The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-02-07
STOCKS ADVANCED
UNDER COALERS
-
Trading Was Fairly Active
Harrimans and Southerns
Leading :With>c oalers .

New York, Feb. Under the
lead Of the coalers, quotations of
stocks advanced vigorously for a.
time. today. Trading was fairly ac-
tive, with keen bidding for the Har-'
riman stock and some of the south
ern issues, as we'll as the coalers.
The movement seemed to be largely
ed demand. Short coverings was a
decided factor in the ADVANCE, ana
when the inquiry for this purpose be-
came less insistent the market grew
dull. During the afternoon prices
were almost motionless, until shortly
before the close, when profit taking
scaled dow the days gains.
The course of stocks today emphas-
ICED the inertia of the market at
present, and the inability of profess
sional traders to move it far in either
direction.
In explanation of the. lack of in
itiative, it is said the large traders
are unwilling to take a definite stand
until they learn whether there is to-
be a congressional investigation Of
the money trust.
The uncertainty. of the political
situation have affected Investment de-
mand as we'll as speculative opera
tions. Although investment buying
of bonds has been fairly active re-
Gently there are no indications that
the demand Is spreading to the high
grade investment stocks. Apprehen-
sions as to, political developments
have been supplemented by the in
fluence of Indifferent business con-
ditions, and doubts as to the ability
of some railroads to maintain their
dividend rates.
Northern Pacific. responded to a
strong statement of earnings. for De-
cember. Some of the tobacco stocks
showed marked weakness for a time.
American Tobacco broke 6 1-2, but
later rallied sharply. -
United States Steel, which rose
more than a point, lost most Of its
gain. Selling of this and other stan
dard issues which brought about the
reaction late in the day was perhaps
Influenced by the granting Of an In
junction against the steel corpora
ton to prevent it from destroying
records which might be of. use as
evidence in the governments disco
luton suit.
Foreign exchange rates weakened,
and bankers stated that conditions
had worked further away from. the
point at which gold might be export
ed p%roftably to Europe. The pro-
visional engagement of an unnamed
amount of gold bars for export to
Paris was made known. !,
A strengthening influence was the
unexpectedly favorable gross earn.
ings for January Of a number of rail-
roads. Although several roads re.
ported. a falling off from the returns
of the corresponding month Of last
year, the showing Is a whole was
better than had been looked for, In
view of the unusually severe weather
conditions in January.
The bond market ruled firm. Dis
tillers SIS made up a large part of yes.
terday's loss. but did not hold the
improvement full. Total sales. PAL
value. $~2.376.0oo.. U. s. bonds are
unchanged on call.
Money Market.
London, Feb. Money and dis.
count rates were easy today.
Business was light on the stock ex
change and the tendency Of prices
was downward in the forenoon except
in Argentine rails and consols which
were firm. The strength Of the lat.
ter was based on hopes of an early
reduction In the bank rate. Later
in h day the other sections hard.
ened and closed steadier.
and steady and then advanced a frac.
lowed but New York buying
trading. Union Pacific shares led the
afternoon advance.
The closing was steady.
Visible Supply.
Y--, v--V MT