South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-09
RAILWAY SHARES
HIT RECORD MARK
Rails Suddenly Come to Life
and Touch Highest Prices
of Year.

NEW YORK oct. g.-centlm ent IN
the large commission houses after the
close of business was unusually cheer
fui Friday, for the railroad shares
which they have been constantly urs-
ing their customers to purchase, but
which have refused Go snow any signs
OF life, suddenly awakened and touch
ed the highest prices for more than
year.
The activity OF the rails overshad-
owed the war stocks, which displayed
a reactionary tendency. Brokers be
neved that the action of the indus
trials reflected switching from that
group into the rails by that amateur
class OF spectators who have been
heavy purchasers Of the industrials
for no reason except that they were
constantly advancing.
Initial prices showed overnight i'm
provement with Bethlehem steel again
az the front with a new high record
The demand for the rails appeared
during the early session and increased
with the enhancement in their quot
ed market values Reading being the
favorite. Lehigh Valley was also 1T
the front on the theory that the coal
roads should profit most owing to the
increased activity of the industrial
companies due TO the production or
munitions. Trunk lines were pur-
GnnNH0
promised by the government and the
heavier traffic from the haul Of NUM-
tons. All these reasons have been
present for weeks and h~ve been ad-
vanced time and time again as in
ducement TO purchase the rails, but
it took an advance i'm prices to inn
press THIS upon the speculative pub
lie While the sharp advance is eX-
pected 10 cause weekend prOtit-taking
for a firm market for the fwo-hOur
session.
From the brokers standpoint the
Improvement in the rails killed two
birds with one stone. first enabling
them TO place more rails as collateral
in their loans as demanded by the
banks and second. furnishing another
missions.
Expectation of a higher dividend
for Norfolk and Western furnished the
incentive for buying OF that issue and
Pennsylvania. In the event of larger
disbursement by Norfolk and Western,
Pennsylvania would be the chief bene-
ficiary as il controls the property.
The advancing market has been
crushing one TO the bucketshops. the
greatest Of which is now on the brink
OF failure Customers OF this bucket
shop system which has nearly 100
branches scattered throughout the
country have not been able to cash in
their profits or get back their original
deposits since last Friday. The failure
of this chain of bucketshops will be
the biggest game brought down by
the stock exchange buCketshOp cru
saders and leaves but one of the large
systems which is backed by "a New
Englander who has been a gambler
all his life
The stock exchange has decided
that beginning Wednesday morning
the sO-called half stocks such as
Reading. Pennsylvania, Westinghouse
and others which have a par value OF
$50 per share, but which are quoted
on the percentage basis on the tape
viii be dealt in on the basis OF dollars.
For this reason spectators and invest
ors in these shares should not become
choked up when they witness Read
ing. for instance, on the tape at 70 in
stead Of 15S for the former represents
dollars and the latter figure percent
age of par. Philadelphia company
shares. Lehigh Valley and New York
and Harlem are other issues with $50
par.
Copper stocks were strong early in
the day, but subsequently became re-
dictionary. There has recently been
some very coed buying Of Chill Cop
per some people selling bonds and re-
investing their profits in the stock
Persons familiar with this cOmpany's
plans expect IL in time TO be one of
the greatest copper properties in the
country BY the end of this year il is
expected to be treating 5000 tons of
ore daily and shortly thereafter 10000
tons daily. The cost of production is
estimated at six cents a pound f. O. %.
Liverpool.