The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-14
FINANCIAL NEWS
AND COMMENT
Stocks still Resist Pressure
Trading Tends to
Contract.
WAITING ON POLITICS
Engagement Of 10000, 900 Gold
Made for Export I"
France.

money market stocks continued to dis
play underlying iirmness yesterday. al
though the course of prices was char
actcrzed by the fuctuating feverishness
which has been noticeable for more than
II week. The tendency in trading was
toward contraction In volume and the list
appeared TO be subjected TO pressure that
was moro In the nature OF proft taking
sales than selling for the decline. .
FINAL prices We're more or less irregu
lar. with an average of fractional gain.
and some substantial advances we're
scored in fresh quarters OF the specility
department. There were some extensive
reactions - Il result o. realizing in spe-
cial descriptions. but in tn. main the
market itself Was without pronounced
features
There was again the appearance of for
elgu selling OF bonds. but Government Is
sues exhibited increased strength pre-
sumably in reflection OF the flow of ap-
plications by national banks for adms-
sion into the new Federal reserve sys-
TEN.
Ii might be said Of the ma-ke. that IL
conveyed the impression of waiting upon
whatever President Wilson might have To
4 say In communicating his Views to Con-
grcss ON the policy and scope of forth
coming legislation. There Is hopeful ca.
pcctation that the President will Indicate
AN Administration programme OF II more
! conservative nature than Is denoted by
the rampant radlcalism Of measures pro-
1 posed In Congress for the regulation of
/ interstate commerce corporations stock
, exchanges. clearing houses and the like.
Until the President is heard from in this
| regard It is possible that quoted values
may disclose 10 decided trend.
Such news Us there was OF marketwise
bearing during the day lent itself 20
rather adverse conclusions 1t was taken
~ a somewhat unfavorable sign that
the first important act OF the Administra-
ton after the holiday recess was the
nomination Of Assistant Secretary Will
lams of the Treasury 10 be Comptroller
OF the Currency and eX ofilcio "a member
Of the Federal Reserve Board in the new
banking system. That the President
should be willing to risk Senatorial
controversy over this nomination with its
distressing implications for the conditions
under which the new financial system
would be established was regarded as
disturbing. Under the circumstances of
the vacancy In the COMPREHENSIVE the
appointment OF Williams is practically
the Administration first choice for menu
bership on the Federal Reserve Board. and
II was not construed by the financial
community as promising well for the
other selections.
I Such action AS was taken at the day
national bank meetings respecting en-
( trance into the new Federal system was
/ in line with the surrender to coercion
/ which the banks have been making
There was some change In bank d!r,c.
torates which carried along the move
p,nt TO end interlocking relationships
! one Item In the political category wh.cl
did not escape attention was tn.
| reference to Senate committee OF tn.
resolution for AN inquiry into allegation.
,, OF rebating by the United States Stec
Corporation. The principal trade infor
, nation was confined TO reports Of In
creasing dulness In copper metal will
heaviness in prices.
| Varying considerations as to the stua
| ton in money We're suggested by tn,
| announcement that s2,uuU,uOU gold ha
| been engaged for export To Paris. th'
| first shipment since the middle OF la,
July. Some 100000 was received froi,
| Canada, making the importations fro,,
the Dominion this year Sl.50u.O0v. bu
the movement to Paris was OF more i'm
poItance. Naturally it caused som,
heayiness IN foreign exchange. but th'
| market stiffened toward the close. Wit
demand sterling around and above 4.S6s,
| II is believed that Paris Will take "A sup
| stantal amount of the metal. ana apar
| from whatever bearings the export move
\ inent has for our currency situation. there
| Is no question that 1t directs attention
| to the persistence OF good deal OF
| underlying strain on the European con
tinent. despite the relaxation OF credits
| at London and Berlin.
The news that the Huerta Government
had decided to suspend interest payment.
| on MeXico's internal and external deb
was hardly surprising. but II cannot helT
l TO improve European conditions.