South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-04

Gus combinations among the indie
pendent steel manufacturers. Definite
plans have not yet been announced.
There, however, seems some really
substantial basis for the reports.
WITH the continued expectations OF
American foodstuns and all kinds of
products the balance OF trade viii
continue 20 move strongly IN our
favor This viii undoubtedly encour-
age further selling by foreign holders
of their American securities. though
with the prospective restoration OF
foreign exchange rates one particular
incentive for such sales viii be meas
urably reduced. Meanwhile the
money situation al home continues
one Of great redundance. Thus Tar
the news OF the subscriptions 10 the
$500. 00O,0 900 loan that are In prospect
has not affected money rates adverse
ly. The funds are not 20 leave the
country and 10 a large extent the sub
scriptiOns viii constitute movement
Of funds between banks and trust
companies. Nevertheless 1t is not un-
likely that when the subscription
books are opened there may be a tenn
porary STRENGTHENING of interest rates.
This feature is not likely TO be more
than temporary and Will hardly con-
stitute a depressing influence as a
stock market factor. The days Of
sensational advances in rates for
money passed when the new banking
law come into operation. Funds viii
continue available for all legitimate
purposes. Lenders are. il is true,
showing some disposition to put a
curb upon the sensational movements
shown by some OF the industrials that
are usually associated in the public
mind with war orders. But this same
restraint is not showing itself i'm the
market as a whole. the well known
investment stocks being entirely out
side its influence. With the active
season for crop funds having reached
its peak, we are undoubtedly facing
a period Of even greater easiness in
money circles and it is not unlikely
that, as in the past, the accumula-
ton OF funds will seek the securities
markets for profitable investment.
War to Continue Factor.
The war Will continue 70 exert its
influence as an spasmOdiC factor in
the market and will undoubtedly from
time TO time prove the source of some
nervousness and more or less violent
fluctuations. But prospects are very
favorable 10 the belief that America
will not become an actual participant.
How important a market factor the
war still Is was indicated on Thurs
day. for instance, when the news was
received that the American sailing
ship Vincent had been sunk in the
White sea. The earlier reports as
serted that the vessel had been tor
pedOed by a German submarine. This
being so directly at variance with the
assurances so recently given by the
German foreign Office as TO the change
in its submarine policy clothed the in
Cident as first reported with consider
able importance and liquidation on
quite an impressive scale ensued in the
market. Subsequently the real facts
were cabled, namely, that the ship
had struck a mine. The relief that
was felt caused a substantial recovery
from the severe declines in the price
I level.
The market conditions seem such as
to encourage conservative investments
in well selected stocks, especially in
the standard dividend paying rail
roads, which have thus far not par
ticipated IN the price advances to
the same extent as many of the in
d11efrfa1c