The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-02-02
MARKED
STOCK MARKET
Trading Was Heavy But the
Net Changes Were Not
Heavy

New York, Feb. 2-Although stocks
moved actively today and trading was
heavy, net changes in most cases were
not large. The eccentricities of the
market of late were emphasized to-
day by its entire lack of stability and
its rapid and p%erplexing changes in
appearance. At times stocks rose
easily and traders on the long side APP
peared to be operating with conf
dence. In other periods, acute weak
ness developed and it appeared as
though there might be a renewal of
the steadyfi compelling pressure which
undermined the leading issues effec-
lively yesterday. The market was on
an upward swing when the session
came to an end n final prices show
a majority of gains.
The market increase in speculative
activity during the last two days. on
which trading was by far the heaviest
of the year is still without an eXplana-
ton which finds general acceptance.
Traders argued that the market had
been waiting for some time for United
States Steels quarterly report and the
December statements of the Hartman
roads and that as there was little or
nothing in either exhibit to
bullish sentiment the bears seized the
opportunity as a suitable one for @
demonstration. 1t also was said, with
out apparent authority, that large n
terests had been quietly %liquidating
their holdings Of standard stocks in
the belief that business conditions
would become less favorable befare
there was a definite turf for the boz
ter. Prices were forced below the
low points of yesterday and United
States Steel touched SO SIS.
The most pronounced upward move
ments occurred at the opening and
just before the close. Bull traders at
tempted to make capital Of reports
from Washington that the proposed
investigation of the money trust
would be either abandoned or posi-
poned and succeeded in lifting prices
substantially. There was no apparent
change in sentiment, however. and the
chief reason for such success as at
tended the efforts of the bulls seemed
to be short covering. Traders on the
short side were more cautious today,
fearing that the market had been
oversold and there was heavy covering
in some Of the leaders.
Reading developed exceptional
strength in the late trading and rose
3 1-2 points on the day. st. Paul,
New York Central, Lehigh Valley,
Atchison, American Smelling. United
StdlcS CIcol anu h uuHlOor OF others
gained a point or moro on the days
movement.
The death of Edwin Hawley did not
disturb the market seriously. Stocks
Of the railroads in which he was most
interested play but a small part in the
market. Chesapeake & Ohio, the most
prominent in this group. sold off 2
poinst and some Of the others q point
or so. but the movement was without
influence on the general list.
Some of the largest eastern rail-
roads made their December reports to-
day and the showing as a whole was
decidedly favorable. The New York
Central system was able to report 4
gain in net earnings Of $1,9 900, due
in part to reduction in operating ex-
penses. Pennsylvania gain in net op-
Grating revenue was $1,270,00 and
New Ravens $685. 900. Erie's gross
receipts were virtually unchanged, but
an increase in expense Of 1892, 900 wa
responsible for q shrinkage in the net.
The bond market was again irregu-
lar, with a yielding tendency for q
time. Total sales. par value, $3,015.-
United States bonds were unchanged
on call.