The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-02-20
READING WAS
THE ONLY MOVE
Utter Stagnation Marked the
Day in the Stock Market
Little Trading

New York, Feb. 20-Reading was
the only one of the stock market lead
ers to move today more than a frac-
ton from last weeks close. The tone
Of the market was heavy in the early
part of the. day and prices were cut
~fractionally. In the latter part Of the
session the list hardened. The utter
stagnation OF the market is indicated
by the fact that during a hour Of
today's trading less than $4,000 shares
of stock changed hands, the lowest
figure for an hours business In
months.
The pressure against Reading ap-
parently was due to bear selling on
the idea that the supreme court might
render its decision in the anthracite
case. With several other important
cases pending in the supreme court,
there was a disposition among the
trading element to await word from
Washington whether decisions were to
be made in any of the cases in which
most interest is felt in Wall street.
The copper stocks showed continued
firmness. The recent speculative fol-
lowing owing to the belief hat the
rise. while to some extent a reflection
of better conditions in the metal trade,
was largely m~anipulative.
The report of the Hardwick commit
tee on the American Sugar Refining
company was not reflected n the stock
market. American Sugar selling un-
changed.
A few inactive stocks moved more
widely than the leaders. American
Snuff dropped five points and Bethle-
hem Steel / 3-8. st. Louis & South
western, Central Leather preferred.
Westinghouse Mackay companies and
General Electric were the strongest,
rising a point or more.
Improvement in freight movements
on western roads during the last week
was reported. Gross earnings for the
first half of February in many cases
shows considerable gains, chiefly on
account of unusually large receipts Of
farm products. While railroad manag-
ers were confident that these condi-
tions would continue under normal
circumstances, during the remainder
of the month, 1t was said that the en-
larged volume of traffic represented
to a considerable extent the congestion
due to the recent severe weather and
that no definite and sustained inn
was a corresponding change in gen.
eral business conditions.
Germany again borrowed money in
this market. New York bankers re-
ceived bids of 4 1-2 per cent for one
month loans, offers so much above the
current quotations here as to attract
some large shipments. Bankers as.
cribed the demand for none in Der.
lin to commercial activity and the re-
quirements of the approaching set.
Element.
Engagement of gold for shipment to
South America continued, $850,0O0 be-
ing Withdrawn today for Argentina.
This demand for gold showed hat for
eign markets were once more shifting
upon New York the burden Of finance
ing the payments to Argentina which
must be made at this time of the year.
The bond market was dull and
steady. Total sales, par value 1884,
300. United States bonds were un.
changed on call.
Money Market
London. Feb. 20-Money is still
scarce and discount rates continue
firm.
The stock market was quiet and il.
regular. Gold mines were weak on
Paris and local selling due to unfavor-
able reports from the East Rand mine.
Rio Tintos were also weak on selling
orders from Paris but home rails were
steadier as 1t is believed in some quar-
tiers that the threatened strike In the
coal trade will be averted. Foreign
bonds and gilt edged securities clos.
ed steady.
American securities were quiet and
steady and slightly above parity dur
ing h forenoon. Later Norfolk &,
Western vas a firm feature, but the
rest of the list moved narrowly and
closed quiet.