The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-17
||DVANCE CHECKED
On STOCK MARKET
aMADTNG. HOWEVER. on ALMOST
AS LARGE SCALE As on
THURSDAY.
OFFERINGS INCREAS
MANIFEST on, EVERY DHNCssTfasA
TYaN OF RISING STRENGTH.
MOST orr RECENT SELLING
ExCELLENT.
OFFERINGS INCREASE

NEW YORK. Jan. 1s.---Reaction-
ary symptoms appeared in the stock
market today, especially in the late
dealings. Trading during the session
was on almost as large "a scale as
on Thursday, but ID was evident that
the advance had been checked.
whether or not this meant any
thing more than the usual disposition
OF a market 10 halt or reverse itself
towards "a weekend after several days
Of a pronounced movement in one di-
rectton, was. Of course. con1ectural.
At the same time. it was manifest as
IL has been for most of the last four
weeks that offerings Of stocks in
creased on every dem onstrafion of
rising strength.
Most Of the recent selling appears
to have been excellent and presum-
ably the list has begun to feel the
weight Of such sales. despite the as
ton,shing raptdity with absorptive ca
pecity has been developed.
Undertone Fairly Firm.
Today the exhibitions of aggressive
strength were confined largely To spe-
cialties or noted only in special quar-
tiers The general undertone re-
manned fairly firm and all around re-
sissance to pressure was unmistak-
s esie offered. The market as a whole
made an average gain for the day.
bat IL was unsteady at the close and
closing price changes were irregular.
There was circulated in the late after
noon quantity of rumors OF conjec-
ture about the nature of the forth
coming address by President Wilson
TO congress. especially in relation 10
trust legislation.
According to these reports IL was
likely that some of the extreme OF
optimistic anticipatioris would be dis
appointed. but II may he said that re-
Elective persons have this week been
Increasingly disposed to temper ex~
pactations Of constructive Influences
from politics with regard To the known
facts OF a vast amount of proposed
legislation at Washington.
8~ Analysis has shown that irrespec-
tive -uf Wait street tUEffnatfou 10 en-
brace enthusiastically remarkable de-
sepa rtures of governmental policy from
the tradition that this liz n govern
me,t Of law and not of men. and re-
gardless of the program of kind words
for business which has been forming
itself. congress has apparently been
proceeding to carry on the political
revolution Of business conditions.
Not Much in News
Except for the REIMBURSEMENT o1
financial arrangements in the ATTAIN
tic Coast Line properties there was
net much other important matter ir
the days budget Of marketwlse news
except the indications of the weekly
bank clearinEs that general bushes.
depression persisted and such infor-
marion as related to the situation Ii
the money market. domestic and for
eigrl Investment securities abroad
y displayed some strength on the eaS'
Of money, but the position seemed II
be on the whole uncertain and iittl'
doubtful in view Of new financing.
It was announced. that the Pruss'ar
government would offer S100.o0o.o0'
ii or 4.per cent treasury warrants on
January ae at 81. a slightly lower prizes
than that fixed for last years ISSUE
and that the German empire woult
postpune borrowings IN account o
the unpropitious aspects of the none.
market.
1t should not be forgotten IN con
staerfng the position of money tina
this is the time of the year for nor
mai ease and that later aspects o
the. capital and credit markets vii
+ depend very much on the course O
events rs borrowing demands ar
urged in q huge volume which is i'm
pending.
Call money in WALL Street renewed
1t IA per cent. Foreign exchang'
reacted further, demand sterling sell
ing below sass Ia. but there is nj
reason for expecting anything els
! than continuation Of gold exports
I, although incidentally II may be re
Y corded that Canada Is apparently re
!. !. turning the gold which II Withdrew
! 20. suddenly two months ago. $s00.0 0'
/ more being received today. On thu
\ known movements Of cash the loca
8 banks made another large gain from
bo IA ter4fr this week estimate rang
ing as high as $4,000, 900.