New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-22
REVIEW OF THE
STOCK MARKET
Broad Trading at Higher
Range-State Bond
Issue a Factor.

The general upward movement in the
price Of stocks. beginning in the latter
part Of Tuesdays trading. when the
spirit Of President Wilson's message
had been generally recognized as re
assuring. continued Yesterday in a ses-
sion OF broad and active trading. with
the emphatic success OF the state bono
sale leading influence. Transactions
reached a total Of over 625,O shares
the largest days business in more than
half year. and despite realizing sales
in the afternoon the more active Sc
curlties closed strong at prices not FAR
below the high level Of the day and
with material advances from Tuesdays
close. 4 feature was the important
participation by the outside public in
the buying movement
The Presidents kind words for the
railroads made the securities Of these
corporations especial favorites. Most of
the buying for the foreign account was
in railroad shares. New York, New
Haven & Hartford was practically
alone among the more active railroad
securities in failing TO show a net gain.
Reading. with sales Of over 9SOoo
shares. and Union Pacific, with over
1000. each advanced ! point as did
Atchison. New York Central and Le-
high Valley each closed 1i9 points
higher. Chesapeake & Ohio Ia. Balti-
more & Ohio is.
Encouraging reports by authorities
on the iron and steel industry telling
of better trade sentiment. Increased
percentage Of operation and some
orders from railroads added to the
ontimistic tone of the market. United
States steel opened wide at 637s to oi'
after closing at 63Ss on TUESDAY and
showed a final net gain Of z per cent
on transactions Of about $1,000 shares.
Gains were shown also by the smaller
steel companies.
Commission houses reported that the
professional warning that the good eff
fects of the Presidents message had
already been discounted had little or
no influence in discoursging purchases
bv outside customers. Easy money
conditions continued to facilitate stock
transactions. Call loans were again re-
newed at 2 per cent, and the rate went
down to Tuesdays low level Of ia per
cent. Time money continued easy. with
further concessions Of 4 per cent on
some mattlrities. From the Sub-Treas-
urv the banks gained over SloOo'oo'
which belped toward overcoming the
loss for the week so far. caused by
Tuesdays engagement for gold for
Paris.
The success of the offering of SOL
600. 900 An per cent state bonds was
far greater than had been expected
state bonds, in being tax free. are
unusually attractive at present, "hen
investors are trying TO become accus-
toned 10 the requirements OF the IN
come tax. Yet bids that would have
taken the issue six times over ana
price of over JOG indicate conditions
far better than could have been pre-
dict.d a few weeks ago and speak well
for the prospects for general investment
financing. On the Stock Exchange yes
t.rdav bonds TO the total of nearly
s5 600 600 were sold display OF &C
t,vitv in itself most encouraging.
Nave Of the death of Lord Strath-
coma had no disturbing effect on the
market. and Canadian Pacific closed
with a net gain of Is. The filing OF
petitions in bankruptcy against one OF
the largest clothing corporations in the
city was apparently regarded as re-
faction OF business conditions of 1918
rather than those now obtaining. Even
decrease Of nearly 100000 in gross
and over 5000, 600 In net reported by the
Baltimore & Ohio in the first OF the
December earnings statement TO De
issued was disregarded in the upward
movement. Attorney General NC
Revnolds's announcement that the gov
ernment's suit against the Southern
Pacific TO compel 1t to part with the
stock Of the Central Pacific would soon
he filed was also regarded as having
been already discounted.