The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-21
FINANCIAL NEWS
And COMMENT
Irregular and Quiet Day In
stocks, With a Strong,
Active Close.
VIEWS OF THE MESSAGE
Favorable Comment on Tone in
Which President Announced
Programme.

r., what extent Wall Street through
Ina stock market expressed any judg- |
mont Yesterday on President WILSON'S
,ddress 70 Congress relative to the pro-
promme of trust" Legislation favored
bv the Administration IL doubtful. The
with which the stock market
ordinarily arrives at conciu-
sions liz apt to hc converted upon occa-
sion into some delay by subject matter
OF such vast Importance. the hhahciai
district had barely two hours tn uigest
the message between the time of It's pun
lication and the close of the market
and il is probable that the real stock EN-
change reflection Of President wilson :
views has yet to be noted.
During the forenoon quoted values
moved irregularly over narrow range
and trading was ftful. Toward midday
the share list was somewhat heavy ana
after the publication of the Presidents
address there was no marked change IN
the price level or in the dealings until
the last hour. Then prices, after hard
.uing slowly, rose sharply and IN the
last half hour there was "a buying move
ment OF considerable buoyancy Inc
close was strong. but on account or the
earlier reaction the final price level was
not much changed for the day
To some careful observers 1t looked
very much as though Wall street was
inclined in the afternoon TO dismiss the
Implications of the Presidents message
from consideration as an immediate rae
tor except as optimism was encouraged
by its conciliatory manner and its evident
anxiety to assure business of the Ad-
ministration's purpose to prevent, 50 tar
as was consistent with its programme.
any unsettlement of the conditions neces-
sary to prosperous activity. A good deal
of the substance OF the message had been
permitted by the Administration to be-
come publicly known In the last few days,
so that some of Its contents could he re-
garded as having been more or less dis
counted by quoted values. II is ques-
ton also II 1t measured up TO the most
cheerful anticipations which had been in
, dulged, and for that reason there was
some ground for thinking that Wall
street chose on the whole to seize on
the possibilities Of the railroad rate stu
alton as providing the dominant stock
market influence of the moment
What the President had to say about
the connection between railroad prosper
ity and the prosperity OF the country if
urging the early settlement OF the new
legal requirements Oh
was taken to emphasize the strong init
nations Of Washington dispatches lately
! that the President hoped that the Inter
state Commerce Commission would see ~
way clear soon TO grant tho freight rate
, increases for which the Eastern railroads
have applied Naturally such lntimation
are construed as OF influential potenc!
F, comparable to 4 distinct hint from
/ Judge as to the verdict which the 3ur!
I s,.lA, thasa niv
stances II would not be surprising II Wal
, Street should multiply the bullish stimu
lus derived from the worldwide relaxation
| In money by the optimistic expectation
entertained respecting the outlook Tor i'm
proving railroad credit through hlghe
freight rates and should translate III
result into purchases of stocks at ad
vancing quotations
At all events 1t would suit the mood q
Wall Streets reaction from last year
depression to lay more stress ON the rail
road rate case than on the further prose
cution Of a radical political programm
I of statutory enactment, especially ~ ther
has been in the last few weeks an increas
OF public interest in stocks supported b
the conspicuously better position OF IN
money market. 1t may also be said {
President Wilson's latest communicable
to Congress that II commended itself
keynote OF the Presidential utterance, &
popularity heard. seems likely to DO III
declaration that the antagonisfn betwee
business and Government is over" a
though II Is less certain that the populs
notion will be the prevailing idea
circles where new enterprise is Initiate
and prosecuted on large scale.
In the limited time allowed yesterda
II was pointed out in more than one qua
l fnH
fered to business were Of at least equ
Significance with the agreement upt
a truce between business and Cover
: ment which the President announce
Attention was directed to the facts
the message and 1t was shown that Il
specific lines of legislation for the reg
lation and control OF business went fu
ther even than the antitrust plank OF Il
Baltimore platform: for example.
the Presidents treatment Of the prohit
ton Of holding companies as an assum
ton so automatic that II did not ne
to be argued in order to venture on
. scheme Of limiting the voting rights
owners OF stock In two or more corpor
tions engaged In similar productive or d
tributive branches OF industry
Notice given to other features OF I
days news was relatively slight. but the
war a considerable budget of marketwi
information, much OF 1t more than
teresting. Securities abroad NOV
more or less uncertainty. being affect
somewhat by rumors current regard
A. the health of the German Emperor. Il
: Austro- Hungarian Bank reduced its d
- count rate to per cent. from the 0
r per cent. figure TO which it was lower
on November 81 last. and all the i
ropean dispatches told Of relaxed d
counts at practically every centre.
This situation is striking because
| he pplH phnprt movement from this COZ
n try, which IL continued this week
the SO, 00O, 900 engagement announced y,
terday, and although foreign exchan
= with demand sterling around 4s6L.
- down n of cent from the level
which the first gold engagement was ma
q week ago. it Is clear that the Outwa
movement OF the metal will continue,
long at least as cash is redundant In
United States. Call money has not
fallen below IA renewal rate of per Gel
but 1t Ia a question II 1t can be h
* there.