The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-10
FINANCIAL NEWS
AND COMMENT
Stocks still Feverish hut Resist
Pressure-Trading
Slackens.
BANKS GAIN MUCH CASH
Government Ends Negotiations
With American Sugar Re-
filming Company.
BANKS GAIN MUCH CASH

market had exhibited all the week was
not perceptibly abated yesterday. the ten
dency OF trading to contract In this UNI
certain interval was continued, and al
though prices moved with a good deal of
irresularity the list as a whole offered
resistance to pressure to unsettling In
nuences. Irregular changes were shown
by closing figures. but the majority Of
leading issues made fractional gains
Canadian Pacific was rather weak. as
was New York Central. but It may be
said of such phenomena that there have
been some indications lately that
process of switching was going on in
which commitments were being trans
ferred from stocks whose position was
conJectural to others whose futures
seemed more assured. especially when the
transfer cou.' be- made at approximately
the same price level for shares returning
about the same yield at present dividend
rates.
The marke, cted very much as though
II were affected 10y persistent profit taxi
ing and speculative selling. AS well as by
the various doubtful matters bearing on
values. but sustained on the other hand
by the increasing cheapness of money
and by the hopes OF an early vision Of
political omens at Washington of favor
able import for corporate enterprise.
The resumption Of the Congressional SEES
sion next week is a large factor In i'm =
mediate financial calculation. Less at
tention Is being paid to the contents of
new bills In the general category OF trust
legislation thar to the probable nature
OF President Wilson'S communication to
Congress on the subject OF business af-
fairs and to the chances for some grant
NJ yhAs
are believed to he measurably brighter
| than they were a few weeks ago.
The rapid relaxation of the money
market was responsible for a broader in
vestment inquiry both for bonds and
short time notes. a very sharp rise in
Missouri Pacific notes was one of the
features of the market. and II was re-
Elected in strength in the Missouri Pacific
| shares.
1t seemed not to be commonly known
that after reaching what .had been as
sumed to be practical agreement with
Attorney-General McReynolds the Ameri-
can Sugar Refining Company had been
astonshed TO learn that its programme of
settlement. which represented large sur
render to the views of the Department of
Justice. had been rejected for what ap-
peared to be nothing more than mere
whin The shares OF the company were
firm, but the facts referred TO were not
altogether favorably construed in their
wider bearings by those who knew about
them and found It difficult to reconcile
them with the recent attitude publicly
adopted by the Administration toward
business interests DESTROYS of signing
! President Wilson's constitution of peace.
Marketwise news was In extensive va
| riety and In considerable quantity. Its
contradictory nature matched the confu-
sion of the share list. Compilations of
hu,, f,Nr s,,li
increase over the corresponding week last
| year. but this can hardly represent bust
ness betterment as much as II does the
progress OF the liqulduting movement In
| business. The exhibit OF large Increase
in the domestic supplies OF copper metal
was spoken of as not as bad as II looked
because II was largely an oNerenphas!s
| OF the normal disinclination OF consumers
at th's season Of Inventories Ia accept
| deliveries. A sale OF Government . per
cent bonds at ISL, on the Stock Exchange
was apparently IA response TO the appli-
| cations which are making by banks for
membership in the new Federal reserve
system.
| At the Same time approving interest
was aroused by suggestions that the COM
| mission which Is working on pro-
Kramme OF amendment to the State bank
ing laws was mindful OF the opportunity
| to enhance the attractiveness of state
| clArterS. " WAS ltuUoSslDlt ~ ldNe rtli-
ousiy the intimation Of scheme involv-
ing appeal to Congress for removal of the
proh,bitory tax on note issues by State
banks, a scheme which could not be
very promising at this. 1uncture: but II
Ia worth noting that the interests OF state
institutions are receiving consideration
when attention Is 40 much engaged win
the new Federal system.
| Desp,te the violent attack by tho Cow
er,,or Of Massachusetts on the past man.
| agement Of the New Haven railroad and
his declaratio that private ownership
| must pay the penalty Of nisinahage-
ment," New England railroad securities
displayed some Improvement The litiga-
ton Instituted In behalf OF Union Pacific
preferred shareholders to enjoin the dis
tribution OF Baltimore and Ohio stocks
| TO the common shareholders was only
/ slightly disturbing because OF the pre-
yailing view that n the distribution II
not made from surplus earnings there Is
no rule by which line can be drawn
between the rights Of the owners Of a
property and those who are actually or
| In effect It's creditors.
Perhaps the most striking fact OF the
financial day was tine high estimate
placed on the cash gain by the local
banks this week according to the known
movements OF money. Roundly these est
| mates averaged about $25,000.000, and
| judging from the slump In money rates
during the week the calculations are not
at all reckless. Call money renewed nj
2h per cent and there was another pro-
nounced drop In discounts abroad. The
| private rate In London fell to a figure
| almost I per cent below the lowest bank
rate, and on the Continent the outlook
for reduced discounts was Indicated by
the Imperial Bank Of Gcr,nanys weekly
| statement showing n large gain In cash
and very heavy shrinkages in loans and
discounts and note issue Canada sent
| $500, 900 more gold here making the total
| return from the Dominion 30 far this
| year Sl.10O.00O. but foreign exchange
| continued to exhibit rising strength In
! face OF the movement OF foreign dis
| counts. Demand sterling sold at 1853,
1 and In banking circles Il Is coming to be