The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-16
FINANCIAL NEWS
AND COMMENT
Continued Advance in Stocks
Despite Persistent Distrib-
uting Sales.
EXPANSION OF BUSINESS
United states Steel Leader OF
Observation-Disclosures
Influence on Sentiment.
EXPANSION OF BUSINESS

There was Enthusiastically heavy profit
taking In the stock market yesterday
and persistent application all day OF
selling pressure which obviously did not
represent speculative efforts to depress
prices. II was selling Of a kind COM
monty called good and continued the proc
css OF realizing which has taken ad-
vantage OF all tho strength displayed by
the share list in the last three weeks.
Excellent opportunities were afforded In
yesterdays session for the conversion Of
stocks into cash because the market was
the strongest 30 far seen since the initial
upturn or rebound from extreme depres-
sion last summer. Dealings swelled out
but despite selling pressure quoted val
ues advanced with the increase Of busi-
ness.
The apparent character OF the selling
attracted attention to the absorptive ca
pacity which was displayed and the sus-
Gained breadth of the trading. together
with the interest shown IN issues that
nave long enjoyed investment favor. sug-
eested more than the retirement of spec
ulative contracts on the short side. IL
implied an investment repurchasc OF
4
that kind of speculative Buying which
IL called public participation In the mar
ket. The day opened with trading ac-
tive ut rising prices. and although until
we'll into the afternoon the market was
held in check by the distribution OF stocks,
there was again in the last hour an
other buoyant demonstration OF rising ag-
gressiveness which left the list at about
the high figures of the session at the
close. establishing Il new high average
for the year no far and resulting In an eN-
tcnsive array OF substantial net gains.
United States Steel WAS clearly the
leader OF the movement and transactions
In II constituted almost one-iifth OF the
days total business. The bond depart
ment was again active and strong and
altogether observers were much impressed
by the persistence OF bullish phcnomena
in the investment and speculative mar
kets, although deductions were qualified
| by many considerations which Wal
Street IL not apt to take into account
when II has an opportunity to revel In the
spectacle Of rising prices on expanding
dealings. Rather heavy foreign buying
was reported and purchases were said Il
be making In many domestic quarters II
which Washington sentiment has AN in
| fiuence.
Whether or not views In political cir
cles In Washington as dominated b!
| TtkuIfi tHc cit't Which, ~ 'eSNoio
| ton OF prosperous activity in finance an'
business will have on the November
elections, IL Is "a fact which ha:
to be reckoned with that Washington Il
| to-day the centre from which treincn
| ious amount of optimistic opinion as TO TIL
business prospect Is emanatinE. To VIVA
extent the opinions are framed by per
sons of means or of experience In bust
ness and banking affairs is question
So also Is II question IL the ofiicia
political news promulgated for the en-
| couragement OF business can easily b.
! reconcile,l with the far reaching scope .
last years legislation and the legis
lation which IL now shaping. Yet in al
| such recNonings allowance has TO be n al
for the influence which Washington senti
ment IL apt to exert over volatile mind
| everywhere. especially when people ar
| tired of estimating their fortunes and thei
| prospects In terms Of depressed values an'
contracted business.
The antitrust legislation outlined II
Washington dispatches Is drastic enoug
In all conscience. but at the moment tn
inclination seems to be manifested to Civ
less weight to 1t than To the soothing
diction which is expected to characteriz
President Wilson'S address to Congress
next week on the subject OF further lay
making for the regulation Of corporal
enterprise. Incidentally Il might b
Wall Street OF the application OF power
full pressure on the Interstate Commerce
Commission to render an early decisio
In the Eastern railroad rate case. 1t
commonly supposed that an early decisio
means a ruling favorable to the railroa
contention, despite the protests from man
shippers which the Interstate Commerce
Commission Ia being obliged to entertain
Foreign advices were mixed. Thos
which came from London were encourag
ing, Being based largely on the nantes
reality Of the improvement In the none
tary situation at tho worlds nnancia
centre. Offsets were provided by tn
disturbing possibilities OF financial de
rangement involved In the South African
railway strike. which might interrupt tn
supply Of gold to the London market. ant
by the evidences Of peculiar weakness AM
strain at Paris. The Bank Of England
strong weekly return contrasted sharpl.
with the Paris statement and the Frencl
situation IL such as to support the idei
that IL industrial depression persists II
the United States our exports OF gol'
will attain large dimensions before tn
year ends.
Call loans renewed at ga per cent. Il
Wall Street. Foreign exchange eased OF
further, but its fluctuations downward d
not affect calculations respecting the ten
dency Of gold to leave the country. Tn
season OF new financing at homo 1
getting under way and It seems likel
that instead of being refunded goo
many short term note Issues will be re
financed. New York Central notes ar
already In process of extension. 1t 1
understood that arrangements are bein
made to insure the success OF next week
offering Of State bonds and a large sub
scription for them at satisfactory price
may furnish further stimulus to immedi
ate Wall Street optimism.