The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-23
FINANCIAL NEWS
And COMMENT
Advance in stocks Sustained
and Carried Further on
Larger Trading.
L. :. STEEL LEADS THE LIST
European Discounts Fall Fur
thcr-Statc Bonds Quickly
KcsOld.
L. :. STEEL LEADS THE LIST

buying movement In the stock market
was afforded Yesterday by the way in
which official discount rates toppled all
over Europe. Paris was the principal
exception. the Bank Of France maintain
ing its rate at per cent, although
private discounts were q, OF | per cent;
below that figure. and undoubtedly the
situation II: Paris IL operating abroad for
some restraint on the full expression in
securities of the worlds turn In money.
1t Is expected that French discounts Will
he officially lowered whenever the time
seems right 10 begin the heavy task Of
new financing which Paris has postponed
for 50 many months, but until this occurs
there may he some chance Of check from
abroad on the expansive tendencies In
which Wall Street Is INDUCING. II is
to be noted also that In all the last week
or so ~ rapid rise and active dealings
in the Wall Street share market Europe
has not been recorded as conspicuously
a buyer.
Nevertheless n local incentive to the
persistence of the rise In stocks WAS
provided by the financial situation re-
ported In the foreign dispatches yester-
day. The Bank of kngland's rate went
down from Al to 4 per cent. and could
be lowers judging from the unprecedented
reserve ratio which was exhibited The
Berlin bank rate went to a.. pcr cent.
and official rates were lowered in Hell
giuIn, Sweden. Denmark and Switzerland.
Naturally all this tended to increase the
optimistic impression produced by the in
spring success of the sale OF New York
state bonds Oh Wednesday, when the
issue was more than five times over
subscribed and wen. to the Kuhn. Loeb
& Co. syndicate at price to yield less
than a. per cent. The deductions from
this sale were quickly emphasized yes
terday by the announcement early in the
day that the syndicate had resoid the
whole issue at slightly more than "A point
advance. institutions. dealers and inves-
tors having FASTENED TO apply for the
bonds which were dealt in publicly at
1O7L..
The stock market had to take all day
much selling which appeared to contain
little effort Of bearish nature. but rep
resented heavy realizing. There were
also circulated during the session IA char
acteristic lot OF stories of the kind apt
TO he started when the pace of "A rising
movement is being specuativcly accel-
Grated. one Of these involved con lectures
that either or both the Baltimore and
Ohio and Lake Shore railroads had been
1iquidatng their Reading holdings. but
whine the conjecture did not lack plaus-
bility no confirmation was obtainablc.
According to another rumor the United
states Steel Corporation WAS endeavoring
To adjust its affairs with tn. Federal NJ
torney General after the fashion Of tn,
recent settlements OF litigation negotiated.
No corroboration of this rumor was forth
coming and IL was doubted because Of the
confidence which the corporation has felt
in the strength of its case In the Govern
ment lawsuit and also because of pend
Ing legislation to provide method for
assisting corporations 10 conform to the
law 1t seemed unlikely that the Depart
ment OF Justice would anticipate at the
moment the scope and operation of the
new statutes.
Irrespective of all the foregoing the