district Of
Michigan holding the blue sky" law
Of that state unconstitutional and de-
claring it an interference with inter
state commerce and with the freedom
Of the individual was welcomed as
important 10 all interested in the
financing of new enterprises. II sus-
tanned by the Supreme Court It is ex-
pected to apply to similar state laws
already enacted and impending. An
apparently senseless run on one Of the
largest savings banks in the city was
/ GiSregarded