South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-09-15
WAR STOCKS HIT
NEW HIGH MARKS
Buying Sends Prices Up-RaiIS
and InduStriaIS Also
Are Active.

NEW YORK Sept. 15.-Buying IN
war stocks which sent them TO a new
high record featured a strong and
higher stock market Tuesday. While
the standard rails and industrials
were fairly active they failed 10 make
any substantial advances, stocks be-
ing supplied on all breaks.
The war stocks jumped into proml-
hence at the beginning of trading
Bethlehem Steel touching a new high
price Of $40 and subsequently moving
up to 349 1-2 Crucible was also a
favorite and rose to the new high OF
% "a. which was three points above
the previous top recorded in the wild
speculative movement just prior 10
the Arabic sinking. In the second
hour stocks were supplied, resulting
in recessiOns. but the upward tendency
was resumed during the noon hour.
In the later afternoon prOfit-taking
caused a slight recession, but closing
quotations were fractiOnally within
the best Railroad shares with the
exception Of Erie and Rock Island
lacked vigOr
The fact that the German banking
firms seem inclined to participate
rather than oppose the huge foreign
loan had a beneficial effect on senti-
ment. Discovery of their favorable
the street which had expected they
would be against it.
The churning of the war stocks in
to activity is not being received with
as much favor as the previous adj
vance Brokers with customers in
clined to speculate in these issues are
doing all they can to diSsuade them
from making such commitments, be-
lieving that a severe smash would
come should actual talk of peace be
heard. While most bankers claim that
the war orders received by the large
industrial companies do not contain
cancellation clauses, others declare
that these contracts could be broken
should the belligerents decide upon
peace
Erie continued to be the bright spot
on the railroad horizon. crossing 80
on reports that August earnings will
show an increase in net ranging from
81. 600, 600 to $1,000, 900 and that Sep
tenn Der, judging from results so far
this month will surpass August.
Rock Island rose two points owing
to reports, confirmed after the close,
that funds for the payment of the
100000 interest on the debenturo
bonds had been raised largely by y.
L. Amster. who had arranged with in
terests outside of Wall St to take hafr
a million dollars of receivers certifi
Gates.
Failure Of steel common to make
any substantial advance was due to
steady sales by professionals, who de
clare that dividends will not be re-
sumed in October. Conservative
brokers hope the professionals are
correct in their prognosticatiOns. for
thew favor the piling up of large
reserve fund from which dividends
could be paid during the lean years.
These brokers contend that the COM
mon shares of steel and iron COM
panies can never become high grade
investment shares unless such
course is pursued Changes in the
volume of business are so erratic,
they claim there is no certainty of
steady distributions to share holders.
Dealers in puts and calls declare
that there probably never was bull
market in which so little business has
been done in privileges. They claim
this is due to the greed of the makers
OF the papers" who want to make
all the money without giving the pros
pective purchaser a chance. Investt-
cations proved this to be correct. The
writer of this column learned that
calls on Anaconda for 30 days were
beginning offered at seven points
above the present market quotation
and calls on Baldwin Locomotive AT
eight points above the market good
for 80 days. Puts, however. are be-
ing sold close to the market. There
are many bull spectators who would
buy calls on their favorites, bat with
the prices so far above the market
they shun them.