The Birmingham age-herald., 1911-12-22
DECIDED WEAKNESS IN GOULD ISSUES
Severe Decline in Preferred Stock of Denver and
 Rio Grande

New York, December 21.-F'or the great' CT part of today's session the stock mar ket bore the familiar aspects of the ap- preaching holidays, the three days re- spite having the effect of curtailing oper- ations, which consisted largely Of short covering by the professional element. The movement at first was decidedly irregu- lar, with pronounced weakness in the Gould issues, particularly in Texas and Pacific and Denver and Rio Grande shares. A severe decline in the preferred stock of the latter gave rise to rumors of possible receivership proceedings, but these were authoritatively denied.
 In the latter part of the session the market grew gradually fimer and more active under the leadership of 1ehigh Smelling and other active speculative issues. The further rise in the coppers coincide with reports of another advance in the price of the metal, together with the announcement that many domestic manufacturers have recently been heavy purchasers of the metal Another con- tributing cause was smart advance In Rio Tintos In the London market.
 The market as whole, however, was narrow and unconvincing, and such net gains as the day recorded were at times frequently resisted by a bear party whose ranks seem to have been largely aug mented in the early days of the week. The days news was a. mixture of good and indifferent, none of which seemed to exercise much influence marketwise. An increase In the dividend of the At lantic Coast Line company which con- tros the railroad of that name, was ac- cepted as an indication that the Louis- vile and Nashville directors might in crease their dividend disbursement, but such hopes were dashed when announce ment of the regular rate was made just before the end of the day.
 The purchase by a prominent banking house of the New York Centrals issue of $15, 0,000 of equipment notes, which are to be offered at public sale, was the one item of banking interest, the recent demand for money from German and other foreign sources having sud- denly subsided. It was stated, however, that German bankers were offering per cent with exchange guaranteed' for fur ther accommodations in this market, but offerings were light. Time money was slightly higher, result of the recent outflow to Europe and further stiffening of 30 and 60 day maturities is probable.
 Advices from London and Berlin were mostly of an adverse character. The weekly return of the Bank of England was disappointing in that it showed loss of about $12000,0O0 in total reserves and about $9,000000 in bullion, while it's pro- portion of reserves to liabilities fell to 41 .55 per cent, as against 49. 40 per cent last week. Money was in keen demand at the British metropolis, where home ials were weak in consequence of a revival of reports as to labor troubles Although prices on the Berlin bourse were fairly steady, the marked differ ence in the open and private rates of discount betokened a continuance of the financial strain at this center.
 One of the recognized trade authori- ties announced that contracts for 300, GOO to 6O0.000 tons of steel rails are to be placed by the end of the year, wtN a very large order for cars by the Penn sylvania system.
 Apart from 3 point decline in Den yer and Rio Grande 5s. the bond mar ket was firm Total sales, par value, s4.540000
 United States bonds were unchanged on call