South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-10-02
STEEL IN LEAD
OF STOCK DEMAND
Wall Street Experiences An
other MiIIiOn-ShaTe Day and
New High Marks.

NEW YORK, oct 2.-Under lead
ership Of Steel common. Wall st. had
another milHon-share day Friday in
which several new high records were
made by industrials. The demand for
Steel was so great that nearly 100000
shares changed hands. or about one
fifth or the total turnover for the hve-
hour session.
Railroad shares continued 70 lag,
notwithstanding the improved earn
ings.
The general list opened strong. steel
common being in the lead at the out
side owing 10 Judge GaTy's optimistic
statements relative TO the Steel cor
pOration's business The demand for
Steel was so urgent that T. rose near
~ three points to 81 "a, which is the
highest touched since 1912. The pro-
nounced strength Of this issue at
tracted attention and stimulated pur-
chases Of other industrials, thus i'm
parting a st-Sng tone 10 the indus
trial group.
During the afternoon profit-taking
together with short sales by traders
who for weeks have been cropping for
the top Of the present advance, de-
pressed prices from one to three
points, but the volume OF new buying
and purchasing orders encountered on
the way down resulted in a quick re-
bound in which Westinghouse ad-
vanced to a new high figure. some
good selling was reported during the
day, but the undertone was strong at
the close.
Trading has become so heavy that
the clerical forces of several houses
which have practically been working
day and night are beginning to give
way under the strain. Owing 20 this
terrific strain the odd-lOt dealers to-
day attempted To start a movement
for the closing OF the stock exchange
tomorrow.
Different governors Of the exchange
said they did not believe that the gen.
eral public should be deprived of a
market for their securities through
the closing of the exchange for one
half session and as the movement
did not gain momentum, it died in its
infancy, much to the chagrin Of the
WALL ST clerks and the stock eX-
change employees.
American Cotton oil, which was
tipped for a rise shortly after the be-
ginning of the general upward move
ment. but which, up to Friday failed
TO do anything worth mentioning, ad-
vanced more than four points on small
dealings, much to the relief Of people
who have been holding on and watch
ing with envy the large advances in
other industrials. Accompanying the
rise were rumOrs that the directors
contemplated putting the shares back
ON a FIVE per cent annual dividend
BASIS the latter part OF this year.
The general list is daily scanned by
spectators for stocks which have not
shared in the general rise, but at the
same time possess merit For this
reason certain interests have recent
~ been accommodating Federal Mining
and Smelling preferred which pays
dividends Of four per cent a year. has
about II per cent of back dividends
and is selling far under its intrinsic
value, according to insiders.
A good demand is reported by odd
lot houses for the 500 denominations
OF the Anglo-French loan.
When the dividend on Steel COM
mon was passed. insiders were ex-
tremely pessimistic and predicted that
the payments to common share hold
ers could not be expected Iov at least
is months or course they could not
foresee the tremendous demand for
steel products resulting from the war.
but coincident with the reports Of
buying by the insiders, il is rumOred
that the Steel directors contemplate
the resumption of dividends at the
rate of two per cent a year with a
subsequent increase to five per cent.
Deposits under the Rumely reOr-
ganization plan are coming in very
satisfactorily. especially the notes. a
meeting will be held early next week
at which some announcement rela-
tive TO the reorganization plan may
he made.