South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-23
BALDWIN MAKES
TWO BIC SPURTS
No Explanation for lump From
143 to 149 Following
Reaction From 140.
BY Broadan Wall.

NEW YORK. oct % Although
some of the industrials shares touch
ed new high levels and the railroads
displayed strength the stock market
became reactiOnary Friday afternoon
because of the reduction of long COM
mitments by spectators who were UNI
consciously becoming over extended
and the activity of floor traders try
ing TO catch the top of the move
ment The market. however, accord
ing TO conservative brokers, showed
a strong undertone. The week end
profit-taking is expected Saturday.
With the exception of Rock Island
which was heavy, the general list
opened strong with gains running
from a fraction to slightly in excess
of a point A slight recession followed
the initial bulge in quotations but Of
ferings were readily absorbed and the
advance of the industrials resumed in
the second hour under leadership on
Baldwin. Around midday however,
the rails became prominent and adj
vanced an average of point while
the industrial specialties receded.
Bethlehem touched a new high of 500
and Baldwin sold within rs of point
of the previous top of $50 is.
Floor members said the perform
ance of Baldwin was unusual in that
it displayed two spurts Of strength
I'm one session, the first carrying to
147 from which there was a reaction
to 143, followed by quiet Subsequent
~ buy orders came into the issue
which started the advance that car
ried il to 149 IA. Aside from vague
reports that it is to go into the huge
steel company being formed by the
Schwab interests and that il has re-
ceived large war orders, there is no
explanation for the rise except that
persons are specializing wildly in the
issue Directors of the company re-
fuse TO discuss its affairs and Will not
confirm or deny the many rhmors so
persistent1y circulated.
The continued large increase in ex-
ports from the United States insures
railroads. especially the eastern prop
critics and for that reason the conser-
vative brokers were again trying TO in
duce customers 70 get into the rails.
American bankers are making an
other compilation of the volume Of
American railroad stocks held by for
eigners as of Sept. 1. The first report
on this Subject was made as Of March
/ by L. +. Loree. president of the
Delaware and Hudson. The futures
are expected to show large reductions
as compared WITH those o. MdrCn as
foreign liquidation of American shares
was heaviest in June and July fol-
lowing the fiotation of Great Britain's
I - per cent loan.
American cotton oil was active and
three points higher on buying having
for its incentive expectations that
dividends will be resumed when the
directors meet on Nov. 4. Payments
10 shareholders at the rate of five per
cent a year on the common stock
were stopped in 1911 owing TO the
adoption by the company OF policy
To build up its reserves and working
capital In two OF the last four years
earnings were sufficient To pay diV-
dends on the stock, but directors did
not consider the company was strong
enough in working capital and voiced
an indISposition 10 resume payments
unless reasonably certain that the
common could be established as 2 reg
ular dividend prayer. For this reason
payments on the common viii proba-
bly, be resumed according TO an in
slider at a moderate amount. thus per-
hitting the concern TO gain in finan-
cial strength. The company earned
about eight per cent on the common
stock in the fiscal year ending Aug.
81, the writer is informed
The bonds recently sold by the
company are in good demand by COM
rnercial institutions