The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1915-10-22
BETHLEHEM At
DIZZY Height
Touches 59o7-8 and Steel
Common Makes Record
of STA Quotation.
MDUSTRIALS SOARING
Wall Street Firms Accept No Buying
Orders Unless They Are Accom-
panied By Purchase Price.

New York. Oct. 2.-Another aggressive
wave OF buying in the industrial shares
swept that group to new high levels to-
day. Although the war stocks scored the
sharpest gains, Steel common was at
the front throughout and touched 81 Il
the highest price since 1910 when it sold
at 81. Buying OF odd-lots in this issue
was impressive. At least a dozen in
dustrials scored new tops, the most prom
inent being Bethlehem Steel common at
$50 rs and Studebaker at 1874 1-2
The heavy purchasing Of the industrials
began with the opening Of the market.
While initial prices showed gains run
ming from only a fraction to a full point,
these were rapidly enlarged. The high
priced industrials had violent fluctuations.
movements being very sharp and quick
in either direction.
Railroads Left Out.
Railroad issues did not share in the
enthusiasm to any extent worth mention
ing and closed for the most part with
fractional losses. With industrials ad-
vancing anywhere from . TO 10 points
day. commission houses say II 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 I'M
der $500 a share and were considered to
DC nttu OF the dlu OF a physician were
resting comfortable upon their paper
profits today when the stock sold up to
within one-eighth of $500 a share A
great deal OF the cash buying in this
stock has been due to the refusal by
brokers to purchase the shares except
for cash. The stock has now reached a
price where at least one firm of odd-lot
dealers refuses to do business in it. This
concern today notified the commission
viii Hx-hir fhaf
1t would not take any orders in Bethle
sem Steel common.
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
speciality 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 decides upon just as bust
ness 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-eightn
above the next sale. In the case of
sales the public receives the bid price
or one-eighth under the next sale
Leather Continues High.
strength and indUstrials were touch
ing new tops Chicago. Rock Island
and Pacific was weak and dropped
three points. closing at the low for
the season. Spectators who have
been contending that Rock Island was
a good short sale cannot understand
how a stock facing such a large as
sessment does not drop to a level in
keeping with the prices of other prop
critics in receivership and being reor
Ranized. 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 ga
points to IS IA while Central Leather
common reached Sc IA.
With the high-priced war stocks
advancing almost daily to new high
levels one would think that the part
ners in commission houses would
sleep soundly The customers have
very large margins. large paper prof
its and bank accounts of equal pro-
portions so that the brokers are at
loss to find an excuse to use as the
basis for asking the client to reduce