South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-04-03
OPENING PRICES
ARE FAIRLY FIRM
Dealings Slip Back Into Dull
ness When Announcement is
Made That Union Pacific
Had Won Its Suit.

NEW YORK, April 3.-The dull
ness that rules in the financial dis
trict cannot De accurately measured
by the transactions on the stock ex-
change. The kind Of business that
pays the rent, brokers expenses and
brings a profit in prosperous times
Goes not exist. However, a round Of
the various offices disclOses a state Of
depression that fortunately could dis
appear IL given proper announcement
over night.
There was a fairly firm tone TO the
opening prices Thursday followed by
activity and strength in the copper
shares and a rise in Missouri Pacific
that carried quotations above 2S.
Dealings slipped back into dizziness
when the announcement was made
that the Union Pacific had won in the
suit OF the Union Pacific preferred
stockholders.
a sudden rise carried the stock up
a point. but the trading element con-
cluded that the decision would release
Baltimore and Ohio stock and the
price Of this issue was forced down ,
points in short order. A more care
ful reading Of the decree led to the
conclusion that an appeal would be
taken 20 the higher court and the
traders bid mp Baltimore and Ohio to
90. Union Pacific closed firm with a
quarter per cent advance for the day.
Undoubtedly the market has "a ten
dency 10 advance.
Canadian Pacific was strong and
retained its gain. Such issues as
Pennsylvania. Northern Pacific and
Great Northern were finn. Special
ties made even "A better showing. Utah
Copper TO which attention has been re-
peatedly called in this column, made a
net advance Of IS and copper stocks
generally showed gain. Cables from
abroad state that the metal has been
consumed in large quantities and not
held for speculative purposes as sug-
gested by some authorities. Copper
stocks represent the brightest spot in
the speculative situation. Guggenheim
Exploration was firm and further
advance is looked for.
Firmness in the traction stocks de-
veloped the story that the long de-
ferred dividend on marlborough
Metropolitan preferred would proba-
bly, be declared within the next three
days. For several months stockhold-
crs have been expecting the directors
would fulfil their promises and place
the preferred shares on a > per cent
basis. In the meantime earnings have
been piiing up in a highly satisfactory
manner.
At 2S Missouri Pacific met "A flood
Of liquidation which was later justi-
fled by the announcement that negO-
uatiOns between the Rockefeller-GOuld
interests had been broken off Wheel
ing ana Lake Erie issues rose a point
or more on the improved outlook for
the Wabash reorganization.
The bond market was mixed. Rock
Island collateral As sold down TO sc:
Wabash refunding As made a sharp
advance from 55'5-S 10 81. The buy
ing i'm this issue looks particularly
good and the bonds offer a fair medi-
um for "A speculative advance.
London took little interest in Amer
Can securities although conditions
abroad continued 10 improve. There
was a further advance of IA per cent
i'm COnsOls and better markets prevail
"a in Paris. An ovcr-Su description
abroad 10 the S10O. 600 GEO Greek loan
was reported Gold continues to ar
rive from Canada. $4,000 coming to-
day. This makes a total of nearly
100000 returned by our Canadian
cousins
Market conditions are apt 10 change
more quickly than the weather Re
peated upriS'ngs of doubt failed 10 dis
lodge stocks and an uninterrupted
burst OF sunshine or optimism would
undoubtedly give swift and SuhStan-
tial uptuTn to prices