South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-06-03
GIVE WAY
IN LATE TRADING
New Haven Disclosures Dis
courage Stockholders and
Prices Show DeCIine-MiS-
souri, Pacific Loses Ground.
BY BROADAN WALL.

NEW YORK. June 3.-Tuesday S
market. bombarGed by unfavorable
news. gave way In the late trading.
Moderate liquidation disclosed poor
support. bears taking advantage of
the lack OF buying orders forced the
reaction.
The close showed a poor tone, with
indications that the decline may run
further before recovery can be ex-
pected.
New Haven disclosures have dis
cOuraged stockholders. liquidation in
the stock suspended on the hope that
reimbursement might restore the
stock 10 an early dividend basis is
throughout the day, the price
declined from 60 TO 63 -, carrying
quotations well below the previous low
figures established in March last. Now
that this secondary selling is under
way, il is probable that the price VIII
drop below so.
With a squirt at the opening, Mis-
souri, Pacific sold at 10 IS, dropping
later to Is ga. The successful extern
sion of the notes will give the direct
ors 362 days more TO agree upon a
plan OF readjustment for the prop
erty. AS this will no doubt necessi-
tate a heavy assessment eventually a
further decline is considered highly
probable.
Stockholders in Baltimore & Ohio
are face TO face with an investigation
of the Cincinnati, Hamilton ard Day
ton deal. Not a pleasant prospect. A
decision from the higher court on the
right OF Union Pacific to distribute its
holdings OF Baltimore & Ohio to
stockholders will bring liquidation
when the final decree is rendered and,
company will be in need of funds, and
these will not be readily obtained with
the present attitude of investors.
Steel was heavy, dropping below 60
in spite of optimistic news from the
trade. Union Pacific fell from l SO Is
to 1873 SIS and lacked support. Coal
stocks were weak. Lehigh Valley los
ing 1-2 and Reading I SIS. Canadian
Pacific dropped = points on foreign
selling and Copper stocks declined on
reports of utter stagnation in the mar
ket for the metal.
Foreign markets were heavy. Brit
ish consols and French rentes were
lower. and Russian bonds declined
sharply Political disturbances in
France and fears Of further financial
embarrassment at the Paris settle
ment brought moderate selling for
foreign account that totaled 10000
shares. Foreign exchange was again
strong. but no further engagements
of gold for export were announced.
Bonds were irregular. Rock Island
debentures were weak and Missouri
Pacific convertible 5s firm. Weather
conditions in the southwest are still
highly unfavorale to the cotton crop.
according to Tuesdays weekly govern
ment report Conditions N the grain
belt continue TO be highly satisfactory.
particularly for spring wheat.
Railroad earnings for April were
mixed. Missouri Pacific decreased
s3O3,OOO gross and $4,000 net. Chi
cago and Alton decreased $114,OOO
gross. but increased net $4,000.
Business failures in May established
the smallest total of any month for
the year TO date, but this was offset
by the fact that liabilities were $25,-
400, 600 against a smaller total Oh
S16.SOO. 600 in May. 1913.
Increasing activity with declining
prices is an unfavOrable market con-
dition. highly discouraging to the few
optimists left.
Confidence is at an extremely low
ebb and the stock market is in no po-
sition to withstand fresh outburst
OF liquidation.