South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-04-10

Quotations So Soft That Tenn
porary Support is Needed to
Prevent Further Breaks
Stock Declines General.
BY RROADAN WALL.

NEW YORK. April 10.-StOcks were
weak Thursday and declines general.
occasionally directors convene and
decide dividends. at other times secur-
ity holders meet in the market places
and decide that IL il time 10 sell. Wall
street has feared the latter for some
time and now there is evidence that
what was expected 10 be boom may
be turned into a spring cleaning. Sew
ersl times during the day prices were
so soft that banking interests found
u advisable 10 give temporary support
Reading was bid up TO 166 3-S. This
was effective for a few minutes, but
selling again carried the list down.
Union Pacific was made active and
the price marked up 20 159, another
sinking spell followed, then an upturn
was given TO Steel common but this
brought forth such a flood Of selling
that the entire list gave way.
Although our market viii be opened
for the usual two hours on Saturday,
continental markets will have Easter
holidays until Tuesday and this may
check the downward movement.
The steel corporation statement to
he issued Friday is expected TO show
reduction Of about 900. zoe tons un-
finished business. steel stocks were
heavy Bethlehem Steel. Lackawan-
IA steel. Sloss- Sheffield and steel COM
pers. too. were reactiOnary. although
there was little disposition 10 liquidate
i'm this quarter.
Industrials generally were heavy.
Mexican Petroleum lost IS. Rumely
preferred dropped { points and the
common sold at the low figure Of
ID. Great Northern ore certificates
fell to 80 IA. The market for stocks
OF this class was particularly poor.
Missouri Kansas and Texas broke
from AZ "a TO 90 -. II is believed
that dividends Will be entirely sus-
pended-in fact a drastic Teorganiza-
ton would not be wholly unexpected.
Canadian Pacific slumped 10 the
new low price Of 1913 IS. Much Of the
stock that was placed with the public
At high figures within the past two
-aars IS finding it's way back into the
street and for once the Englishman
finds more Of his own stock on the
markets than can be conveniently di-
gested. further drop IN the price is
expected
4 western Judge has appointed a
referee in a Missouri suit against Rock
Island 20 recover S2,0OO,000, alleged
excessive fare charges. Rock Island
common sold az p. the preferred at 3.
prices that suggest hopeless future.
Standard shares suffered with 9TH
efs. Great Northern preferred fell
I ID. 500" common was weak and
the preferred lost i IL. Southern
Pacific sold ato94 Eek the rights to
subscribe TO the new bonds. St Paul
and Northwestern declined fractional
Is. New Haven was active with a loss
Of a point
Texas company dropped from 1913
10 al IL with rumOrs current that
the deal to sell control Of the property
had fallen through But perhaps in
siders wish 10 accumulate some cheap
stock
Rock Island collateral As sold at
SO Sd. a new low level. The tone of
the bond market was firm with active
trading In the New York city Las
when issued" at 102. the highest
level vet touched.
Foreign houses sold Canadian Pa
cific and steel common rather freely
and again bought such low priced is
sues as NJ, X & T.. Rock Island and
the Wabashes. These purchases are
being made on the theory that while
the loss can he absolutely limited. the
amount involved in the purchase from
foreign point OF view is equivalent
10 an option price
Stocks looked ragged The market
appears 10 be dying by eighths Arti-
fetal respiration as provided by oxy-
gen from Washington no longer slim
ulates. Relatives and friends OF in
vestors are passing through an anxious
crisis.