The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-01-31
RA|[R0ADERS
MOVED QUICKLY
The Leading Transportation
Stocks Gained One and
Two Points

New York, Jan. 31.-Under the spur
of a keen demand for the leading rail-
road stocks prices moved forward
quickly in the early trading today.
Shares of all the best known roads and
of a number of industrial corporations
rose from n to two points, with a
few more extensive gains. Trading was
active and the market b~roadened In
a way which seemed to indicate con-
siderable underlying strength. But
the tiickleness, which recently has
been the characteristic of the market
again asserted itself.
Shortly after noon prices broke.
With the exception of the stocks of
the Vanderbilt roads, gains were eth
er cancelled or largely reduced. In
the last half hour the market made
another of its p%erplexing shifts.
A variety Of influences of conflicting
character were brought to play on the
market. The most important were the
reports of the Hartman roads for
December. the strength of the shares
of the Vanderbilt lines and the quar-
terly statement Of the United States
Steel corporation.
Although the steel figures were not
received until after the close of trad
ing the market was Influenced by the
faet that they were to be made known
today and the uncertainty as to the
character Of the report heightened
speculative Interest in United States
steel. 1t rose a point in the early
trading. and although it subsequently
sold off to below sixty-three for the
first time this ear it bounded back
to sixty-four cents in the late trading.
of $23,1O5,0OO were well up to ex-
pectations. Preliminary estimates ran
all h way from 5000, 900 to $685.
100000, but in view Of the low prices
of steel projects during the last quar-
ter the most common estimate was
somewhat below h figures reported.
10 thai extent the statement was re-
garded as a favorable one. 1t remains
true. however, that the net earnings
OF the steel corporation are nearly
three million dollars less than those
Of the corresponding period Of 1910,
when business conditions were none
too good and that they are barels.
sufficient to pay the dividends on the
common and preferred stock.
The appearance of the Hartman
statements. showing a decrease in net
earnings in December of $63O,00O for
Union Pacific and Of $4,000 for
Southern Pacific was followed by q
break in the stock market to the low
est point of the day.
UnfaYorable reports had been ex-
pected. however, n these statements
were not effective in keeping down
prices for longs. Union Paciic's show
Ing was good by comparison with the
November statements. Chicago and
Northwestern reported a reduction. Of
$4,000 In net for last month. Ca
madam Pacific's strength was ex-
planned by its report Of a gross in.
crease of nearly 81. 600. 900 for last
month, and a ain in net Of $685.
900.
The pronounced strength Of the
stocks of the Vanderbilt roads made
them h center Of speculative inter.
est. New York Central, Northwestern.
Chicago. Cleveland. Cincinnati and st.
Louis. New York. Chicago and st.
Louis and Omaha all made gains Of
two to five points. The buying APP
parently was Of an accumulative char
acter, such az has been noted in New
York Central for several days. Cos.
sip had 1t that the movement was the
result Of plans for a further combina-
ton OF the Vanderbilt lines.
st. Paul displayed marked weak
ness. After gainjr~ q point early in
the day. 1t sold OFF to 104 3-4, the low.
est figure since 1903. National Biscuit
rose nearly four points to $50, the
highest price at which this stock ever
sold. Great Northern ore dropped
more than W points. following publ
cation of the cOmpany's annual re.
port. suggesting the possibility OF sus-
pension OF payments on the ore Ger.
tiflcates. =
Trading in bonds fell on. but the
tone was frm.- Total sales. par value,
] $3.06S.000.