The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-23
UNEXPECTED DECISION
GIVES BOOST TO MARKET
Opinion of Supreme Court, Confirm-
ing Title of Southern Pacific to
oil Lands. Ends Days Dizziness.
STREET BECOMES OPTIMISTIC
Altogether. Brokers Believe Things
Financially Are ON the Mend, and
More Lively Trading Is Anticipate
cd-NIauy Issues Affected.
IL, pnoADAN WALL.


market had broken the Years record
for dizziness mp to o'clock.
the supreme Court confirming Southern
paciiics title TO valuable oil lands
bronshi fovering m0yemHni Which !rSn
market was taken completely by sur
prise: only l;ioo shares of southern
Pacific had changed hands up TO ]
o'clock. and the price was firm AT
~ SIS. immediately following the
handing down Of the decision. the stock
became strong and active with turn
over OF $1,000 shares in two hours
ana an advance of 3-S TO 81 81.
London Houses Buyers.
figures. as the effect OF the news abroad
was expected to induce buying. Tech
uic.,lly. London had the short position
Pacific in this market,
The news had an electric effect on
0tnfI ISSUES no; and 'Itf nion 'eG a rqSe
gained IA from the low. Penusyl-
vania was suddenly in demand. and
Northern preferred moved up sharply;
III the early, trading Rock Island
Issues were dull. while the Great West
ern shares were strong. Lehigh Val
ley was strong OH good buying. Utah
copper was a feature OF the metal
general lassitude. Amalgamated Cop
per sold down to 20 5-S on unfavor-
able reports from the trade.
Pittsburgh Coal preferred rose
point. and the common was strong at
20 - on a revival of q story that plans
consideration, Although these stocks
are slow 10 move. they offer specula-
tive probabilities that make them at
Bonds we're unusually active. Trad
ing in Rock Island collateral AS pre-
dominated From 30 -. steady liaui-
new low level. As this liquidation
ceased there was a sharp recovery of
easier. and the RefuudinE IS tirmer.
Southern Pacific Convertible IS be-
came Very active after the decision was
rendered. with an advance from l01 IA
To l09. The Convertible As rose from
50 - to Sc IL. Chicago and Indiana
bonds , Sold at IS last G' TUESDAY. '
Sterling exchange recovered 70
points, and an engagement of Sl.5,oo.oOo
rates were unchanged with renewals
at per cent
practically a, standstill. although The
London market showed an improved
tone for English securities.
Unilrond Earnings Decrease.
Railroad earnings for the second
week in June showed decreases Louis
le and M1shNe iGSt sSa 1S nns
apolis and ST. Louis, $4,000. Chicago.
Great Western and Toledo. st. Louis
and Western showed nominal gains.
Good news found a swift reflection in
prices to-day. 1t is expected that this
VIII be followed by a further advance.
for Southern Pacific is considered worth
AT least par. now that the oil lands can
he Included as an asset; Activity in
Utah Copper promises higher prices,
and revival Of speculative interest in
the Pittsburgh Coal shares is looked
for
Advices from Pittsburgh regarding
the future of the steel business are
optimistic, although il is expected that
the next quarterly statement VIII not
make 4 good showing. Al,ogethcr.
things are on the mend.
New York June ::,-Aftcr the receipt from
Washington of the announcement that no
decision would he given during the day IN
the freight ;ate case. the stock market
Speculation was dun curing the morning.
Will slow downward movement. The
course OF the market was changed abruptly.
however. 10y the decree OF the United states
supreme Court :aVorinG the title claims OF
The southern lacinc Railroad to California
oil lands. Prices 81 nearly all the leading
railway and industrial shares Joined in an
upward movement. Early drains Vera can
ccird. and at the close small net ;tdVa noes
We're general The declining ,endenc$- ~
foreign exchange checked. the quo,
ieuon 10Y demand sterling advancing about
twenty-five points 1t WAS the opinion OF
bank, That the outflow of gold was nearing
Trading in bonds was unusually heavy.
with particular activity IN Rock Island ana
Southern Pacific issues. The market VAS
Irregular, Total sales. par value. s;osSC50
New York. June Close mercantile
Ra2e .n En- sisT.ins ',sGHy slNty dGy
- S,i- bar silver. 49,. Mexican dollars a.
Government bonds steady: railroad bonds ir-
regular. Call money steady, sac: ruling
SIXTY days. ~; ninety days, az. six months.