The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-22
FINANCIAL NEWS
And COMMENT
All Around and Extensive Ad-
vance in stocks on In
creased Trading.
STATE BOND SALE HELPS
Further Lowering Of Discount
Rates Looked For at
London and Berlin.
STATE BOND SALE HELPS


stock market was shown yesterday by the
largest volume OF trading since the cx-
cited dealings which marked the termi-
nation of decline just before the middle
of lust year. There was accompanying
this expansion in transactions "A price
movement of increased breadth and con-
siderable buoyancy.
1t looked very much as though the
stubborn portion OF the short interest
which had held to an untenable position
for months was approaching extinction
1t was evident also that the professional
community was adding to its commitments
ON the long side, but there were further
indications Of an aroused public DISPOSE
ton to make hasty investments. AS though
there was fear that stock could never be
bought again at anything like present
prices. Indeed the session was almost Il
little too ecstatc for the liking OF inter-
ests and individuals who had been able
10 hold Views of optimistic confidence
many W, eks ago when there was wide
prevalence OF pessimism and not much
patience for cheerful opinion of any kind.
Whatever this may signify. the fact re-
mains that quoted values rose persst.ntly
all day despite the heavy pressure Of
realizing sales and the close was strong
and not far from the best figures, with
an astonishingly large array of substan-
tial net gains disclosed in the final price
level.
Internationally the market made re-
Spouse to the prevailing construction
placed on President Wilson's message.
which preferred to disregard FOR the time
being the substance of the Administration
programme for charging immensely the
scope OF Government regulation OF bust
ness. The enthusiastic advertisement of
the atmosphere of the Presidents address
was distinctly reflected In the strong ris-
ing impulses which the share list dis
pla! ed In It's active opening. OF course, II
II not likely that an influence so eX-
ClusiN,ly sentimental can long endure In
undiminsshcd vigor and Il has to be re-
membered that the nature Of pending
legislation will come in for more serious
discussion In the near future. For the
moment. though. Wall Street gives iudi-
cations that the Presidents concilatory
manner Of treating the problem OF busl-
ness relations to Government had evoked
Il sympathetic reply from the specua-
tive community suggestive OF expecta-
tons that the business situation must in
eVitably benefit from the expression oi
political desrc to restore the conditions
of business confidence.
A notable impetus To further stock
market Improvement WAS provided early
In the afternoon 10y the publication OF
long lists OF names of bidders for tn,
Offering of S5l 100000 Of New York state
a. per cent. bonds. 1t was soon seen
that the issue had been many times over
subscribed. and such an ovcrsubscriptiou
was corroborative of the signs already
presented that there was "A large amount
Of money not only available but seek
ing investment in securities OF high grade
This IL. of course. promising for the in
suguration of "A successful season of new
financing and matches with indications
abroad that the securities markets this
year may overcome the congestion with
which they have been so long afflicted.
In addition to the size OF the sub.
scription the price realized was also most
gratifying The bid OF the Kuhn, Loeb n
Co. syndicate. l06.071. for all or none Of
the bonds was al least II. points hghe!
than had been commonly supposed wouli
be obtained by the State In the averag.
Of sale Such a bid was proof of III,
Judgment OF discerning bankers as to tn.
circumstances of the investment situation
ana is likely to have the effect of proinot-
ing advanc" In the prices of Investment
securities generally. Nevertheless it !.
possible that the eagerness with which In
vestment inquiry turned TO the STATE
bonds was a token of some doubt about
the status OF corporate securities during
the political revolution which is going oi
In tho corporate world. and it must he re
membered also that experience with the
income tax has already enhanced ma
terially the attractions Of public securi'
ties which are tax exempt.
With President Wilson's message out al
the way and the State bond sale an az
compllshed fact, with all its implication
derived from the traditions OF such sue
cesses at important financial junctures
there does not seem much for Wall Stree
to reckon with In the immediate prospect
save the sobriety Of second Thought an,
| the conditions in the worlds money mar
kets. European dispatches predicted am
other reduction to-day in the bank rates
at London and Berlin and this OUTLOOK
| was another helpful factor in the stocl
| market yesterday. but banking inter.s
| in the ease of money Is bound to bc less
on stool, market account than because a.
| its contribution to the reiinancing and re
| funding undertakings which have beer
| long held in allegiance. both at home ant
| abroad. Cali money renewed at . pc
! cent. yesterday. Foreign exchange hard
eued a little, Canada sent 100000 NOR,
| gold here.
The principal item of trade news wa.
contained in the weekly report on tn
steel industry, showing that the turn II
| the market was more In the nature OF In
creased buying than in any tendency o
prices TO recover The Baltimore an,
! Ohio started the reports Of railroad earn
| ines for December with an exhibit OF ma
! terial shriukage in both gross and net
! The Interstate Commerce Commission. by
arranging II schedule Of hearings for pro
! testing shippers extending to March .
seemed to intimate that decision in thu
| InStrrn rnilrnnd rAte case could hardin