The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-10-03
The MARKETS
SHOWED
IN EARLY MARKET
Several Railroad Securities
Advanced Point and u. S.
Steel Nearly as Much

new 4Ork, OCt. S.-FOr q time
after the opening of the stock market
ment of late last week appeared to be
underway. Advances were general in
the early transactions In the cases
of Union Pacific, Reading. Lehigh VAL
ley. Missouri Pacific. American Smelt-
ing and American Tobacco preferred
they mount to a point and United
States Steel gained nearly as much.
But the market did not retain its
advantage. Offerings at the higher
prices were unexpectedly large and
quotations soon began to fall.
Gains were cancelled and the mar
ket thereafter moved listlessly within
an unusually narrow range. Net
changes in most instances were
nominal.
A lessened demand from the short
interest deprived the market of its
main source of strength. No attempt
was made. however, to bring about
another break and spectators on both
sides of the market merely held their
ground Compared with the wild
fluctuations of last week the day was
extremely dull.
The event Of the day which attract
ed most attention was the announce
gold shipment to Paris following the
expectation of $1,5O,OO0 to the same
point on Saturday.
Bankers were doubtful today
whether the movement would be re-
stricted to small proportions. The I'LL
innate destination of the gold and the
significance of the demand from Paris
at this critical time in the European
political situation were of course mat
tiers for speculation. Paris appeared
also as a bidder for the weekly con.
signment of South African gold in
London today. obtaining q part of. the
offerings. The money market thus
far has not reflected the expectation
OF gold. which is facilitated by the
low rates ruling here in comparison
with the figures obtainable in Europe.
The unfavorable tenor of August
railroad reports vas emphasized by
the Pennsylvania's showing of a de-
crease of $4S6,O0O in net operating
revenues. The New York Central
system, however. was a marked cx-
ception. Net earnings of the parent
roads and principal subsidiaries in
creased largely.
age In gross Of $4,000 was accom-
panied by a reduction in operating
expenses of more than 100000 re-
sulting in a net increase of $6S7.O00
which was only slightly more than
the net gain made by the New York
central prop.
The strike on the Hartman lines.
the government cotton report and war
news from abroad were without effect
on the stock market on the movement
Of which was governed almost en-
tirely by technical conditions.
Trading in the steel stocks fell off
with the remainder of the market. Net
earnings of the United States Steel
corporation for the quarter Just end
ed, 1t was said today. may be some
what larger than for a time appeared
probable owing to the stimulatus to be
lent by price reductions. The extrent
to which price cutting has interfered
with profits. however, has yet to be
demonstrated. but with allowance for
the deliveries of steel at the lower
prices it was estimated that net earn
ings for the quarter would reach SAL
900. 000.
A considerable shrinkage in the
European visible supply of copper was
reported in today's fortnightly state
ment
Transactions in bonds shrank pro-
portionately with stocks, and the
movement vas extremely narrow.
Prices were firm. Total sales par
value $2,170,000. United States bonds
were unchanged on call.