South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-24
BEAR TRADERS
CONTROL STREET
Succeed in Offering Sufficient
Shares to DepreSS the Stand
ard Railroad and Industrial
Shares.

NEW YORK. July 24.-ProfesSlonal
bear traders succeeded Thursday in
offering sufficient shares to depress
the standard railroad and industrial
shares and the decline averaged a
point
Their operations were aided by
bearish news consisting Of damage by
rust TO spring wheat and corn, in
Jury TO pasturage BY the heat, re-
sumption Of gold exports and the in
stitution Of the governments suit
against the New Haven railroad.
London sent over it's usual range or
lower prices which was m1rrOred at
our opening in small fractional loss
es As the session wore on the floor
traders put out new lines until mid
day when there was slight rally on
short coverings, but this was followed
by another dip which closed quota
tons at the lowest Of the session.
London was "A steady seller Of Amer
leans throughout the session, its OF
ferings of Canadian Pacific being par
ucularly conspicuous Amsterdam
was also q seller OF Americans.
Fear that the Baltimore and Ohio
may have 10 cut It's dividend on the
common stock is causing owners or
Union Pacific warrants to dispose OF
them rather than take the Baltimore
and Ohio shares 10 which they ere en-
titled.
Brokers reported that many Of their
clients owning these warr2 nts have
been selling them and investing the
proceeds in Union Pacific which look
ed much better from an investment
point OF view than Baltimore and
Ohio In addition to this the Union
Pacific looks cheap at present prices.
A considerable part OF Union Pacific 8
strength is attributed to this rein
vestment of proceeds from the war
rants.
Rock Island securities showed a
faint evidence Of strength early in the
session due 20 short covering, but the
apparent hOpelessness of push
through any reorganization in the i'm
mediate future caused further offer
ings. The debenture SIS continued
weak declining more than four points
while the refunding As dropped II
points. The collateral trust As were
about a point higher and the stock a
small fraction lower.
The renewal of gold exports to the
amount of $2,50,000 is expected ac-
cOrding to foreign exchange experts
to be short lived one of the foremost,
If not the greatest expert on foreign
exchange declared Thursday that he
did not believe the outward flow
would continue for more than three
weeks when the exports of cotton and
grain would cause drop in exchange
and thus terminate the movement.
Gold shipments at this time of the
year are unusual and according to ex-
perts were precipitated by the cover
ing of finance bills which had been
pat out and the sharp rise in foreign
discount rates, together with the
heavy foreign settings of Americans.
These influences have caused exchange
TO advance from 4.S7.55 last week to
4.S9 today.
Experts say the gold is going to
stay and they do not look for any inn
ports. They say that the disposition
OF the American farmer to hold his
crops for higher prices works to the
disadvantage of this country so far as
the movement OF gold is concerned.
While large investors are holding
alOOf and letting the professionals
hammer the market, the odd lot in
vestors are taking advantage OF the
low prices TO add to their investment.
Odd lot houses report that orders have
been heaviest on the long side.
Call money continued easy around 2
per cent. Offerings of money on call
by j. z. Morgan and company at 2
per cent attracted attention on the
floor of the stock exchange as this is
the first time in the memory of money
brokers when this firm has loaned
NJ such low figures Heretofore they
have seemed to adopt a policy never
10 lend under IL per cent. Brokers
took this TO mean that the Morgan in
terests looked for continued ease in
money. Morgan and company loan
ed $3OO0.O0O Thursday
Institution of the governments
suit against the New Haven has been
discounted and therefore had little in
fluence on securities. New Haven
stock rose half a point.