South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-06-19
LONDON IS BUYER
Of STEEL STOCKS
Quotations Abroad Are Quarter
Percent Higher Than in New
York-StoCkS Firm in an In
different Market.

NEW YORK, June 19.-Stocks were
firm in an Indifferent market Thurs
day. With bare total Of $4,000
shares commission business was entire
ly absent and professional dealings
were at a minimum.
The total turnover in Steel common,
the most active issue was only 100000
shares London again was "A buyer in
this issue, taking 5000 share. Quota
tions abroad were a full quarter per
cent above New York all day.
Sentiment abroad showed decided
Improvement. British conSols rose
half point, a recovery of nearly ,
points this week. The bank of Eng
land has gained during the past seven
days nearly 100000 gold or more
than $14,OO0,00O in the past fortnight
"a decided change for the better
Foreign exchange reflected this inn
provefnent by a drop of 3-Sc and this
too on top OF a previous decline of
lac. There was a further engage
ment of $2,35O,00O gold, but the ex-
port movement has received a check.
The engagement Of 1900, 600 bushels
of wheat for export from Chicago may
mark the turning point N our favor.
The Bank of France as result of
our gold exports added $4,000, 200 10
it's gold reserve which now stands over
$4,000, 900 above the previous high
record. The situation in Paris shows
a distinct Improvement and pre-
MUM OF 1 1-2 per cent is reported for
the new French loan.
Trading was narrow. Northern Pa
cific recovered a full point on the
purchase Of 100000 shares. Jersey
Central dropped Is points on the sale
of 100. This is a blue Clipped stock
with a wide margin between the bid
and offered price. Union Pacific adj
vanced a point easily. but Great North
ern preferred showed heavy tone.
Chicago Great Western preferred
rose sharply from 81 to 3s ga. New
York Central was soft and II is diff
cult to imagine a return of public con-
fidence in this over estimated, erst-
while investment
Bonds were active with mixed re-
suits. Rock Island debenture SIS rose
from 40 to 7S. The collateral As were
firm and the refunding As gained q
point. Southern Pacific convertib1es
we're a shade stronger. Chicago and
Indiana Coal Railway 5's dropped to
61 a decline Of q points in two days
with very poor bid at the bottom
figure.
Considerable local interest is felt in
the proposed Brazilian loan Of $780,
600, 600 of which $4,000, 200 or $15.-
O00,00O will probably be taken by the
American bankers. The successful
flOtatiOn of this issue should prove a
quick stimulus to our South American
export trade. Heavy orders for equip
ment and copper products will be i'm
mediately placed if the loan is as sue
cessful as anticipated
Better conditions in Paris are shown
by the premium bid for the new
French loan. London quotations for
American stocks have been IA per
cent above New York prices for two
days. Consols had a perpendicular
rise. In the west, crop conditions
were never better and money is as
easy as an old shoe. The dullest spot
I'm the wide universe is the New York
stock market 1t can only be a ques-
ton of time when our prices advance
commensurate with conditions in the
west and the optimism abroad.