The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-27
FINANCIAL NEWS
AND COMMENT
Less Excited Trading in Stocks,
but Tone Remains
Strong.
L. s. STEEL THE LEADER
Another Engagement of 49,
100000 Gold for Ex-
port to Paris.
L. $. STEEL THE LEADER

Although the pace of trading In stocks
slackcned yesterday the share list ex-
hiblted sustained strength. Pressure con-
tinucd but not in the volume of selling
which characterized last weeks dealings,
and the markets absorptivo capacity was
still something to wonder at because there
did not develop over the week end such q
public buying response to the excitement
of the last few days as might have been
expected Evidences multiplied that the
public had bought stocks, but there was
no sudden expansion OF the outside In
tcrest
There were indications that aggressive
operations were still directed toward the
maintenance OF the selling level or the
establishment OF Il higher one. and after
several hours of fairly persistent firmness
quoted values were stimulated in the last
hour by the abrupt elevation OF United
States steel. This was facilitated by the
circulation Of enthusiastic interviews re-
earding the prospect for sustained re-
covery in the steel industry following the
turn for the better already evinced.
American Smelling. Mexican Petroleum
and Southern Pacific displayed aggressive
strength throughout the day to the ac-
compartment of vague intimatiors that
some encouraging announcement was
likely to be made soon about the Mexican
political situation.
Naturally this intimation was related
to the White House conference on foreign
affairs, but there was no confirmation of
optimistic rumors on any political sub
ject OF n domestic or foreign nature eX-
cept such as was contained In the further
manifestation by the Administration Of a
desire to have Its policy regarded as
provocative OF prosperity and conducive
to financial and business confidence.
Cheerful expressions Of opinion were
ELECTED from James J. Hill and other
eminent persons. all OF which doubtless
helped Wall Street to preserve a hopeful
mood According to the statements OF
bankers, general business had begun WIS.,
IDLY to reflect the sunshine OF the new
political atmosphere which was so widely
advertised a week ago, even IL this Is
not ordinarily the season of the year for
trade and industry TO show much ANNA
ton.
London was a buyer OF STOCKS, but
much of the days domestic buying move
ment seemed To he for the purpose Of
covering short commitments or TO origi-
nate In manipulativc effort. Toward the
close of business prices seemed TO be
held up with some difficulty. and al
though an extensive array OF net gains
. dVI'sHTeu III tne CLOSE Inc nUrkGl WAS
then receding Consolidated Gas scored
a substantial net decline after the pub
LEGATION Of the annual report showing a
decrease of 100000 in the company's
surplus. A good deal of conjecture was
INDUCED in as to the probable amount
of the net earnings which the Steel Cor
poraton will publish this afternoon for
: the last quarter Of 1918. Maximum cs-
Inmates ranged about So4.0O0.O0O.
th.t rafI ,t,,vu 4
were more or less depressing. The At
Gibson statement showed n decrease OF
sl,2s3.o00 in gross. net earnings falling
off 100000. The opening OF hearings by
the Interstate Commerce Commission on
the protests OF shippers against the rate
advances asked by the Eastern railroads
directed attention to the uncertainty OF
an important factor in the prospect of
values, an uncertainty which was EN-
phasized By the Interstate Commerce
Commissions report on the st. Louis and
San Francisco receivership This report,
which was particularly severe In its critl-
cism of the financial operations of the -,
Louis and San Francisco. was published
SO late In the day that II failed OF ANY
reflection In the stock market, but nat
urally ii suggested questions AZ to .he
effect which its findings might have OIL
political inclnations already radical IN
/ their bearings ON interstate corporations
| Foreign security markets were some
what irregular. There was heaviuess on
the Continent. but London exhibited
strength, deriving inspiration from the
I the way Ia which new capital issues were
being oversubscribed. Another excellen;
weekly statement was made by the In
pcrial Bank of Germany. but Abe more
significant situation at Paris was illus
trated by the engagement of $4,000 600
gold her for export 10 France on Wednes-
day. making 100000 in all on the new
outward movement. Foreign exchange
J closed around 4.s6L for demand ster-
/ ling. Call loans renewed at per
cent. Time money was reported weak
in tone. but the easiness OF money has
not been altogether as extreme as some
of the rates quoted lately would suggest