. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. also, conditions began to improve rapidlywith the passing of the crisis in America. The percentageof the reserve at the Bank of England rose from percent, on January 2, 1908, percent, on January 16th,and the directors felt justified in reducing the officialdiscount rate from 7 per cent, to 6 per cent, on January 2nd,and two weeks later (on January 16th) to 5 per cent. Thegold stock of the bank, which had been reduced on November7th to £27,725,225, rose
. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. also, conditions began to improve rapidlywith the passing of the crisis in America. The percentageof the reserve at the Bank of England rose from percent, on January 2, 1908, percent, on January 16th,and the directors felt justified in reducing the officialdiscount rate from 7 per cent, to 6 per cent, on January 2nd,and two weeks later (on January 16th) to 5 per cent. Thegold stock of the bank, which had been reduced on November7th to £27,725,225, rose on January 2, 1908, to £32,543,666,and on January 16th, to £35,791,425. The Imperial Bankot (Jermany, which had been under severe pressure, benefitedby an increase in its cash by #20,000,000 in the single weekof January 17th, and a decrease in its note issue by #43,875,-000, and under these conditions felt justified in reducing itsdiscount rate from 7^ to 6l/> per cent., and later (onJanuary 25th) to 6 per cent. The Bank of France alsogreatly increased its cash resources and reduced its discountrate early in the THE NEW YORK STOCK EXCHANGE present New York Stock Exchange building, which inarchitectural beauty is the foremost bourse in the world, wascompleted in April, 1903. It is an eight-story, steel-cage, fire-proof structure of the Roman Renaissance type. The mainstructure is approximately rectangular, about 150 feet deep, withfronts on Broad and New Streets, respi wide. An irregular extension about 84 feet long, with a 15-footfront, affords an entrance on Wall Street. The materials 1construction are wholly American, tl ng of Georgia marble aad the interior of marble from South Dover,N. Y. Within the Board Room proper there are neither columnsnor supports; the effect is that of a majestic hall with noblesurfaces of marble walls, crowned by an ornate ceiling. GeorgeP. Post was the architect, and Charles T. Wills the builder. CHAPTER VIII HISTORY OF THE NEW YORK S
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