The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-06
FINANCIAL NEWS
AND COMMENT
Stocks Turn Upward Again,
Rising Easily and Rather
Sharply.
STANDARD ISSUES LEAD
Strength in Specialties-Trad-
ing Increases on
Advance.

forenoon the stock market yesterday gave
some indications that the improving ten
denotes which manifested themselves late
last month had carried over into the new
year. Trading broadened as the day
progressed and in tho afternoon, espe-
cially in the last hour. the whole list
moved quito strongly upward. AZ the
close a substantial average OF net gain
was shown. the rise from the morning
prices being very pronounced. while In
many directions advances ranged from I
to 8 points.
Dealings increased In volume. whereas
all last week during the appearance OF
pressure transactions were on con-
tracing scale. The tokens Of the ses-
sion rather lent confirmation to the In
ference last week that the selling move-
ment over the turn Of the year repre-
scented chiefly speculative operations on
the short side following fairly heavy
profit taking on long commitments Just
before and after Christmas. Europe was
a moderate seller early In the day and
traders applied pressure. but the ease
with which quoted values rose in the
afternoon suggested some excellent buy
ing In tho last few days. Moreover the
late upturn was inaugurated under the
convincing leadership OF such issues as
Union Pacific. Reading. United states
| Steel, Southern Pacific and other stand
ard shares. The strength which special
ties continued to show would not OF It,
self have been q sufficient sign OF the
position and trend Of the list. but there
| was a good deal OF strength OF the sort.
| The oil stocks persisted In the display
Of aggressive firmness which has re-
Gently been making belated reflection
OF the marked appreciation in Standard
| n In ha la NJ American
Telephone and Western Union rose
sharply. marlborough preferred ad-
1 vanced to the accompaniment OF renewed
rumors regarding tho imminence OF Z
dividend declaration.
| In the standard group Southern Pacific
| attracted attention because OF Its Justl'
liable response of iirinness to the excellent
| annual report. This revealed gross earn
| ings the largest on record BY about
| S7.75O.OoO and q balance OF earnings fol
dividends amounting to almost per cent
Tho report did not in any way indicate
any impairment OF strength on account
Of the Mexican upheaval and contained
many Interesting features, one Of which
was service OF notice on the company's
| $4,000 stockholders that they and moi
their relatively few officers. whose tint
was taken UP with the operation OF th'
system, should be concerned with tho di
rection of q right public opinion towart
ulation.
No new optimistic influences emanatet
from the Developments over tho weet
end. Presumably the share list was AZ
fected by the more rational and cheerfu
considerations which began to obtair
about the middle OF December. Invest
ment business over the counter remainl
relatively slack for this season or tn
year, but there Is an inquiry for invest
ment securities which can readily becom'
decidedly broader and stronger II the cir
cumstances OF the money market are pro
pitious The most satisfactory aspec
OF tho retirement of banking Interest,"
from an excessive representation on cor
poration dlrectorates seemed TO presen
itself to the financial community. and
was difficult to discover any apprehension
| over the reports that the Federal Attor
ney-Gencral contemplated fresh deper
| lures Of disturbing litigation in tho en-
forcement Of tho Sherman law.
The Supreme Court rendered during tn
day no decision with which Wall Stree
was particularly concerned. and although
the status Of Mexican AFFAIRS was not like
the financial district refused to borrow
trouble on account OF It The inaugura
ton of hearings by the committee whicl
il to organise the Federal reserve bank
developed some striking and extraordinar.
testimony, but in tho main tho View
offered 10 the committee were not eucl
a. to encourage the notion that tho New
York reserve district and reserve banl
could DO safely limited In respect to six
In order to establish an artificial euualit.
with the other banks in the district.
Because Of intimatiOns that booking
Of new business were expanding In tn
steel trade not q little notice was at
tracted to the statement made on Satur
day night in Plttsbure by President Far
reil Of the United States Steel Corpora
ton that he discerned better condition
In prospect, which was an observation
somewhat in contrast with Judge Gary
recent highly conservative utterance A
bearing on tho contentious OF the rail
I roads in reference to the need OF highe
rates In order to strengthen their credi
IL il worth noting that according to tn
| | record OF last year new first track lai
by the railroads was Just about the san,
az In the previous year and that IN tn
last three years the average of now con
struction has been tho lowest since 1897
Call money renewed at ~ per cent
; with high rate OF per cent. This wa
. q more sensible market than tho peculia
and incomprehensible ascent of rates Z
10 per cent. last Friday on the eve OF
, bank return which showed material gal
IN reserves As a matter Of fact tn
money market position for this time !
1. January seems to be abnormally oom
Portable, but II IL a position matche
by the symptoms Of relaxation abroad
Possibly the strength which foreign ex
. change IL displaying, with demand ster
: ling up almost a cent from a month agt
is evidence that credit accommodation
, going to rule lower in the near futur
here than in Europe where financial maj
kets are more or less oppressed by tn
task Of new financing which lies aheat
a | L.. AAlp 1CA ~ al oh