Devils Lake weekly world. (Devils Lake, N.D.) 1911-1914, 1911-11-03
STOCK MARKET
WAS BEAR|SH

operations were DedrlSn To-Day, DuL
stocks were fairly strong. Wall street
the United States Steel dissolution suit,
and the discussion in court of the
American Tobacco reorganization plan
added to its nervousness That stocks
advanced despite these conditions was
due chiefly to short covering.
Short selling is believed to have
played larger part in Fridays slump
than was apparent at the time, and
operators today found in the market
an oversold condition. Stocks were in
short supply, and prices advanced
whenever any material demand APP
peared.
The American Tobacco hearing was
the center of interest, and opinions as
to the significance of today's events
We're varied. Some disappointment
was EXPRESSED at the possibility of
long delay before final acceptance Of
any reorganization plan, as suggested
in the attorney generals proposal for
probationary period of five years.
1t was generally believed that the
attorney general would dissent from
some of the features Of the plan, so
that his attitude as expressed to the
court was not unexpected. Some OPP
orators even placed bullish construc-
ton upon the attorney generals atti-
tude, on the ground that he had not
opposed he plan in it's entirety and
that it might be adopted, with modi-
fications. III line with this theory,
American Tobacco was advanced nine
teen points on the curb although it
lost part of it's gain later The bonds
We're heavy early in the day, but sub
sequently rallied.
United States Steel continued the
recovery which began last week. AZ
! ter losing point early in the day, it
/ rose steadily until it was II above
| Saturdays close. Late in the day it
lost part of its gain on selling which
was ascribed to the expectation that
made by the quarterly report of the
Steel Corporation, due tomorrow.
! Union Pacific, Canadian Pacific, At
Gibson, Erie first preferred, Northern
Pacific, and Missouri Pacific, the stan
dard railers, were conspicuous by their
strength, and some Of the industrials
made good gains.
weak. 1t yielded easily on bear at
tacks and broke to below 60, loss
Of over three points. Since the Steel
suit was brought Wall street has
heard MANY reports that other cor
pcrations would be called upon to de-
fend themselves in similar actions
! Although without any apparent foun-
dation, the reports concerning Ameri-
can Smelling seem to have affected
speculative sentiment toward the
stock.
The ruling of the supreme court in
the Virginia debt case, the effect OF
which will be to delay settlement OF
the matter, was followed by a break
in the Virginia debt certificates from
SO to 461S
Advices from the steel trade were
| oh n1
with prices at the lowest. The pro.
duction of steel this month is expect.
ed to show a shrinkage of between
and 10 per cent from last month.
The general bond market ignored
the early depression in American To.
bacco issues and showed increasing
tirmness: Total sales, par value
United States bonds were unchanged
on call.
Money Market.
London, Oct. 31.-Money was firm
err today. Paris secured most of the
$5,000,000 gold offered in the ope1
market but discount rates were easier
| The stock market was irregular. The
rail mems dissatisfaction with the re
port of the railway commission made
home rails weak and consols were de-
pressed by realizing, while Paris Of
fered Kaffirs and other favorites. For.
eign rails were steady.
American securities opened quie1
and steady and advanced during the
first hour. Then the market reacted
on New York selling and the list de.
clined under the lead of United State:
steel. Canadian Pacific was firm
exception and advanced a point during
the late trading. The closing was easy
Visible Supply.
New York, Oct 31.-The visible sup
ply of grain in the United States Sat
urday October % as compiled by thu
New York produce exchange was a.
follows:
Wheat 6.61s,ooo bushels, icreast
500, 900.
Corn 100000 bushels decrease
Oats 22,52o,ooo, icrease $4,000.
Rye 1.071,000 bushels, increase 55,'
Barley 4,151,ooo bushels, decreas,
$4,000.
The statement of the visible suppl,
of wheat in Caada was not issued ow.
ing to the holiday in Canada.
Cattle Market.
Chicago, Oct. .-Close-Cattle-
Receipts $4,000; market mostly II
cents higher; beeves s4.50@s.75; Texa.
steers, $4@5.S0; western steers, SAL;
OF; stockers ad feeders, $2.80@5.7O
cows and heifers, s1.90@5.75; calves
S5@8.75.
Hogs-Receipts 10000; market SLOW
at openig prices; light s5.8O@6.45
mixed, $5.S0@6.60; heavy, $500
$50; rough, $5.8O@6.05: good K
choice heavy, .05@6.6o; pigs, s3.7s
@5.65; bulk of sales, $6.15 D6.45.
Sheep-Receipts $4,000 head, mar.
ket steady; alive $2@3.7O: western
s2.3O@3.75; yearlings, sS.5O@4.25
lambs. ative, s3.50@5.75; western
1878 a 5.85.
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