South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-22
.INDUSTRIAEs HIT
NEW HIGH LEVELS
War Stocks Also Score Sharp
Gains Helped on by Az
greSSiVa Buying.
BY Broadan Wall.

NEW YORK, oct. 2t.-Another
aggressive wave Of buying in the in
dustrial shares swept that group to
new high levels Thursday Although
the war stocks scored the sharpest
gains steel common was at the front
throughout and touched 81 IA, the
highest price since 1910, when 1t sold
at 81. Buying Of odd lots IN THIS
issue was impressive. At least dozen
I industrials scored new tops the most
prominent being Bethlehem steel COM
mon at 500 rs and Studebaker at
1874 IL.
The heavy purchasing of the in
dustrials began with the opening OF
business. While initial prices showed
gains running from only fraction to
a full point these were rapidly en-
larged. The high priced industrials
had vital fluctuations, movements be-
ing very sharp and quick In either
direction.
Railroad issues did not share in the
enthusiasm 10 any great extent worth
mentioning and closed for the most
part with fractional Losses. With in
dustrials advancing anywhere from ?
to / 0 points a day, commission houses
say il is difficult to get customers to
do business in them owing to their
narrow price movement.
Those people who purchased odd
lots of Bethlehem steel early this week
under $500 a share and were consld-
cred to be in need of the aid OF a
physician were resting comfortably
upon their paper profits Thursday
when the stock sold up TO within one
eighth of $500 a share.
A great deal of cash buying in this
stock has been due to the refusal by
brokers 10 purchase the shares except
for cash. The stock has now reached
"A price where at least one firm OF odd
lot dealers refuses 10 do business IN
it, This concern Thursday notified
the commission houses with which 1t
does business that it would not take
any orders in Bethlehem steel COM
mon. The street is now wondering
whether the other firms will follow
the action of this house which is one
of the largest of the five making a
specially of buying and selling odd
lots for commission houses. II all
should follow this example people
dealing in odd lots Will have to pay
or take whatever the second party
to the transaction de sides upon just
as business is done over the counter
in shares that are not listed. With
the odd lot dealers doing business in
the stock, the public gets the shares
at the offered price or one-eighth
| above the next sale. In the case of
sales the public receives the bid price
| of one-eighth under the next sale.
When the general list was showing
strength and industrials were touching
new tops Chicago. Rock Island and
Pacific was weak and dropped three
points, closing at the low for the seS-
sion. Spectators who have been con-
tending that Rock Island was a good
short sale cannot understand how a
stock facing such a large assessment
does not drop to a level in keeping
with the prices of other properties in
receivership and being reorganiZed.
Rock Island. however. is notorious for
doing just the opposite to what it is
expected to do.
Leather company shares continued
going TO new high ground, American
hide and leather preferred rose six
| and three-quarters points to 5S ga.
while Central leather common reach
/ ed So 1-2.
4 With the high priced war stocks ad-
! vancing almost daily to new high
levels one would think that the part
ners in commission houses would sleep
soundly They would were il not for
/ the increasing tendency of their GUS
] toners 10 enlarge their lines as the
price advances. The customers have
very large margins. large paper profits
and bank accounts Of equal proper
! tons so that the brokers are at a
/ loss TO find an excuse TO use as the
| basis for asking the client to reduce
\ his line of war brides" Despite the
/ long entrenched position OF the war
| stock spectators the commission
/ houses are fearful of a sudden smash
\ that might wipe out paper profits,
/ leaving the customer with a large line
| of long stock.