South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-05-29
WALL STREET IS
PUZZLING TRADERS
Are Unable to Explain the Mar
rOWneSS of the Market and
the SmaIIneSS of Business.
Steel Takes Drop.
BY BROADAN WALL.

NEW YORK. May eff Sherlock
Holmes, with the aid Of DR.. Watson
could discover the cause OF our pres
ent dizziness. Wall street will add fresh
laurels 10 your fame" I remarked to
Sir Conan Doyle as he leaned over the
rail OF the visitors gallery at the close
OF Thursdays market.
Sir Arthur smiled quizzically. Lady
Doyle laughed merrily.
Brokers on the floor went home
grumbling at narrowness of the mar
ket and the smallness of business. The
coming holidays were partly RESPONSE
bic for the lack Of business. London
Will be closed on Saturday and Whit
Monday viii be observed both in Eng
land and on the continent.
Steel common opened at the pre-
vious nigh record of SO "a. There
was pressure in this stock in the Lon
don market, and 5000 shares were
sold through arbitrage in the first half
hour. depressing the price TO 63 S-S.
The stock closed with a fractional de-
cline. London was also a moderate
seller OF Union and Southern Pacific
A decision by the federal court at Oma-
ha giving Union Pacific sixty days to
dispose OF its holdings Of St. Joseph
and Grand Island had depressing Ell
feet and the stock was heavy at 1873.
Missouri Pacific was strong, rising
from II TO is SIS on rumor that the
notes would be successfully financed
within the next few days and a re-
ownership averted.
General Motors fluctuated IN a live
~ fashion. After touching 95 IL the
price dropped 10 81 with later re-
covery TO %. Brokers attempting to
take profits found a thin market. II
Is believed that the common stock VIII
ha nix cd 1
The recent hot spell has encOurag ed
the bulls in American Ice. A dividend
is promised before the summer is over
and in the meantime an advance Is
predicted for the stock. The shares
were strong at 80 IA at the close.
Low priced industrials will be
watched when the market broadens.
Central Leather looks promising.
Studebaker Is well thought of and
Tennessee Copper is considered cheap
with present earnings and future pros
poets.
Trading IN bonds was again below
recent totals. Denver and Rio Grande
Issues were strong with a point gain
in the Improvement SIS. New York
city bonds were a shade easier.
Although there was further slight
decline in foreign exchange rates
100000 gold bars were engaged for
export. The bank OF France made a
900 for the week in its gold reserve and
aow holds the largest amount Of the
yellow metal in the history OF the in
stituton- With some $4,000, 900 more
OF New York's gold on the way TO
Paris. IT is probable that exports to
Paris will cease
The bank Of England on the other
hand made poor showing with no
change In IT'S gold reserves although
the bank received the bulk of the
TransvaaIs shipments. Its holdings
are still much the lowest recorded at
this period for any year since 1907.
Railroad earnings for April were
poor. Canadian Pacific with a gross
decrease OF $4,000, 900 lost $500. 900
net. Southern Pacific gross earnings
decreased sos. 900, and net 1921, 900
Many OF the standard stocks will
lock cheaper on Monday as they will
be quoted ex-dividend. Union Pacific,
Southern Pacific and Steel are three of
the most common.