The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-24
MARKET STRONG
SPITE Of SALES
wrr.HT OF REALIZING SALES HAS
MADE ron uysTEADINEss--So
REACTION YET NOTED.
EUROPE HOLDS . + +
rpy,.rpExr.s FORECAST or PROS
rrsrrY CAUSES PURCHASING
WHICH HAS ABSORBED

N-r-xxv work. No. s5~-Although
tAere Was some slight falling of in the
volume tf TRANSACTIONS IN TO-DAY STOCK
market there was no aoate4helh' VI
strength During the nrst Tour houl
~ she session prices moved somew hat
,.rxts,aff Y;v through an area OF iaifiy
EXTENSIVE fluctuations, The list looked |
sx though i has been oveFtaxed by inc
weight Of rraiizing sales in the paS1
few DAYS ard traders we're inclined "a
arfhcinate in their operations some re-
sctionarv change in the DRIFT of quoted
values In the last hour, however,
.bere was another pronounced outoprt
~ activity ard strength which carried
the whole market upward under the
conspicuous leadership OF southern
Parlfe. Baltimore and Ohio and
Consolidated Gas
The manner in which the renewal
nf advance was conducted suggested
determining speculative effort but the
rrofesgaonal community has begun Ia
ba rather cautious about imputins
tactics If anv sort 10 the present mar
ket-It has begun 10 think that pup
Tic buying Of which there has beeh
rat a little evidence this week, has
come In on a scale which has bafTled
calculations based on the more or less
thoroughly professional hnarkess of
recent years.
4 Natural Consequence.
Public participation would be pu1
m natural consequence or the eoaH-
trv-w1de impression made by Pres}-
dent wilson's forecast OF prosperity
coming at "A time when there was
nothing which was SO popularity de-
sired as the promise Of prosperity
Neyart helesss 1t has been supposed
that the public was rather lacking IN
funds for stock market speculation
and all that Wall Street knows is that
the market has given All UNEXPECTEDLY
stubborn exhibition OF absorp''Ve
capacity and has been characterized
hy steady pursuit of prices upward
nv purchases which could not be at
frfbuted altogether to the final un-
rest Of the short interest, nor 10 az
cun,uiation by large investors AT
level for railroad shares which was
bringing them into competition WIN
,he new securities that must be sold
sooner or later TO accomplish the
necessary railroad financing OF the
year.
Europe Not Interested.
There was still no sign that Europe
was much interested in the construc-
tive side Of our stocks and the foreign
markets had some aspects or wear
ness under the pace of recovery Tor
abroad by the rapid easing OF the
money market
street today. Business IN BONDS was
street today. Business in bonds was
brisk. but il should be noted that q
great Zeal of such business Is OF tbs
speculative order in that 1t represents
n process Of stocking up by dealers II
preparation for the increase of pub
lie consumption. The new State =
per cent bonds were dealt In az high
as 1eT rs, or more than l "a points
above the price obtained by ths
State,
The cotton ginning report raised
once more the estimates Of the prob
able size Of last years crop. This
however, was about the only encour
aging news.
Foreign exchange closed arount
s4Ss Ia for demand sterling. Cal
money renewed at / "a per cent, no
only the lowest rate Of the year. bu
the lowest rate in many months.