South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-07-30
INDUSTRIALS IN
VIOLENT BREAK
CrucibIe Steel Smashed Down
From SO to sc in Ten Min
UteS BY Big Buying.

NEW YORK. july 3V.-AholHeI
buying movement in the industrials,
resulting in a violent advance which
was followed by a sharp break, tea-
tured the stock market Thursday.
Many new high prices we're estao-
Hshed by the industrial shares early
IN the DAY as the result OF violent ad-
vances. Railroad shares were fairly
strong but their advances were IN
significant compared with the INDUS
trials
AT the opening prices were irregu-
lar. :.ut during the first hour the de-
mand for the industrials became pro-
nounced and a violent advance began
that continued up 20 the beginning OF
the last hour. when Cruclble steer
broke from the new high record or
Sc to SIS in about 10 minutes rms
sensational smash started ugly ru-
mors which imme diately found re
fecfion in general downward move
ment- Accompanying the break, Whlch
was led by the industrial shares. were
rEmors that Andrew Carnegie hao
died and that the banks were refusing
TO accept the war stocks as collateral
for loans owing 10 the sensational adj
vance in their prices. The rapidlty
of the drop was accelerated by the
encountering OF stop loss orders. The
weakness. however. was only snort
lived. n recovery being started when
Crucible Steel rallied from 66, the low
point. 10 76.v a rally was in progress
when the market closed.
Cracible steel was the center OF at
traction and wonder throughout the
session. The flood OF orders over night
for the shares resulted in a wide open
ing. 5000 shares being taken at from
SIS to 70 the prices showing a gain
Nrraff Inc Ia 81
ing. The urgent buying of the stock
continued throughout the day and
o'clock II had sold at So, a net gain
OF l. "a for the day. A few minutes
after the beginning Of the last hour
the shares gradually eased of from
S. To 20. but at this point stop loss
orders were encountered that caused
a violent break. Two hundred shares
were thrown on the market at 20 and
the next prica Obtainable for 100
shares was IS. From this point down
20 Sc the price broke as much as three
points between sales.
At the low level. however buying
orders caused a quick rebound back
TO rs. from which there was a grad
ual decline to 6S Is, where it closed
Brokers on the floor Of the stock
exchange when the break in Crucible
Steel occurred said IL was started by
reports that the Bethlehem Steel
which was said TO be huying control
in the open market. had secured all
the stock necessary. The Bethlehem
Steel Corporation. however. denied
that IL had ever taken any step look
ing toward the acquisition OF con-
troll After the market closed it was
stated that a large buying order in
the stock had become confused owing
10 the high state OF excitement on the
exchange and that instead of buying
the shares. the broker had sold them
before the mistake was discovered.
The stock. however. closed with a net
gain of about three points. Nearly
10000 shares had changed hands
Republic Iron and Steel was another
issue in which there was exciting deal
ing. more than 10000 shares chang
ing hands This issue opened with a
net gain OF one point over night, but
very soon rose six points more 10 the
new high price Of As - for this
movement. Tt also declined sharply
when Crucible Steel cracked but
closed with a net gain of two points
Buying was inspired by the eXpecta-
tion of large earnings.
Nearly 100000 shares of Westing-
house crossed the floor during the day
hut its range OF price fluctuations was
narrow compared with those of Cru
chile and Republic Iron and Steel