The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-15
BURST Of STRENGTH
N STOCK MARKET
ssSrEREsrrNc DEVELOPMENTS
CHARACTERIZE LAST HOUR
OF SESSION.
RISE BUOY A N T l. 7
uARkET HARDENs AFTER IHREGU-
LAR MOVEMENT AND BUYING
uECAaE BRoAD-PUHLIC
BUYING INCREASES.
RISE BUOY AN T l. Y

NEW YORK. Jan. IA highly
interesting burst OF strength charac-
.arized the last hour of today's stock
market. Until we'll into the afternoon
.eaiinga had been desuitory. and
prices had moved irreguiarly iii the
same fashion of fitfHl firmness, which
hey had exhibited since the beginning
II last week. Then the market pro-
seeded TO harden all around, and in
he last half hour buying became
sroad, with quoted values rising more
suoyantiy. perhaps. than t.t any time
since the recovery in December.
In the main prices were not car
led TO the previous high figures Of
he month, but new records were
made in some conspicuous directions,
aotably by Southern Pacific
Array of Nea Gains.
Final quotations disclosed large
array Of very substantial net gains,
ranging upwards OF "a point, and the
average Of the list attained new
high level The movement had good
leadership. prominent issues In the
advance being Amalgamated Copper,
louisville and Nashville, Northern Pa
eific. Reading. Union Pacific, United
States Steel and even New York Cen
trial. Trading in sho last hour was al
most half of the days total
AS vail street tdih inns week HaG
been SO largely concerned with the
nature of President Wilson's forth
coming message TO congress. II was.
perhaps. natural that the fresh turn
of the stock market {. rising strength
should be related in conjecture to an
tictpations of the administrators pol
icy respecting trust legislation. and
the rest of the political program as
Il may be defined In the residents ut
teranceE. Washington advices teemed
with forecasts of the presidents COM
muntc1rtong, and most or the forecasts
lent themselves to an optimistic con-
struction.
Bad Corner Turned.
1t may be more easonable infer
ence in keeping with some of the Inn
mediate and recent manifestations of
the stock market corresponding with
the dispositions and desires OF the
business community that quoted
values merely made a further response
to Indications that trade, industry. and
finance turned a bad corner last year.
and were rejecting constructive In
tenttons to make the best possible use
Of political as we'll as other factors.
Very likely tho last hour demonstra-
ton in stocks today was speculatiyely
initiated. but II disclosed scarcity OF
offerings and prices rose with remark
able ease and unanimity.
Public buying has persisterrtly. al
though very slowly. increased in the
past fortnight. and 1t seemed TO be
Indicated that stocks. whether sold for
fhc decline, or for the realization OF
profits on long commitments, had
been we'll absorbed. so that the mar
ket retained an excellent technical
position. There were signs both of
short covering and Of hasty repur-
chasing Of securities. which had been
parted with on the theory that a ma
terial reaction would probably furnish
carly opportunities for advantageous
replacement.
Foreign advices were, on the whole,
encouraging. Europe displayed no
particular sensitiveness to the default
On the Mexican debt, and dispatches
from the other side noted that the
financial situation abroad would be
helped by our own gold exports. which
are expected to aggregate a substan-
tial total. Call money renewed at
2 Ia per cent Foreign exchange held
around 4.S8 "a for demand sterling