South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-05-12

rDistillerS' Securities was again f.
persistently bought and the price /
advanced to 5712. a gain Of "a /
points. The frequent advances in /
the price Of whisky appear 10 have I
a stimulating effect on the stock At (
the same time there is an increasing I
demand for Industrial alcohol for I
the manufacture of powder both at I
home and abroad.
The call money market opened at /
the high price of six per cent, but
eased off at 1-3 at the close. The I
stock market did not appear 10 give /
the money situation much consider /
alton.
The big pool which has been
operating in Steel common is under !
stood TO have been distributing or /
ders to different houses from day to \
day. Several small houses not in /
any way identified with former big T.
moves in Steel have received large /
orders to buy at the market. Usual
ly it is said two or three houses ap-
pear in the market at the same time /
and they buy in large lots
Union Pacific proved a consider /
able favorite and advanced pa J
points. although there was a decline /
Of one point at the close. Reading /
failed to lead in price advancing. 1
and declined below the previous
day. There was no special consid- /
Grafton in the price making
The motor equipment groups held
about steady.
Sec'y McAdoo announces that 81 /
per cent bonds of the first Liberty |
loan. four per cent bonds Of the !
same issue converted. and four per
cent bonds OF the second Liberty |
loan may he converted into IA per |
cent bonds during the six months I
beginning May and ending Nov. 9. !
After May Is a general embargo !
will be placed upon carload domes- |
tic freight 10 all delivery points in |
Philadelphia and Baltimore from |
any other part Of the country. Such |
traffic will be handled only upon |
/ special permits covering each in |
dividual shipment, and the con- |
signee and not the shipper must !
apply for the permit before freight !
will be allowed TO go forward to the !
two cities. The embargo carries eX- !
emptions. among which are certain |
perishable food products. coal, gov
eminent freight. and freight for |
railroad use and for certain war in
dustries.
As a result OF negotiations with |!
the railroad administration that
have been in progress for several |
weeks. a plan has been agreed upon |
/ for paying the matured coupons and /
vouchered bills Of the Denver and !
Rio Grande Railroad company.
There is an impression IN the !
cotton goods markets that merchan- ]
disc prices will go still higher on 4
the goods available for civilian use |
owing to the steadily increasing de- /
mands from the government.
The National City company Is |
offering Jointly with the Guaranty /
Trust company $1,50O,000 Southern /
Pacific company convertible As, due /
June, 1929, at 79% and interesting
yielding 65s per cent
The price Of zinc will be fixed by |
the war industries board on May % |
next after a conference with zinc /
manufacturers.
Tn the collapse Of 1917 a huge |
amount Of money was lost in cuba /
Can Sugar common, which, after a |
spectacular rise in 1916 across 70, |
did not stop falling until it sold at |
los. In this collapse a good many /
friends Of the so-called insiders were /
among the chief sufferers. But Cuba I
cane below 80 was a distinctly diff /
ferent proposition than 40 or As /
points higher and those who know /
all about the property and its pros /
poets have been quietly picking up /
the stock for some time past.
Next to steel common, Mercan- !
tile Marine preferred held attention. |
Persistent accumulation has been /
going on in this stock and reports /
Of an important deal are again in \
circulation. The principal accumu-
Iators. il is apparent, offered stock 4
freely when public participation I
became too large. This has given /
appearance Of weakness at times in /
the stock. Among the buyers dur /
ing the morning were houses idenu- |
fed with former upward movements /
in the marine shares.
The rise is meeting considerable |
opposition by bears, but one by one /
the old line Of professionals is being /
sidetracked. Short covering has fig |
ured largely in the rapid gains Pool /
operations dominate the situation |
and these operations find their basis |
in uncovered values. Further ex- /
nloitation would be logical because /