The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-24
FINANCIAL NEWS
And COMMENT
Strong Upswing in Stocks After
Irregular and Unccr-
tain Movement.
NEW LEADERS FOR RISE
Cash Continues tO Pile TIP in
Banks--S2O. OOO. 900
Gain Indicated.

Although there was some slIgnt falling
on IA the volume OF transactions In yes
| torday's stock market there was no abate-
ment Of It's strength. During the first four
hours Of the session prices moved some
what unsteadily through an area Of fairly
extensive fluctuations. The list looked as
though IT has been overtaxed by the
weight Of realizing sales In the past few
days ana traders were inclined to aitlc-
'pate In their operations some reaction
airy change in the drift of quoted values
In the last hour. however. there was an
other pronounced outburst OF activity and
strength which carried the whole market
upward under the conspicuous leadership
of southern Pacific. Baltimore and Ohio
and consolidated Gas.
The manner III which the renewal of adj
vance was conducted suggested deter
mined speculative effort, but the profess
sional community has begun to be rather
cautious about imputng tactics of any sort
10 the present market II has begun to
think that public buying. of which there
has been not "A little evidence this week
has come In on r scale which has bafted
Calculations based Oh the more or less
thoroughly profess !onal markets. OF recent
years. Public participate, e. would be but
"A natural consequence OF the countrywide
Impression made by President Wilson's
forecast of prosperity coming at n time
when there was nothing which was SO pop
ularly desired as the promise of prosperity.
Nevertheless 1t has been supposed that the
public was rather lacking in funds for stock
market speculation. and all that Wall Street
knows is that the market has given an
unexpectedly stubborn exhibition of alb
sorptive capacity and has been character
lied by a steady pursuit of prices upward
by purchases which could not be attributed
altogether to the final retreat OF the short
Lat. ,tne txxl las
vestors at "A level for railroad shares which
was bringing them into competition with
the new securities that must be sold
sooner or later to accomplish the neces-
sary railroad financing of the year. There
was still no sign that Europe was much
interested In the constructive side OF our
stocks and the foreign markets had some
aspects OF WEAKNESS under the pace of
recovery fostered abroad by the rapid
easing of the money market
There were no new factors In the Wall
Street day. Business In bonds was brisk.
but 1t Is TO be noted that good deal OF
such business Is OF the speculative order
in that II represents process OF stock
Ing up by dealers in preparation for the
increase Of public consumption The new
State "A per cent. bonds were dealt In
as high as 1918. or more than Ia points
above the price obtained by the State.
Washington advices might have been
counted somewhat less favorable to the
unchecked prevalence OF Wall Street OPP
timsm. for they directed attention to the
drastic character OF the new legislation
for the control OF business for which the
Administration is pressing under cover of
Pres ldent Wilson's soothing prospectus
still there was some offset in tho evil
dence that the President did not propose
to have Administration sanction attached
to legislation for the regulation OF the
which he did not himself specifically
recommend or indorse. Wall Street was
full of the liveliest kind of ruinors about
realignments in the railroad world and
1t was suspected that some OF these
rumors might have a distant relation to
the truth. in that It may turn OUT that
railroad treasures are being unloaded OF
stocks which they have held simply as
Investments and not because they have
represented an Interest Indispensable to
the workings of their own properties.
The cotton ginning report raised once
more the estimates Of tho probable size
OF last years crop. This, however, was
about the only encouraging trade news
item OF the day. Tho Idle freight car
report as OF January 10 disclosed a net
, surplus OF about 2l5,oo0 cars, an increase
OF $4,000 since the beginning OF the year
The country's agricultural exports for
December fell Sl3.119.O0O below the ex-
ports OF the corresponding month OF 1912.
Foreign exchange closed around 1851,
for demand sterling Call money re-
| newed at Ia. per cent, not only the low
, est rate of the year. but tho lowest rate
in many months. circumstance all the
more striking because tho decline oc-
CURED on A Friday. when loans carry
over until Monday. The fall In lending
rates confirmed the indications OF cash
changes by tho banks this week. the
known movements OF money pointing 10
| gain In the neighborhood OF $50 00O 900
The banks must be in q plethoric posi-
ton despite the syndicate operations that
have been going on and the active rise
in the stock market.