The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-13
FINANCIAL NEWS
AND COMMENT
Some Pressure on Stocks, but
List Continues to Dis
play Strength.
PERSISTENCE IN SALES
Resumption Of Congressional
Session a Restraining
Influence.
PERSISTENCE IN SALES

Much Of the news of financial bearing
over the week end permitted a favor
able construction and further display
OF strength was made In the stock mar
kct with trading OH II fair scale of ac-
tivity gagged by volumes In recent weeks
Saturdays bank statement. with its s20,-
100000 increase in surplus reserves and
the relaxation In the money market gen.
orally advices Of u more cheerful char
actcr from the steel trade than had lately
been received, and the announcement Of
an agreement between the New Haven
railroad and the Federal Department Of
Justice as to the terms on which the dis
Indignation OF the railroads combination
Of properties must be effected. all lent
themselves TO such optimistic dispositions
as the stock market community had been
manifesting. Nor was 1t overlooked that
some prominent financiers had in the last
day or TIVE expressed encouraging opin-
ions about the ultimate outlook for gen.
cral business.
On the other hand the early rising ten
denotes Of the share list were checked
In some directions by the persistence OF
sales which seemed to be of other than
speculative origin. while further restraints
were exercised by considerations con-
nected with the resumption OF the Con-
gressional session and with the incrcas-
ing probability Of a gold export move
ment. Foreign exchange did indeed ease
on little. demand sterling closing S,round
and below 4.S69O. although II might have
been expected that Saturdays bank state
ment would have the effect of strength
.t,xnx 4
at 2ia per cent. while time money ex-
hibited further ease In tone even II II
was not QuOtably changed and CONNER
cial paper was quoted below , per cent.
Foreign advlces were not altogether
satisfactory London underw riters had
to take 80 per cent. of the A., per cent.
| Saskatchewan $1,000. 900 loan and Paris
quite Unexpectedly drew 100000 in gold
sovcreigns from London. A gold export
movement is affected very much by its
! destination. 1t would make some differ
ence II the metal were to go from this
| country to Paris, from which rs from
Berlin II IL difficult to get 1t back, or
should be shipped out on Paris account
| Instead Of going 10 London's free gold
market.
Quoted values started upward In the
early dealings with good deal of a
! rush. In the main the list displayed sub.
stantial strength throughout the session
despite some weak features and CLOSED
with IL net average Of advance. while
many substantial gains were displayed
! in special quarters. New Haven responded
strongly to the announcement about the
! agreement reached with the Government
but New York Central sold nj the loves
price In seventeen years Oh continuation
of the selling which preceded the pro
posal ut Washington for II Congressiona
order directing the Interstate Commerce,
-. tt.s.
New York Central system similar to IN,
, iruuiry into the New Haven. There
was some increase ~ selling pressure TO
ward the close, under which Union Pacific
reacted vigorously. but the late recession'
generally were not apparently significant
! Foreign buying was reported In the share
list. but IL seemed TO Ice accompanied bs
persistent foreign liquidation of bonds.
! United States Steel was one Of the day.
! influential leaders Oh the constructive side
but the more pronounced price movement:
! were in special descriptions. The oi
stocks California Petroleum Mexican
Petroleum and Texas Company continued
/ their rapid and extensive advance, thu
causes Of which still remain "a mystery
/ The minor steel stocks and the RAILROAD
equipment issues sympathized with thu
course Of United States Steel. American
Sugar. American Telephone and Thirt
| Avenue were among the other strong fea
lures Of the session.
| No information which could be re
garted as definite came from Washington
as TO the probable trend OF Development
In the all important political period which
| lies ahead. a large number OF radica
measures has poured into the Congress
sional hopper proposing everything from
drastic regulation of the trusts and an
Inhalation of unlncorporated clearing
houses and stock exchanges to narrowing
| Investigations Of business enterprise. bu
what the financial community is awaiting
is evidence Of the Administration policy II
these respects. The feeling seems to b,
that President Wilson has established
something like ministerial government a
| Washington and that only what are
called Administration bills need be reck'
oned with in estimating the Legislative
factor in values.
Reports Of increased operations at stee
plants were probably exaggerated. but
they were in keeping with recent sgns
that forward ordering had expanded mod
eratey and provided "A new point Of sup.
r. ,..,tt,,