New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-16
REVIEW OF The
STOCK MARKET
Broad and Active Trading
at Higher Range-Fed-
eral Outlook.


which was i'm progress during the last
hour Of trading on Wednesday was
only interrupted and not ended by the
closing gong. for with the opening of
business Yesterday the trading was re-
sumed on a heavy scale and at higher
prices. and wide openings in Steel
common. Union Pacific and Southern
Pacific almost made it appear that
real bun market had come after long
and weary waiting. That pleasing an
ticipation. though, will hardly he re-
allied Just yet. until and if pacific
disposition toward the important bust
ness enterprises OF the country shall
be definitely determined TO exist in
Washington and the , per cent rate in
crease shall be granted the railroads
by the Interstate Commerce Commits
sion.
All OF the advices from the national
capital, however. agree that the atti-
tude OF the administration. official def
milton OF which is promised for next
week, at the moment is less antago-
nistic to business than had recently
been supposed. and the reinsurance
conveyed by those advices was the
basis for the outburst Of activity in
stocks yesterday and the general ad-
vance in prices. The market was much
broader than for long time previ-
ously, with transactions in about 40
issues, and the total volume Of sales,
about 56O0 o0 shares, was the largest in
three months. In the bond depart
ment, too, the trading in which has
been steadily increasing in amount for
several days another new high record
for activity was established with deal
ings in nearly 100000 par value.
There was heavy covering in the
early trading, and there was also a
great volume Of realizing sales, which
were absorbed with an ease which
tended TO strengthen the feeling that
the improvement would prove not
short lived and sporadic. but was reg
istering a real betterment Of the gen.
eral financial and industrial situation.
United States Steel common, the sales
of which exceeded 100000 shares, was
the market leader during the session,
and closed with a net gain Of more
than a point; and similar advances
were made by several Of the railroads,
although the advances Of the principal
roads We're in the main confined to
fractions, while gains Of . 70 4 points
were made by some Of the specialties
and inactive issues.
Call money continued in its accus-
toned ease, and the supply OF lOanable
funds has become so large that rates
for time accommodation for all dates
have declined another !. per cent. The
demand for commercial paper was less
active yesterday, but the diminished
supply OF paper bearing the best names
caused the rates to remain stationary.
The foreign exchange market displayed
weakness, in response to conditions in
London. where private discount rates
fell on the excellent showing of the
Bank Of Englands weekly statement.
Demand sterling here declined -
points, TO 1860, lessening the proba-
bility Of an extensive outward move
ment Of gold at this time.
The Bank Of England reported an
other large increase in gold holdings Of
e, 10000 with loan decrease of mod
crate amount, and It's reserve percent
age, 555S. is the most favora bic for this
date IN nearly twenty years The posi-
ton Of the Bank. indeed, is so strong
that further lowering of the discount
rate might have been looked for yester-
day but for the unsettled situation in
South Africa. which may possibly re-
suit in temporary stoppage of gold
output.