The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-20
EUROPE PROVIDES
INITIAL STIMULUS
vonrIGN sEcURTTY MARKETS ALL
srRoyo ON INCREASING
EASE.
METAL. STOCKS STRONG
Is CONSPICUOUS FEATURE or WALL
STREET SESSION -- AMALGA-
MATED AND UNITED STATES
STEEL AMONG THEN.
METAL. STOCKS STRONG

NEW YORK. Jan. la.---Europe pro-
viaed she initial stimulus OF the do
rnestic financial day at the outset OF
the new week. The foreign security
markets were ali strong on increasing
ease In the market for discounts, and
although the situation In respect to
supplies Of capital available for hxed
investment has not defined itself. the
relaxation Of credits is having an ex-
panding effect on security values.
This IL aFefe even Of Paris. " here the
governments scheme for taxing
Acquired wealth are not conducive to
the restoration of French confidence.
At the same time investment money is
seeking em ployment abroad, encourag-
ed by the relief from money market
strain. and small offering of an
Australian public bond issue for four
per cent at 81. was reported TO have
been largely oyersubscrsbed in Lon
don Consols advanced almost point
following last weeks rally and the
general London market was described
as rising almost buoyantly.
Copper Active
Copper shares and copper metal
were active at advances abroad. and
enc Of the features q? the Wall Street
session was the conspicuous strength
Of metal stocks, including both Anal
gamafed Copper and United States
steel There were observers who were
inclined to suspect aggressive opera
tons in these quarters 70 stimulate
buying elsewhere. and facilitate selling
at the same time. but the market $
general absorptive capacity was salts
factory and was unquestionably a
continued reflection Of the money posi-
ton, which lEohvlously easier here
than in Europe and response also to
the encouragement for entertaining
optimistic views which Europe seems
20 have derived from the turn In
money.
Call money continued 10 decline and
renewed at two per cent, while the
quotations for time money dropped
further, SO that the ranged from ! Il
per cent for sixty days to per cent
for six months, Commercial paper
seems to have been all bought up by
the banks In the last few days. and
brokers In paper are urging borrowers
to send along their notes, In order to
take advantage OF the disposition of
the banks
State Bonds Interest.
A good deal OF interest was display
ed I'm the anticipatory bidding, which
is going on for the State Offering of
ISL. GOO, GOO Of 1 IL per cent bonds to
be made "Wednesday and the outlook
for fixed yield securities seems on &C
count OF the situation In money to be
more assured than the prospect for
stocks. which are subject to the Inn
mediate relations Of business condi-
tons, and the effect Of political con-
siderations,
Foreign exchange held around
4Ss4D for demand sterling but there
is no. reason for thinking that the
probability OF substantial gold exports
has been In any way Iessenede.
Trading today was in fair volume
and the list closed at a new high level
- for the recovery which set in month
ago Issues like St Paul, Louisville
and Nashville. New York Central and
Northern Pacific displayed aggressive
strength, and stocks of that class
showed so much nrmness as TO suggest
an increasing amount OF investment
interest The industrial department
was the real leader OF The day. and
/. was favored by speculative purchases
Reading was again "a laggard and
vome Of the leaders reacted moderately
coward the close, but the final tone
1As strong.