The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-12-22
HOLIDAYS HAVE
EFFECT ON MARKET
Prospective Respite curtail-
ed Operations on Leading
Stocks

New York. Dec. 22.-For the great
er part of today's session the market
bore the familiar aspects of the APP
preaching holidays. the three days
respite having the effect of curtailing
operations. which consisted largely Of
element. The movement at irst was
decidedly irregular. with pronounced
weakness in the Gould issues. par
~ticularly in, Texas and Pacific and
Denver and Rio Grande and shares.
a severe decline In the preferred
STOCK OF the latter gave rise to rum
ors Of possible ~receivership proceed
in6s. but these were authoritatively
denied.
In the latter part Of the session the
market grew gradually frmer and
more active under the leadership Of
!1ehtgh Valley. Amalgamated Copper,
american Smelling and other active
speculative issues.
The further rise in the coppers
vance in the price Of the metal. to-
6ether With the announcement that
many domestic manufacturers have
recently been heavy purchasers Of the
metal. Another contribution was q
smart advance In Rio Tintos in the
London market.
The market az a whole, however,
- AAoA1ow oAU ouCnAIASe0 inc 6ucn
gains as the day recorded were at
times resisted by q bear party, whose
ranks seem to have been largely aug
mented in the early days OF the week.
me days news was q mixture Of good
and indifferent. none Of which seemed
TO- exercise much influence market
wise. An increase in the dividend Of
the Atlantic Coast Line company.
which controls the railroad Of that
name. wal accepted as an indication
that the Louisville and Nashville d.
rectors might increase their dividend
disbursement. but such hopes were
dashed when announcement OF the
regular rate was made just before the
end Of the day.
M The S,l purchase h by = prominent bank
issue Of tl5.0o0.0o0 Of equipment
notes. which are to be offered at pub
lie sale. was the n item Of banking
interest, h recent demand for money
from German and other foreign
sources having suddenly subsidized. It.
was stated. however. that German
bankers were Offering. six per cent
Their accommodations in this market.
q result Of the recon outflow Of
Europe. and a further ~stiffeninE of
thirty and sixty day maturities is
AdVices from London and Berlin
were mostly Of an adverse character.
me weekly return of the bank of
showed a loss OF about 100000 o in
total reserves and about 50. 100000 in
bullion, while its proportion Of re-
serves to liabilities fell to 41.65 per
cent az against 49.40 per cent last
week: Money was in keen demand at
the srtttsh metropolis. where home
rells were weak in consequence Of a
revival Of reports as to labor trou-
bles. Although prices on the Berlin
course were fairly steady, the marked
oanerence In the open and private
rates of discount betokened q contin-
uance Of the financial strain at this
center. ~
Ono Of the recognized trade authori-
ei eas announced that contracts for
100000 to 100000 tons Of steel rails
to be placed by the end Of the year,
with a very large order for cars BY
the pennsylvania system.
Apart from a three point decline
IN Denver and Rio Grande fves the
pond market was firm. Total sales
par value. $4.540.00 United States
Money Market.
keen demand today. The poor weekly
statement Of the bank OF England
caused frmness in discount rates.
The stock market was generally
quiet. A few specialties were active,
ground electric rails which jumped
sharply on renewed talk of the on.
panies combining. Home rails were
weak on reports of labor trouble in
tho coal and cotton trades. and for
eEn securities. consols and Kalfirs
closed easy.
American securities opened around
parity and later in the forenoon most
Ut the list advanced on light cover
ingg The market was steady Infii