South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-06-04
DULLNESS STILL
MARKET FEATURE
Hopes That Rate Decision Will
be a Stimulus to Trading
Almost Abandoned by Street
Traders.
BY BROADAN WALL.

NEW YORK, June when will
the dullness end2
That's the question batt!edored from
customer 10 broker and the banker
without a satisfactory answer.
Hopes that a rate decision would be
q stimulus 10 trading are almost aban-
doned. Amsterdam brokers have de-
cided 70 close all day Saturdays dur
ing June, July and August. The ex-
ample is a good one for the New York
stock exchange TO follow.
Wednesdays stock market was a
repetition Of many recent sessions.
Operations were almost entirely pro-
fessional although a firm tone was en-
Unused in the late dealings due TO pur-
chases by brokers closely associated
with banking interest that will Thurs
day offer $50, 100000 St. Paul 1-2
general and refunding bonds. The is
sue Is a good investment and will net
about 30 per cent
There are two bright spots in the
speculative field irrespective of rate
decisions or public apathy.
InterDorough-M metropolitan PREFER
ed is rapidly drawing nearer TO the
promised dividend with the increase
from the extra distribution to be re-
ceived from the Interberough Rapid
Transit that is to be declared next
week. Interborough-M metropolitan will
have funds to pay off some 1900, 900
Of notes, the balance, ii is understood
will be extended for six years, clear
ing the way for the payment of regu-
lar dividends at the rate OF per cent
on interchangeable metropolitan PREFER
ed about October l. In some quarters
II is hoped that the plan will include
the reduction OF back dividends at the
rate of 1 per cent per annum.
Wabash Pittsburgh Terminal first
As certificates were active advancing
from Z TO z SIS, representing a first
mortgage on property that cost $780,
100000 TO build; they are estimated
to be worth at least $50 should the
property be sold for junk. This issue
has long been a football. lost sight of
in the Wabash reorganization scrim-
mage. Efforts to assess these bonds
are meeting with strong opposition and
under forced sale a cash bid for four
times the market value of the securi-
ties would PROBABLY be forthcoming.
The buying Of these certificates We'd
nesday was considered good.
Lehigh Valley was the heaviest is
sue on the list, dropping from 137 to
1341-4. No satisfactory explanation
of this weakness can be gathered from
directors or friends Of the property.
With no change in the market for
copper metal, copper stocks were a
shade firmer and with mixed reports
steel common rose "a. There was a
sharp upbidding in q narrow market
for Atchison common and Montana
Power. a newcomer moved up 2 IL
points.
Foreign markets showed little
change. London was heavy and indif-
ferent. Sterling exchange was a shade
lower with rumors of a further gold
unCOnfirmed.
April railroad returns showed that
and Ohio Increased S761,-
600 gross and S591,0O0 net Rock Isl
land reflected a decrease of $270,00Ol
in gross and $2O3,OGO net. Louisville
and Nashville decreased $4,000 gross
and S4S,0 net. Jersey Central lost
$4,000 gross. and $11S,000 net.
Brokers have become so accustomed
to narrow fluctuations the market is
called weak on a one point decline and
strong on a similar rally. There is
little evidence that prices could with
stand heavy selling. There are no
signs of any demand. Present varia-
tons in prices are the Zephyr-like
movements of early summer, good for
crops and security values.