New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-23
REVIEW OF THE
STOCK MARKET
Upward Trend Continues
State Bond Issue
Quickly ResOld.

Favorable money conditions here
and abroad. the successful resale of the
new state bond issue and the spirit
OF confidence inspired by President
Wilson's message carried prices OF
stocks to still higher levels yesterday.
The trading was on an even larger and
more diversified scale than on Wednes-
day. with continued signs of outside
buying. Total sales were more than
100000 shares Of stock and SI,cco'oW
bonds. The opening was at generally
advanced prices with an increased vol
ume Of business throughout the first
hour. Then. after some profit taking,
there was a slight decrease in activity
but prices for the most part were
steady. The market became again ex-
tremely active in the last hour, and
closed strong az practically the best fig
ures Of the day.
United states Steel, which led the
list. rose 10 sc on sales of nearly 49,
900 shares. and closed fractionally
under that figure with a net gain OF
IL points. A report circulated on The
floor that the government was TO drop
its suit against the Steel and
Harvester trusts contributed 70 the
strength Of both stocks, Harvesters
net gain being points. Reading, on
sales of over 100000 shares, advanced
II point: the Pacifics showed net gains
Of more than point each, and other
railroad shares improved fractionally.
Industrials generally moved UP yester-
day as well as railroads, specislties
being particularly active toward mid
day.
The quick resale of the new state
issue OF SOL 900 600 Az per cent bonds
did much in continuing the upward
movement. Shortly after noon It was
announced that the syndicate that had
successfully bid in the bonds at 1O6.O17
had sold all Of them at 1914. On the
Stock Exchange the first transaction
in these securities, when issued, was
at 1O715 Banks, trust companies, pri-
vate bankers and individuals, II was re-
ported, Joined in buying the new bonds,
and hope was expressed that big issues
that might soon be brought out by rail-
roads or individual corporations would
find the same market.
Money conditions were easy here and
in Europe. AS had been predicted from
last weeks high reserve, the Bank of
England lowered its discount rate from
Az TO 4 per cent. Its statement ex-
hibited even greater strength than on
the Thursday before with gold coin
and bullion increased over S1O,OO0,UO
and the percentage of its reserve 20
Imperial Pank Of Germany also low
cred its minimum discount rate from
per cent 20 ~ per cent. These reports Of
the great European banks were followed
by advices that the official rates in
Switzerland and Belgium had dropped
from TO a per cent, Of Denmark from
6 TO 6ia per cent and of Sweden from
Az TO per cent. The official discount
minimum of the Bank Of France re-
NAMED unchanged at its steadily held
rate Of 4 per cent, but a gain of more
than 100000 francs in gold and sill
yer. with circulation and loans greatly
contracted. was taken to indicate a
probable decrease in France as wei.
Call loans were renewed at 2 per cent
here. as on the day before, with most
Of the days business at the low rate
Of ia. Time loans were made as low
as %. per cent for sixty days, a Of
per cent less than on Tuesday. The
banks made a further gain OF over
100000 from the Sub Treasury.
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