The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-29
FINANCIAL NEWS
AND COMMENT
Stock Market Rallies Quite
Sharply on Relative
Activity.
MONEY GROWS WEAKER

TIoli FNhtuihh1 = Ef'vlu uA1itfNN N'sN'-
ings Increased IN yesterdays stock mar
ket to 10000 shares, total well up 70
the average of tho volumes since the re-
opening OF tho Stock Exchange. As
nearly az observers could determine sat
urdays stagnation with its revelation o.
lack OF pressure OF offerings and It's
demonstrated scarcity of shares was tho
direct cause OF tho decided all round up
ward movement OF prices with which the
now week opened. The list was gener-
ally strong from early In tho forenoon
and gained in strength as the day adj
vanced, closing at about the best figures.
IL IS quite poss bic that the upturn was
simply positive proof OF the thing Mega
lively proved by the hcaviness and de-
clnes OF the last few days that there
Is no real market at present but per-
sons who have adopted a long range
view OF values are quite content to take
surface changes In prices as they come
without attempting to read immediate
significance into them or. for that mat
ter. seeking to relate them to current
news. Wall street Is not likely to get
and hardly needs explanations for such
strength at least as quoted values may
display.
The securities market has been
through a panic even though it, out
ward expression was restrained. and
gagged by all the experiences witch the
past can furnish securities are cheap
enough to prove attractive TO investors
who believe In buying stocks and bonds
when they are cheap according TO the
most workable standard, that is. by com
partson with former levels. The war
has of course introduced the factor OF
n new unknown quantity In all calcua-
TONS but Il does not follow that all
financial precedents have been upset
thereby and rendered worthless
Leadership for the rally was supplied
by Reading, Union Pacific, A,nalgamated
Copper and especially by United states
Steel, which showed that an important
stock did not have to rest at It's pro-
tectivc minimum merely because IL had
reached IL. Final figures exhibited a
substantial average OF gain in large
number of issues. short covering un-
doubtedly played a part in the dealings
and there was more than a little indica-
ton that short selling had much to do
with some OF the recent heaviress OF the
market
Anticipatlcrs Of the recpening OF the
London stock Exchange may have en-
tered into the Wa. street reckoning and
It is poss bic also that the aspects OF
the money market encouraged buying.
still /, will not do to try TO establish
a connection between ordinary develop
ments n the field Of news bearing on
values and immediate action of securities.
There was quite u little favorable news
while stocks were going down IN the past
fortnight and they strengthened yeSter-
day in the face Of depressing Information
which included Soma very moor ra'lrona
reports for November. Tho bond depart
inent was quiet but firm. and In this
quarter OF the securities market there Is
more evident direct response to the
persistent chesperng Of money.
Advices over the week end did not
change materially the considerations
which havc been uppcrmost recently. Dos
patches from the seat OF wHr were I'M
conclusive. although the further rclaNa-
, ton o: foreign exchange suggested some
favorable construction Of military occur
rencss Washington dispatches were
quito 10 the liking OF the financial COM
munity, which saw IN them that the chick
ems OF destructive radica!isr Woo COM
ing home TO roost to the increasing Dis
may and confusion OF politicians whose
sole capital has consisted Of participation
! IN efforts to undermine and overtime"
! the structure OF American business.
Among the November returns Of railroad
earnings that OF the AtChison was CON
sp!cuous FOR n gross gain of S7lI,10o tn'
! "A net gain Of sl72.0U0. The Southern RAN
ways report OF decrease Of Sl.@66,00t
I IN gross, with "A net loss OF rdlt uS Wuc!
and decreases OF SSJ5,00O and $500, 900 In
I the Chicago aud Northwestern gross
, and net are presumably moro representa-
tive OF railroad results last month.
There was a sharp decline In wheat. bU'
cotton continued tn rise on the growth q
export business Heavy continents, buy
ing for future delivery was reported
| although IL is difficult 20 discover tn log
of the cotton trade notion that his denotes
y prospect for early peace In Europe. The
facts that cotton Is selling below Tho cost
| OF production, that there Is a large SUI
plus OF IL now and that the acreage de
terlally reduced are sufficient reasons VIII,
foreign spinners should assure themselves
OF their future supply
Call money renewed and ruled az "a
per cent, the lowest rat" yet TIM
money was 81. per cent bid for nj ma
turtles up 10 six months and II l.ko'y q
i-ud below that figure In n few weeks
Commercial paper is quoted az 70 ~
per cent. and the banks are unable 20 TN
anything like sat!sfs Glory Offering O. ,
IN which 10 invest their increasing
plethora OF funds
Foreign exchange was weak for n
forms OF remittance and sterling sold a
the lowest Of the year with demand u
ass A variety ~ gossip and CoUjcctur
abou, the possibility OF gold Imports WI
INDUCED in and Il will he interesting {
sec what attitude British finance take
toward this question when It become
practical