South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-22
SHORTS COVERING
BOOSTS PRICES
SOIdout Condition of Market
Sends Stocks Up an Average
of a POint-UniOn Pacific
and Steel Lead.
BY BROADAN WALL.

NEW YORK, July 22.-Owing to
the soldout condition OF the market
stocks rebounded an average OF a
point Tuesday on covering by shorts.
The news from Washington that some
of the sharpest teeth in the antitrust
bill had been drawn was also a con-
tributing influence making for
strength.
The continent continued to sell
American shares, particularly Balti-
more and Ohio. This selling was re-
Elected in an irregular opening, most
issues showing losses.
Special cables received by Wall st.
firms relative 10 the Austro-S ervian sit
uation said that Austria's note to
Servia would be strong, but not hu-
initiating. A special cable from Ber-
lin stated that the German political
situation was serious. but not danger
Gus and that there had been cOnsid-
cradle liquidation.
Europe's steady selling Of American
securities was reflected in an advance
of 5 points in demand sterling.
Union Pacific was the leader in the
rebound with steel The latter shares
were helped by announcement of an
advance of 81 a ton in steel plates
bars and shapes by the Carnegie Steel
company thus indicating improve
ment in the steel industry. St. Paul
was also conspicuous for it's strength
on only fair declines.
Prices eased off fractionally toward
the close, final quotations being with
in small fractions of the highest of
the day.
There was considerable discussion
relative to the probability of the rate
decision being handed down during
the day. but an important banker be-
lieves that investors and spectators
are waiting for the November cleo
tons, rather than the rate decision.
In anticipation of the rate decision
clients Of large commission houses
have left good until cancelled" or
ders for execution when the decision
is rendered.
These orders, OF moderate size, call
for purchases if the decision is favor
able, and sales if it is unfavOrable.
There is a general belief that the COM
mission houses will have quite a task
in interpreting the decision of the
commission, as it will be very tech
nical.
According to the best guessers in
the state the decision will be a slap
on the back with a rather ill-natured
suggestion that the roads are lucky
to hold their commodity rates.
0IOp ItpOl Is IutSNldy lHulCdl6u a
falling off from the earlier indica-
tons of the possible yield of corn
and spring wheat.
Abandonment Of the Rock Island
reorganization plan late Tuesday came
too late to have effect on the market
This action, claimed TO be due pri-
marily TO the ruling of the interstate
commerce commission which went in
to effect July l last, is expected to
have a depressing influence.
Failure of the plan to go through
will be a source of sorrow and joy
for those persons who have been
gambling in the securities on the curb.
Abandonment of the plan calls for
the cancellation of all contracts dealt
in when as and if issued" so that
those who have large paper profits
will bewail their fate while those with
paper losses can consider themselves
lucky. Quite a few recently sold their
paper profits for twenty-five cents on
the dollar
Earnings Of the Central Leather
company for the quarter ended June
so showed an increase of SOS. 49S in
net income, but those of the Ameri-
can Hide and Leather were S1SS,323
smaller.
Missouri, Kansas and Texas shares
responded to a declaration by G. r.
! Schaff, president of the road, that he
/ looked for much better gross and net
| earnings on the Katy this year, adj
ding that he believed the increase in
! gross would be as high as ten per
/ cent