South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-09-24
stocks REACT
FROM BIC PRICES
General Depression in All Is
sues Following Large Ad-
VanCeS of Wednesday.
by Broadan Wall.

NEW YORK. Sept. 24.-Rumors
that a snag had been struck in the
big loan negotiations were offered as
an excuse for the reacuonary ten
dency displayed by the stock market
THURSDAY. but the real reason was
the high prices recorded on Wednes-
day which ended in prOfit-taking. As
a veteran broker declared:
This is a big market and people
must expect wide fluctuations
Spectators and investors have be-
come SO accustomed TO large advances
that a slight natural reaction surprises
them
The upward movement Of the pre-
vious session was carried over into
the early trading Thursday initial
prices showing fractional gains. Long
stock together with short sales by
professionals using the reported hltcn
"a the loan as their basis appeared
during the first half hour and con-
tinued up TO noon, steel declining
nearly two points from the high fig
IRE Of IS rs, established at the OPEN
ing other shares suffered in pro-
portion. A better feeling developed
in the afternoon and more than half
the losses were recovered. but in the
last quarter OF an hour a secondary
reaction occurred which left quota
tons around the lowest.
international Nickel celebrated its
enlistment on the stock exchange
with an overnight advance OF six
points. which was subsequently in
creased TO nearly 10 points. Net earn
ings for the four months ended July
81 after paying the preferred divi-
dend. equalled 90 per cent on the
common or at the additional rate of
about % per cent, according to the
earnings statement fled at the stock
exchange.
The collapse IN Tobacco Products
common stock on the curb market
from SO TO 20 on Wednesday resulted
in reports that the break reflected a
change of control and that George
J. Whelan. one Of the organizers. had
disposed Of his holdings. Another ru-
NOR was that a certain banker had
taken a large block of the stock at
90. A director Of the company told
the writer Thursday that there was
no truth in the reports Of Mr.. Whelan
having sold his holdings or that there
had been q change of control. He
also added that the company was do
ing very we'll ~ that the cigarette
business Is Increasing. Reports cur
rent also said the SchinaSi brothers
business had been acquired, but this
IS denied by a director. a deal, how
ever. Of some kind is under way in
which the Schinasi brothers are par
ticipating. Tobacco Products opened
with an overnight gain Of eight points.
but dropped again TO 20 II and re-
covered to "a IA, where it closed.
Insiders say high prices of SO are
fictitious and not justified The wide
fluctuations have a distinct flavor Of
rank manipulation.
Several months ago when the stock
market began showing evidences of
public participation, a pool was form
ed in Tobacco Products by some young
men who were very ambitious. They
began accommodating the stock and
had ideos of where it should sell, but
shortly afterward the market for the
stock disappeared and nothing has
been heard from the pool since.
Southern Pacific responded 10 the
favorable August earnings with an ad-
vance Of 1 u points. Gross increased
$1.535,69S and net increased S1.242.-
O92. For the Two months ended Aug
81. net has increased $2.564,5T2
American Hide and Leather shares
touched new high levels for this cam
paign.
Another new high price was touch
ed by Baldwin Locomotive Talk of
the next stopOvcr being at par is more
pronounced than ever. as is the ST.
lence of the directors regarding the
war order business taken by the COM
pany.
Independent steel shares showed
strong undertone on revived rumors
Of a big merger, but these could not
be confirmed.