The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-15
FINANCIAL NEWS
AND COMMENT
Rapid and Sharp Advance by
Stocks in the Late
Dealings.
POSITION STILL STRONG
Reasons for the Fresh Upturn
Not Necessarily Altogether
Political.
POSITION STILL STRONG

highly interesting burst or strength
characterized the last hour OF yesterdays
stock market. Until well In the after
noon dealings had been desultory and
prices had moved irregularly in the same
fashion Of itful firmness which they had
exhibited since the beginning Of last
week. Then the market proceeded to
harden all around. and in the last half
values rising more buoyantly perhaps
than at any time since recovery started
In December.
In tho main prices were carried to
the previous high figures OF the month.
but new records were made in some con-
spicuous directions. notably by Southern
Pacific. Final quotations disclosed "a
large array of very substantial net gains
ranging upward OF point, and the aver
age OF the list attained a new high level
The movement had good leadership.
prominent issues in the advance being
Amalgamated Copper. Louisville and
Nashville, Northern Pacific, Reading.
Union Pacific. United States Steel and
even New York Central. Trading in the
last hour was almost half OF the day $
total
As Wall Street talk this week has been
so largely concerned with the nature OF
President Wilson's Forthcoming message
or address To Congress II was perhaps
natural that the fresh turn of the stock
market to rising strength should be re-
lated in conjecture to anticipations OF the
Administration policy respecting trust
legislation and the rest OF the political
programme as II may be defined In the
Presidents utterances. Washington ad-
vices teemed with forecasts OF the Presi-
dents communication. and most OF the
forecasts lent themselves TO an optimis-
tic construction. However. IL remains to
be seen to what extent the political pros
pect is one of soft words for general bust
ness to be followed by conservative legis-
lative enactment and to what extent the
rampant radicalism Of Congress will be
limited and restrained by moderate meas
ures which receive exclusive Admnistra-
ton favor.
1t may be q more reasonable inference.
In keeping with some OF this immediate
and recent manifestations OF the stock
market, corresponding with the DISPOSE
tions and desires of the business COM
munity. that quoted values merely made
"a further response to indications that
trade. industry and finance turned a bad
corner last year and were rejecting con-
structive intentions to make the best pos
sible use of political as we'll as other fac
tors.
Very likely the last hour demonstration
In stocks yesterday was speculatively in
itiated. but II disclosed "A scarcity OF Offer
ings and prices rose with remarkable ease
and unanimity.
Public buying has persistently, although
very slowly, Increased in the past fort
night, and II seemed TO be indicated that
10 hot Snl enr h.. A,sti IN
for the realization of profits on long COM
mitments. had been well absorbed. SO that
the market retained an excellent techni-
cal position. There were signs both OF
short covering and Of hasty repurchasing
of securities which had been parted with
on the theory that a material reaction
would probably furnish early opportuni-
ties for advantageous replacement.
Foreign adNices We're on the whole en-
couraging. Europe displayed no particular
scnsitiyeness to the default on Mexican
debt and dispatches from the other side
noted that the financial situation abroad
would be helped by our gold exports. which
are expected to aggregate substantial
total. Whatever helps the European sit
uation will react favorably here
Domestic news apart from matters al
ready referred to was not much OF n Wall
Street influence. Weekly reviews of tho
iron and steel trade reported both that
estimates OF the dimensions or depression
| In basic industry had been overdone and
that accounts OF the Improvement which
had taken place In steel lines since the
| turn of the year were exaggerated. New
1 ertheless the fact OF improvement, how
ever slight, was clear.
Call money renewed at 81. per cent
Foreign exchange held around 4.s675 fol-
demand sterling. Increasing investment
inquiry was reported and the market for
iona In I'M On
Missouri Pacific notes being especially
strong.