South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-20
MARKET DISPLAYS
FIRM UNDERT0NE
Several New High Records Are
Made in Industrial
Groups.
BY BrOadan Wall.

/ Realizing sales resulted in a recession
! Of from / TO points from the best
| figures in the afternoon. but the mar
ket, according TO good Judges. is in
| strong position and should maintain
its strength.
Commission houses were substantial
purchasers at the opening, initial
prices showing advances with steel
common selling at a new high quota
ton for this movement. The general
list receded slightly in the second hour
but the upward trend was resumed
during the noon hour and quotations
slaced at a higher level. Bethlehem
steel was at the front again with a
new high record at 500 while the
minor industrials were in good de-
mand. several records being estab-
lished by that group.
Profit Taking.
Realizing in the afternoon resulted
in concessions and prOfit-taking was
in progress when the market closed.
Notwithstanding the fact that steel
common does not pay any dividend
and that there is a large element OF
doubt regarding the resumption Of
pawn ents by the directors when they
meet next Tuesday, the shares con-
tinue to be purchased freely. Although
the chances Of quick and large profits
in this issue do not appeal TO per-
sons who have successfully speculated
in the war brides.
The stock is well liked by specu-
tors in that they are assured of
finding a good market if developments
should warrant getting out Of the
shares, whereas the market for war
stocks fades away rapidly upon UNI
favorable news. Many followers or
the tape feel that owing TO the general
list and big advance the time has
come when il is far safer TO deal in
steel common with the assurance of
finding a good market on which TO sell
rather than get into a war stock, the
market for which might disappear
over night. Earnings OF the steel cor
poration for the quarter ended Sept
30 are estimated all the way from
$4,000, 900 10 $4,000, 900. Current
earnings are also said 70 be at the
rate Of more than 90 per cent on the
common but these figures are not off,
cial. The steel corporation Is be-
lieved to be in an unusually strong
position tradewise, in that 1t stead
tasty refused TO DE swamped with
war orders when the general rush by
the allies to place orders begun. AS
a result the corporation Is now in a
position of being able to receive bust
ness at high prices, thus getting the
cream OF the business so far as profits
are concerned.
New High Prices.
Leather shares touched new high
prices for this movement. American
hide and leather stocks were pur-
chased on the good showing made in
the report for the quarter ended Sept.
80, showing the largest earnings in
history and a surplus of $427,357
Of
same quarter last year. The current
fiscal year for this concern, according
TO insiders, is expected to be record
one. and earnings are expected TO
equal about 20 per cent on the pre-
ferred stock.
L S Industrial alcohol common
touched the new high price of III,
much TO the chagrin of many specu-
lators who sold out below 10. Ac-
companying the advance were rumors
that dividends would be started. Dis
tillers' securities corporation stock
was also strong, touching a new high
level on reports that current earnings
are equal to nearly eight per cent a
year on the stock The large earn
ings expected for both these concerns
are to come out of the large contracts
for alcohol recently placed with them,
one of which was for 12O,0O0,00O
pounds.
Notwithstanding the new high rec
ord for Bethlehem steel, brokers are
reporting many cash purchases of odd
lots of the stock. Some represent the
reinvestment OF profits by persons who
expect 10 see the shares sell at about
$3.50 and perhaps TO $1,000. OF course.
these figures seem as ridiculous as
did $500 when the shares were selling
under par.
Free offerings by banks on the floor
Of the stock exchange of call money
at I 1-2 per cent in the face Of the
Anglo French bond flotatiOn assures
a continuation of the bull market ac-
cording to conservative brokers who
constantly watch the money market
for signs that might result in cur
tailment of speculation by the banking
interests.
Railway Weak.
Chicago, Rock Island a. Pacific was
weak on dispatches from Chicago de-
claring that the report OF J. w. Ken
drick, who is examining the property
for the independent stockholders
committee would place the roads
financial requirements at from $685.
900 600 to $45.00O,OOO. Rock Island
interests declare that SIS 900. 600 ad-
ditional would be needed TO lift the
receivership so that taking $4,000
600. Mr.. Hendricks lowest figure to-
gether with the additional money
needed. would place the financial re-
at $51.O90.000. or SOS a
share on the stock which the share
holders might be assessed. Rock ISL
and has looked like a first class short
sale to many spectators for weeks.
but they have refrained from carry
ing out their convictions owing 10 the
general upward trend of the mar
ket
The bond market continues 20 dis
play a good tone.