The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-04
FINANCIAL NEWS
AND COMMENT
Wall street Share List Con-
tinues to show Firmness
CLOSE Strong.
TRADING rs PROFESSIONAL
Varied Foreign Adviccs-COn-
trasting Developments
at Washington.
TRADING Is PROFESSIONAL

without the development Of fresh in
centives to activity the stock market con-
tinued to sustain itself fairly we'll ut
the advanced level of prices which II
reached about a fortnight ago. Iest.r
days Wall Street session seemed to IL
lustrate the increasing professionalism OF
the dealings, but the indicated effort was
chiefly Of constructive sort. After
some continuation OF the reactionary
movement. which was under way at the
close on Monday. the list turned dull
There was no appearance of pressure. but
sporadic manifestations. Of aggressive
strength in numerous specialtes. mostly
OF the industrial description. provoked
trading hostility, which expressed itself i'll
miscellaneous sales. on the discovery
that the chief source of supply of stocks
was professional new buying operations
were undertaken and in the after
noon the market turned strong. The up
turn had influential leadership and final
prices were about the best OF the day.
American Can shares were heavy. APP
parently in reflection of some disappoiit-
ment over the annual report of earnings.
but for tho most part 1t was difficult To
find any reasonable explanation for par
tcular price movements. Rock Island
securities rallied moderately. but Their
principal feature WAS the contraction OF
business in that quarter Bonds were
strong. especially for issues of high grade,
and the persistence of AN encouraging
investment inquiry was illustrated by
the heavy overapplication announced for
the South and North Alabama . per cent.
subsidiary bonds of the Louisville and
Nashville. which were offered by j. T..
Morgan 4 Co. and other bankers, to the
amount of s1.4O0,000, at 10ia4.
Foreign transactions here Were princi-
pally on the buying side. hut European
operations in Wall Street seem at the mo-
mcnt to have a tendency to take ON "A
purely trading character. Foreign add
Vices We're OF somewhat mixed import.
The temperance of Duoyant strength
was reported in the London stock market.
and there was talk of "A further lowering
of the English bank rate as we'll as OF
other reductions AT Berlin and elsewhere.
on the other hand. the Bank of Ger
many's weekly return showed Il consider
able effect of the borrowing operations
which the money market has been stimu-
lating. and Il was noted that III London
large ovcrsubscriptiuus for new security
issues have been attracted by rates Of
yield which suggest that the investment
of capital is being ELECTED only on de-
cidedly stiff terms. No matter how easy
the credit market IL, per cent bonds ut
81 TO % imply that the capital available
for liked investment is not superabun-
dant. continental markets obtained the
| bulk OF the weekly supply of new South
| African gold in London. and there wcr.
other reminders that financial readjust-
ment was still In progress. even II money
conditions had relaxed. There Were for
example. two rather substantial failures
in London. one of Il mercantile hrm and
one OF "A banking house. both of which
! i - tft#H.
nomic crisis.
Thcr. were indications that the after
noon uI,;urn in stocks in Wall Street was
promoted by Washington adv.c"s that the
Administration was about To make a
declaration OF foreign policy which would
be favorably interpreted The assumption
was that this related to the mootcd lift
ING Of the embargo against the export Of
arms to Mexico. Possibly a more def-
ntely hopeful manifestation at Washing
ton was the House vote gtinst cmbar-
RAISING the Administrators foreign policy
10y aiming an attack on Japan in the
immigration bill.
In other respects Washington informa =
tion was not much to tn, liking Of tho
stock market community. Following the
Senatorial resolution for a rebate inquiry
! into the United states steel Corporation
| came tho Introduction nf the resolution to
;enew the Federal Investigation into New
Haven affairs. The chairman of the In
| terstate Commerce Commission WAS
quoted rs having expressed himself I'M
sympatheucally on certain subjects OF
railroad finance. including the pending
Union Pacific distribution OF Baltimore
and Ohio shares. and The commission.
by formal declaration in relation to
hearings on tap line charges. made Il
clear that prolonged postponcm.nt Of
| decision In the Eastern rate case was
contemplated. Some light was thrown
on the industrial situation by the esti-
mate. apparently made after careful
canvass. that there were about 1000
unemployed workm.n In this city this
winter.