The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-01-12
BEARS HELD THE
MARKET TODAY
Leading Stocks Were Press
ed Down and Showed De-
cided Weakness

New York, Jan. 1.-THE leading
speculative stocks were under severe
pressure today and prices fell. After
a show of strength in the early trad
ing the market responded to the eff
fects of aggressive bear selling md.
was heavy during the remainder Of
the day, with periods of pronounced
weakness. 1
Union Pacific was once more the
center of the bear attack and its re-
covery o yesterday was cancelled by
a wv point decline. The movement
in this stock was h battling nature
which has attracted SO much attention
during the last few weeks. AS the
price gave way the supply seemed to
increase and the manipulation of the
stock was conducted in such a way
that traders were unable to discover
the ource of the selling. Various re-
ports concerning the dividend policy
lacked authenticity and attracted no
serious attention. Owing to the steady
pressure against the stock, the Decem-
Der report of earnings is awaited with
unusual interest.
Reading also showed pronounced
weakness at times and fell back two
points. Southern Pacific. st. Paul. Ca
steel shares also were under pressure.
Their weakness exercised a depressing
effect upon the whole list.
The news from Washington in re-
gard to the progress Of the Stanley
investigation was accounted a factor
in %unsettling the market. When the
governments suit for dissolution of
the United States Steel corporation was
filed 1t was assumed in the street that
the Stanley inquiry hereafter would
possess little influence.
The vigor with which the inquiry is
being pursued vas discOncerting to
the traders who hoped that the un-
~expectedly good statement OF steel
corporations business in December
might be used a sa basis for a further
advance in the stock. The question of
prices still plays q considerable part
in estimating tho effect of the. re.
cent increase in tho steel business.
many schedules remaining at the low
er levels established after the "open
market" was declared. 4
Foreign bidding for money contin-
ued. Offers from London for funds
over the end Of the month were some.
what higher than yesterday, ON bids
of 4 LIZ per cent having been made.
With the local rate for similar loans
under 3 e cent. a number of banks
placed funds abroad. Money In this
market was abundant. Receipts from.
the interior are large enough to indi-
cate another cash gain for the week.
The bank of England's; weekly state
ment reported a considerable increase
in gold holdings and a large loan re-
duction.
London was again bearish on Amer
lean stocks. Prices declined there be-
fore the opening of this market and
during. the day about 10000 shares
were sold for London account, prin-
cipally United States Steel and Union
Pacific.
The bond market continued active.
Quotations fiuctuated irregularly. To-
tai sales, par value $4.4l1.000 Pana-
ma 3s declined 1.8 on call.
MONEY MARKET
London, Jan. 12-Money was in
good demand today. Discount rates
were firmer owing to the demand for
gold for India.
Labor troubles caused. q further SGT.
back in British securities in the stock
exchange. Consols fell three.six-
teenths despite the improvement in the
weekly statement Of the Bank Of Eng
land. Mining shares and foreign 70.
curities hardened in sympathy with
firm advices from. Paris and copper