South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-10-28

The market has undergone
great many changes since last we
wrote. the market having been Ii
quidated 10 a standstill until values
of stocks in many instances did not
approximate cash liquidating values.
The causes responsible for this con-
dition OF affairs are varied This
coupled with the uncertainty, which
seemed TO prevail regarding the
second Liberty loan, demoralized
investors TO such an extent that
great many people unthinkingly
threw over gilt edged securities of
proft-making companies, thus tend
ing to lower prices in which effort
they were splendidly aided by the
professionals until Tuesday of this
week when sanity began to return.
There is no question about the mar
ket having been Over-sold. There
is no question but what it still is
technically in a very strong position
and il seems as If the investing pub
lie cannot be made 70 understand
that opportunities for the acquisi-
ton OF standard high grade securi-
ties at less than the amount that
their assets would bring under the
hammer occur but seldom and when
they DO occur, the comparatively
few, who have the necessary nerve
and foresight, promptly proceed TO
lay the foundations for independ-
ence and fortune.
We are of the opinion that when
this present situation has clarified.
il will be found, however, that the
big insiders in a great majority of
our corporations took advantage OF
the dazed market outlook and brut-
ally permitted the smaller investor
TO be slaughtered. We cannot mag
inc that the insiders in any of our
big industrial corporations have not
known that these stocks were on
the bargain counter at prices at
least 10 points above present levels
and the withholding OF their sup
port appears 10 US TO have been
done for one purpose only and that
is 10 let stocks go as far as they
dared for the fattening of their own
accounts 1t is not our purpose TO
moralize on this. We only want 10
keep on telling you that bargains
are bargains and that the investor
must begin 20 study values for him
self if ne proposes to intellisently
and prOftably play the market.
Inside Securities-Under this
heading, we will attempt TO point
out a few stocks which. without
question, are under-valued. We do
not predict immediate and sensa-
tional advances. but we do know
that he who buys them now will buy
them at present, which a few
months hence will look ridiculously
cheap.
American Smelters-ClOsed at
$50 34. This stock is intrinsically
worth in our judgment around Sis.
Corn Products-Closed at 2S is.
Corn Products has comparatively
suffered little and with anything
like a decent market. the stock
should advance 10 points Crucible
Steel-Close at $66 SIS This figure
is less than the cash liquidating val
Ne of the plants. plus the cash on
hand. Comment seems su srfiuous.
Ohio Cities Gas-Closed at $3S is.
We believe il VIII sustain a % point
rally. Ray Consolidated Copper
Closed at $22 II. This is one of the
cheapest coppers on the market.
Royal Dutch Shell-ClOsed at S6512.
This is the second largest oil COM
pany in the world and II does not
lag far behind the Standard Sin
clair Oil-Closed at S34 SIS. SEQ is
nearer the value of this stock in
ordinary times. Texas Company
Closed at S144. Purchasers of Tex
as at this price will be in line for
tremendous profits during the next
year Industrial Alcohol-Closed at
S135 -. We believe this hgure 20
be far below its real worth L. \
SteeI-Closed at S1O47-S steel is
bound 20 be winner 10 anyone pur
chasing at these prices. WHY'S
Overland-Closed at $22 5-4. We are
OF the opinion that this stock will
rally back 10 around $34 or $50.
ON the Boston EXchange-Mo-
hawk-Quoted at the close AT SILL
represents one of the very best cop
pers purchases of this or any other
market-Mohawk is one OF the big
sest of the Lake Coppers. IL is in
prime shape. handled by the most
experienced OF copper people The
dividend rate is $50 per share an
uually AT present prices il returns
upwards OF - per cent or the money
invested a very little buying would
cause this stock 10 move back 20
around $50.
Curb Oils-Kenova Oil--Upwards