South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-04-18
RAILROAD STOCKS
SHOW BIC LOSSES
Lehigh Valley Falls Off Seven
Points While Missouri PaCi-
fic is Quoted Six Points Low
er Than on Thursday.
BY BRoADAN WALL.


NEW YORK, April 18.-From the
opening price OF 141 Lehigh Valley
dropped Z points and Missouri Pacific
on unusually heavy trading fell from
Z41-2 to Is II. a loss or six points.
Fridays market was quite steady at
the opening with London houses small
buyers Traders expected further raj
ly and strength in Union Pacific and
Steel gave an appearance Of steadiness
20 prices when the selling Missouri Pa
cific began.
Dealings in this stock average 1000
or 5000 shares "A day. but the turn
over Friday was $4,000 shares with the
bulk OF the selling attributed to one
firm No explanation Of the insistent
pressure on this stock could be OBJ
tanned. Pres. Bush was quoted as
stating that the $25, 100000 note due
on juno 1, would be taken care of at
maturity.
Rumor credited the heavy selling of
I1ehish alley for the account OF Reed
Moore interests Bankers associated
with the property do not anticipate
any reduction in the dividend rate and
are as much PeTpleXed over the sharp
decline in the market price or tnlS
stock as any outsider American Car
suffered in sympathy. dropping over
3 points. The taking OF testimony IN
the government suit was begun IN
Brooklyn Friday.
Denver shares broke sharply the
common selling at II Is and the pre-
ferrad at 20 1-2. Erie turned weak.
In the late afternoon the selling move
rnent broadened, carrying Amalga-
mated Copper down a point and steel
from 90 to the old peg" at 5S.
There is an impression on the floor
that steel common is being supported
TO prevent a wide open break in the
market for IA the public mind steel
means more than any of the high
priced investment issues. There is no
Improvement in the steel business and
the Pennsylvania steel company
passed the quarterly dividend on the
preferred stock. This is suggestive
of other dividend reductions later.
With a 2 point drop in Lehigh Val
ley in as many days investors find
themselves involuntary spectators. A
reduction in the dividend rate of New
York Central is looked for at the next
meeting and rumOrs are already cur
rent that Pennsylvania will follow
with "A cut.
Stocks are coming back to the mar
ket from tin boxes and safe deposit
vaults and where this movement
which mas hardly more than begun
will lead to. time alone will tell. Bank
ers offer no encouragement and few
commission houses suggest the pur-
chase of stocks except on further re-
cessiOns. , 4
London houses bought stocks TO the
extent or 10000 shares, copper and
steel predOminating.
Bond trading showed a falling off
The tone was steady Missouri Pa
cific convertible fives dropped from
20 1-2 10 sc ID and New York Cen
trail As were weak.
Government trade figures for March
disclosed an increase of $50, 100000 in
imports with a nominal decrease il
exports compared with last year.
Forecasts Of Saturdays bank state
ment suggest "A cash gain of about S.,
100000, but these figures may be up
set by the financing Of the city loan
Professional traders welcome thC
present activity as il gives them an Op
pOrtunity for a quick turnover. Stool
brokers bewail the absence of public
buying and investors are seriously dis
tressed by selling OF insiders who a
other times supported prices.