South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-11-06
VALUES HINGE ON
RATE DECISION
Wall Street Brokers Argue Sc
CuritieS Worth More Than
Quoted Values if Rates Are
Advanced.


NEW YORK, Nov. 6.--Wall street
hinges its estimate of values on the
decision Of the interstate commerce
commission.
eff" the street argues. rates ought
TO be advanced, securities are worth
more than quoted values. Should.
however. the increase be denied, chaos
and liquidation will follow"
In the old days New Work was
separated from the rest OF the cOun-
try by q wall that extended from the
North TO the East river. Everything
beyond this was outside and today the
estimate of values Of leading securi-
ti&s%is gagged by the opinion OF the
bzfness men south OF this pallisade.
Regulations Of dealings in stocks is
apparently governed outside OF the
LOO members OF the stock exchange.
For the sake of pOliteness the floor
is open as usual from 10 to o'clock.
Members cOngregate and discuss con-
ditions, but are absolutely hopeless in
regulating trading rules.
Those who must sell by necessity
seek the public market in New street,
while customers willing to recognize
ths usual channels OF trade are COM
PEELED TO go outside if they wish to
buy stocks at current prices
OF buying orders there are not a
few, but buyers are disposed TO with
hold their orders until the decision Is
rendered by the commission on a ques-
ton OF freight rates. Should the de-
sired increase be granted present
prices Of standard securities will un-
doubtedly be considered cheap.
While uncertainty rules in the mar
lxet for the industrials, trade condi-
tons are in a state of doubt. Book
ings for steel orders are at the mini
mum and trades in he copper market
are being completed on a basis that
leaves no margin fox the manufactur-
er. Manufacturers are practically
gambling on an improvement in the
export trade and If this does not soon
arrive there will be "a curtailment of
production that will have a serious
effect on labor.
In stock exchange circles pessimism
increases as a possibility Of public
dealing in securities is deferred. Flu
ture speculation viii be curtailed by
the reduced accommodations TO brOk-
ers
Three months OF idle business, while
expenses have steadily increased. pro-
hib!t commission houses from extend
ing the usual accommodations to
those who would venture on future
prices. Every day of idleness lessons
the opportunity of the brokers 10 en-
this condition must be added the re-
stricting regulations of the banks and
a curtailing Of speculative operations
by stock exchange committees.
Short term notes were easier. brok-
ers reporting a waiting attitude on
the part of buyers. Prices have now
risen to the point where bases are
shading fractionally in the expecta-
ton that a grant of increased rates
will enhance the value of their hold
ings
Outside prices IN New street were
barely steady today, buyers holding
off. The following quotations ruled:
Amalgamated Copper, AZ ga a As.
Steel, AZ is a IS 1-2.
Union Pacific. los "a N 100.
Southern Pacific, rs "a a 70 IA.
Northern Pacific, 81 "a n 90 -.
Great Northern preferred, 107 II
N los.
Pennsylvania, 101 n 1O1 Is.
New York Central, - - a. . S-4.
Reading, 132@133.