The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-05-17
DECLINE
PREC|P|TATELY
Every Issue on New York
Exchange Dropped With
a Dull Thud.

New York. May Ito the dis
passionate observer additional evi
dence of inside selling or liouidatio,
was forthcoming in the course of tn,
stock market. The tone was heay,
when not distinctly weak. and pres.
sure was more or less onoun
throughout the session . Volume O
business was moderately large, no
the least significant fact being tn,
increased activity that marked tn,
oeci1nlng scale. All the leadin;
shares, such as Reading, Lehigh Val
iey' Union Pacific and United State.
steer tended lower. with losses of
hand' there were gains Of as much
ana more IN some of the semi-actiyt
stocks including International Har
Vester, while the more obscure is
sues, among which may be mentioned
American Mailing preferred and Tex.
as company. displayed fitful period.
or Improvement. American Can Al
80 IS. went to its lowest price in
over a fortnight, but even today,
Inal quotation represented a hand.
some gain over its figure of a month
back. AWAY
Canadian Pacific at 270 attained 2
new high record. with a similal
achievement for Sears Roebuck. i
is freely predicted that development.
OF advantage to the shareholders OF
Canadian Pacific and Sears-Roebucl
are impending. but the sentimental,
value OF these stocks on the rest OF
the list may be set down as inconsid.
cradle. Twin City Rapid Transit
wnlch IS supposed to bear some re-
iation to Canadian Pacific. also en-.
joyed a brief period of activity a,
higher prices. while Brooklyn Rapid
Transit shares and convertible bondt
mlrrowed the change thai has come
over the local transportation situa.
ton.
1t was not until the late afternoon
n a the market suddenly turned
from heavlness to acute weakness
Practically every issue on which the
list has built its rise of the past two
months then declined precipitately,
with the supply far in excess of the
demand. The decline was materially
assisted by the operations of the
short interest. Reading. Lehigh Val
ley, Union Pacific. American Can and
United States Steel all felt the force
of the impact, while most of the
early gains in the low-priced issues
were speedily wiped out. In the abb
of a more valid reason. the
street" attributed the reversal chief
~ TO the attitude of the anthracite
awkward complications arising from
the investigations 10Y proceeding
against the United States Steel and
American Sugar companies.
The final hour brought some
change for the better. Reading re-
covering two points from it's low of
the preceding hour, with about half
as much for Lehigh Valley, Union
Pacific, United States Steel and Am
algamated Copper. The metal shares
as a group reflected greater strength,
their position being fortified by tech.
meal conditions, such as a reduc-
ton in the European supply, a rise
nRlo tintos in London and better
home demand. The closing was dull,
with a large percentage of substan-
tial net losses.
Some of the favorable factors of
the day to which no attention seemed
to be paid were the better crop adj
vices received from Minnesota and
the Dakotas, and the extraordinary
fgures shown in the country's foreign
trade for April. Imports and ex-
ports for that month were larger than
in any previous year, imports i~ncreas-
ing by $4,000, 900, with an increase
of s~21.000,oo0 for all shipments to
foreign parts. April expotrs of bread
stuffs totaled approximately $50, O0O,-
600 as against ISL 100000 last year.
London's market presented varia-
Bile features, with some heaviness in
Americans. Changes in the Bank Of
England statement for the week were
scarcely more than nominal, except
for the strengthening of reserves to
liabilities. Paris advices point to a
reduction of the bank rate there in
the near future.
Greater ease in short time none
was shown here today. so day ac-
commodations being o%btainable at 8
per cent against the recent 3 IA rate.
Another large Geographic transfer Of
currency OF San Francisco was made.
Bond prices were generally lower,
save for Brooklyn Rapid Transit As,
which held strong. Total sales, par
value, s2,579.000.
United States governments were un-
changed on call.