The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-01-26
MARKET TONE
MUCH STRONGER
No Apparent Reason For the
Change But Conditions
Were Better

New York, Jan. 26.-With no APP
parent reason for a change in the
course of the stock market today, the
tone became distinctly stronger. In
the early part of the day trading was
active and prices rose briskly until
many stocks were established on a
level to a point or more above yes
terday's close. The latter half Of the
session was dull.
The market idly waited word as to
the action of the st. Paul directors
in regard to the dividend rate. which
came just after the close. The inn
provement in prices was we'll MAIN
tanned. In the last few minutes there
was a sudden outburst of activity,
chiefly in st. Paul and Reading, both
of which sold off abruptly.
Trading was heaviest in the lead
ing railroad stocks, although there
was a better inquiry for some of the
industrials. Union Pacific showed
more strength than for several days
and the action of that stock. as we'll
as several other prominent issues sug-
gested that short covering was large
~ responsible for the upward course
of the prices.
The action of st. Paul, which rose
a point early in the day, exerted IL
strengthening influence upon the rail-
road list. Although the street was
We'll satisfied that the st. Paul direc-
tors would reduce the dividend rate
from z to 5 per cent, there remained
an element of uncertainty until word
was received from the board that the
expected reductio.. had been ordered.
While the earnings of the road have
fallen considerably short of the
amount needed to continu. the seven
Nor 0ant ratio tho 1ro{n ,r1~ kL1
cQmpany's resources has been largely
on account of the extension Of the
system to the Pacific, so that today's
change in rate does not necessarily
imply that similar action may be ex-
pected by other western roads:
Indications that earnings of the
western lines have been comparatively
poor during recent weeks we're borne
out by the statement Of , Atchison,
the first Of the large western roads to
report for last month. Gross earnings
fell off 100000 although a reduction
IN operating expenses limited the de-
for January is not bright.
Railroad officials said that weather
conditions in the first three weeks Of
this month were more unfayorable
was generally realized.
Foreign exchange rates rose sharp.
iy today. Demand sterling touched
4.S7 l-2, the highest point since May
OF 1910, when gold was being shipped
TO n q In consequence of the dis
turbance over the death of King Ed
ward. No cause was assigned for the
rise other than the influences which
have been evidenced for some time.
The continued abundance Of funds re.
In the placing of further loans
abroad. with a resultant INQUIRY for
foreign bills. London today was Of
n per cent better than local
rates for money. Arrangements for
The new German loans which will be
offered publicly on Monday, also were
a FACTOR In the foreign exchange mar.
ket. '-"
American Tobacco common was
over today from the Curb"
. 0tne stock exchange. Opening at
200. unchanged from the last sale in
che outside market. it O to 261 1-2.
fertilizers were strong, with buy
Ing based upon the increased bust.
ness n the decline in the price OIL
seed.
Ihere was q diminution Of the de-
o bonds. which. has been the ,
important feature Of the investment
recently. Prices of bonds
we're firm, with higher quotations for
most OF the popular issues. BurIinr.
on joint 4s and ELECTROMAGNETIC
rOpoitan 4 1-2's were heavy. Total
sales. par value. IS, 772; 900. .-f|
US. 2's coupon declined .1.2 and
IS Ia on call.
Money Market,
London, Jan. 28.-The supply Of