South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-06-23
OIL LAND DECISION
BREAKS DULLNESS
Southern Pacific Goes Strong
With London Heavy Buyer.
Other Issues Also Feel Effect
of News.
BY BROADAN WALL.

NEW YORK. June %. 49, Stocks
closed strong and active today after
the market had broken the year
record for dullness up to o'clock
A totally unexpected decision from
the supreme court. confirming South
ern Pacific title To valuable oil lands
brought a covering movement which
strengthened the entire list. The mar
ket was taken completely by surprise.
only LOO shares of Southern Pacific
had changed hands up 10 1 o'clock and
the price was firm at % 3-S Immedi-
ately following the handing down OF
the decision the stock became strong
and active with a turnover Of 1000
shares in two hours and an advance
OF 3-S TO 81 81
London houses were buyers at top
figures as the effect OF the news
abroad was expected 20 induce buy
Ing. Technically, London had the
short position OF al least $4,000 shares
OF Southern Pacific in this market.
The news had an electrical effect
on other issues. Steel rose nearly a
point and Union Pacific gained 1 IA
from the low. Pennsylvania was sud
denly in demand and other standard
issues such as Great Northern Pa
cific moved up sharply. In the rarly
dizziness the Rock Island shares ere
heavy, the common dropping to l "a
and the preferred TO 8. At the same
time Chicago Great Western quietly
crept upward. the common gaining "a
and the preferred a fun point to
40 "a. Lehigh Valley was strong on
coed buying.
Utah Copper was a feature Of the
metal stocks rising a point in the face
OF general Iassitude. Amalgamated
sold down 10 20 IS on unfavOrable re-
ports from the trade.
Pittsburgh Coal preferred rose a
point and the common was strong at
20 - on a revival of a story that
plans for retiring back dividends were
under consideration.
Although these stocks are slo=y to
move, they offer speculative PROBABLE
tiles that make them attractive.
Bonds were unusually active. Trad
ing in Rock Island collateral As pre-
dominated. From so 10 steady liqui-
dation drove the price to % "a, new
low level AS this liquidation ceased
there was sharp recovery of 2
points. The debenture IS were easier
and the refunding as firmer.
Southern Pacific convertible SIS be-
came very active after the decision
was rendered with the advance from
101 IA 20 100. The convertible As
rose from So ID TO SIS IA. Chicago
and Indiana Coal Railway IS dropped
10 90. The bonds sold at SS last
Tuesday.
Sterling exchange recovered 25
points and an engagement of 1000,
600 gold for Paris was announced.
Money rates were unchanged with re-
newHls at per cent.
Trading for foreign account was
practically at a standstill although the
London market showed an improved
tone for English securities.
Railroad earnings for the second
week in June showed decreases. The
Louisville and Nashville lost S133,0Oo
gross; Chicago and Alton $4,000, and
Minneapolis and St. Louis $1,000.
Chicago, Great Western, and Toledo.
St Louis and Western showed nom
inal gains.
Good news found a swift reflection
in prices today. II Is expected that
this will be followed by further ad-
vance for southern Pacific which is
considered worth at least par now.
oil lands can be included as an
asset.
Activity in Utah Copper promises
higher prices and "a revival of specula-
tive interest in the Pittsburgh Coal
shares is looked for.
Advices from Pittsburgh regarding
the future or the steel business are op-
timistic. although IL is expected that
the next quarterly statement will not
make a good showing. Altogether
things are on the mend.
We will know at G. < Z. picnic who
Is the high kicker. He gets a prize