South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-05-15
STOCKS RETURN
WITH NEW LIFE
BuoyanCy in Prices Promises
Further Advances - Steel
Common Leads Others With
Gain of Two Points.
BY BRoADAN WALL.

NEW YORK. May lJ.-StOcks to-
day emerged from the chrysalis that
enshrouded them for weeks.
Signs OF returning life in speculative
circles brought buOyancy in prices
that promises a further advance.
Steel common took the lead at the
opening and maintained its supremacy
at the close with a gain Of , points.
stop loss orders OF the shorts were I'M
covered as the rise proceeded and the
soldOut condition OF the market was
rudelv forced 10 their attention Ru-
mors were current that President Far
rell succeeded in effecting new trade
arrangements during his trip abroad
that Will insure "A sharp rise in the
price OF steel products when the set
Element OF the rate question releases
orders for rails New tonnage mas
rot been booked at the low prices and
contracts are not being made at pres
ent quotations.
An obstinate short interest that free
" prophecied reduced dividends will
face an unpleasant position with re-
turn TO normal conditions other steel
stocks were favOrably affected, Beth
lehem Steel rising i l-2.
Equipment issues were strong
American Locomotive aavanctng 10
81 - and Car Foundry gained 5-S.
Market conditions were ready for
Z new impulse and this was found in
the news from Mexico. AS an evidence
OF faith in the cOnstitutiOnalists, Mex
lean Petroleum made an extreme ad-
vance OF points and Shelters gained
?.
Copper stocks were strong under
the lead Of Utah that rose TO SO 8.
The stock acts well and gives promise
of "A further rise. Chino was strong
Ter fsaTsrN IN -
Guggenheim Exploration gained more
than a point and Central Leather rose
TO 50. In anything like an active
market this stock Wil probably cross
IS. Studebaker was moved up to
- "a and should respond as the mar
ket brOadens.
Union Pacific led the activity in the
railroads. crossing 49, a quarterly
dividend OF ? per cent has been rec
commended. The declaration of the
dividend on Southern Pacific brought
a scurry of snort covering with an adj
vance to 81 IS
Much disappointment was felt over
the failure of Missouri Pacific to sue
cumb to bankruptcy. All trading in
the shares on the part of the public
appears TO have been on the short
side and the rally TO Is rs was not
due to cheerfulness or a higher esti-
mate OF the value OF the stock.
Chesapeake and Ohio was strong
on the announcement that the direc-
tors had decided 20 sell 10 Lake Shore
interests their Kanawha and Michigan
holdings at par.
Cheerfulness was entirely of local
origin today London TOOK no part
i'm the days trading and Paris was
again a moderate seller. Bonds We're
firm with the exception of Rock Is
land collateral IS which dropped from
50 TO 33 5-S. The demand for invest
ment issues continues To broaden and
the market for short term issues was
distinctly strong.
Conditions are ripe for a further
and substantial advance in prices.
Pessimism IS OVerdOne and a short
interest is still open that shows signs
Of fright.
Money is abnormally cheap crop
conditions excellent and an increase in
freight rates almost assured although
not discounted in the present prices
of standard securities.