The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-01-30
STOCK MARKET
WAS 0SC|LLAT|NG
Early Advance Was Check
ed and Values Pushed
Back to Normal

The bank Of England secured most
the open market
Dealers on the stock exchange were
principally occupied with the settle
ment. The feature Of the market was
the heavy account in home rails which
advanced on the Increased, prospects
Of averting q coal strike. Consols
were better on easy money and mining
shares were quiet.
American securities opened easier.
First prices showed irregular changes
but later the entire list declined
sharply on free offerings. When the
selling subsidized the market became
dull and values moved erratically
within narrow limits. A better tone
prevailed in the late trading and the
closing was steady.
Carry-over rates for American
shares ranged from AZ to 5h per
cent.
New York. Jan. CALCULATIONS OF
stock oscillated in an uncertain man.
ner today. Before moor the list show
ed decided weakness. Prices harden
ed slowly in the afternoon. In the
last hour the pressure again became
heavy and some issues fell back to
about the low point of the day. The
movement as a whole was erratic and
confusing and seemed to indicate a
sharp conflict Of speculative opinion.
No import new influences were
brought to bear. and the selling was
regarded as q continuation Of the
movement late last week.. The market
still felt the effect of the pessimistic
statement issued by the chairman of
the st. Paul board in explanation of
the reduction in the dividend payment
on the common stock,
Bearish sentiment was stimulated
also by prophesies that the quarterly
report OF the United States Steel or
poration, to be issued tomorrow,
would be unfavorable and that Union
Pacif's report for December would
disclose a large cut In earnings.
st. Paul fell to LOG. the lowest point
Of the year and within a fraction OF
the bottom figures Of recent years and
did not share in the recovery. The
copper shares. which were influenced
by a sharp break in the price of the
metal abroad. also closed at the low
point of the day.
Persistent buying of a few issues,
among which New York Central.
Reading and Lehigh Valley were most
prominent. was instrumental in
pronounced weakness became appar-
ent. New York Central rose two
points and Reading and Lehigh Val
ley half as much. American Sugar
which was u~nusually active rose two
points. Y
Northern Pacine made no response
to an unexpectedly favorable Deem
Der report. All increase in gross
earnings of $239,000 was converted in.
to a net gain of $4,000 by a reduc-
ton of $%188.000 in operating expenses
Traffic conditions on the western rail-
roads were somewhat better last week,
operating officials said. The lines east
Of Chicago reported a gain Of 5 to 8
per cen last week.
London largely increased its selling
in this market today. About 20, 600
shares were disposed of on balance for
foreign account. Foreign exchange
rates were easier today. although
there was no pronounced recession
from the high quotations made last
week..
The bond market developed steadi.
ness after a period of early irregulari-
ty when the active issues were affected
by the weakness of stocks. Colorado
Midland As sold at SO. compared with
581a at the preceding sales. Total
sales. par value 3~3,943.000.
United States rs coupon advanced
3-8 on call.
Money Market.
London. Jan. 30.-Money was in
moderate demand today. Discount
rates declined.