The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-11
'BAD MARKET NEWS !.
GETS NO RESPONSE.
! CONTINUED PRESERVATION OF
STRONGLY TECHNICAL POSI-
TON IS INDICATED.
CONGRESS NO SCARE
WALL STREET DOES NOT LOOK
FORWARD TO CONVEYING OF
THAT BODY WITH APPRE-
TENSION.
CONGRESS NO SCARE

NEW YORK, Jan. 1o.--Much the same
to bad news was ex-
hibited by the stock market today as
was shown at a lower level Of prices
In the last quarter of 1913. Presum-
ably this testified to the continued pre-
ssfvAtion OF = strong technical posi-
ton. for there was no marked appear
Anee OF efforts TO hold prices.
Pressure from quarters outside the
professional trading community was
still lacking. Accordingly the market
lent itself to the conclusion which have
been shaping for some time past that
quoted values are now sustained among
other things by the very great relaxa-
tion. which has begun in the money
market with it's promise of improve
ment In investment. and Its portents of
success In the task OF new financing
with which corporations are confronted.
Has Hopes Of Congress-.
There can be no doubt also that hopes
are entertained OF some suspicious de-
velopments in politics. and the resump-
ton OF the congressional session 10
looked forward to with loss apprehen-
sion now that the administration has
displayed sensitiveness both to the de-
precision of business. and to the evil
dence which has been furnished of a
dssirs on the part of business leaders
to adjust enterprise to the spirit of
public demands. The conviction that
the railroads must. and. accordingly.
viii receive early permission to make
freight rate advances. enters into tho
stock market situation. which 10 furth-
srmore based on the fnr-reaching ex-
tent of last years liquidation.
Today's news, although deserving of
the Wall Street appellation Of bad"
PaHAcfad a aurh Published
outlines OF antitrust bills shaping ir
congress under administration auspices
were confirmation of the view that
more antitrust legislation In to be
enacted. but such legislation IL ex-
pected to mark the extreme OF political
revolution a long Time to come. The
announcement that the government had
rejected an extravagantly generous
proffer OF settlement by the American
Sugar Refining company tn the Sher-
man law proceedings. which the gov
eminent has been conducting. was dts
appointing. but 1t was recognized that
exceptional eircum stances might have
governed In this matter.
New Haven bond Issue.
The decision by the Massachusetts,
the So. 600 issue Of New Haven con-
vertible bonds, pointed TO a somewhat
extraordinary conception of corporate
finance. but as the decision was render
ed on an application made in behalf OF
a large stockholdiug interest II was as
sumed that the stockholders themselves
would look upon the status of their In
vestment as In no way impaired. The
OF French national
railway loan was a token OF the in
auguration Of the financial campaign OF
the year In Paris, which will It 10
hoped. result In relieving the worlds
capital market from great deal Of
tension. Apart from matters already
referred to one OF the principal features
Of the days domestic news budget was
the United States Steel corporations re-
port OF untitled orders on it's books at
the beginning of the year. They re-
veaied a decrease during December OF
1l4.2ss tons. a shrinkags which was not
in lire with other statistics that have
pointed to something like an extensive
slump in the coantry's trade last
month. II was. therefore. somewhat
Of the conjecture in the
steel trade lately that n turn temporary
or otherwise, has been made In the
industrial side.
The United States Steel tonnage
figures had no market rejection. Con-
sidertng the character OF the more
prominent Items or maFkeswiSe news
over might, the share list acted well on
fair volume of trading. Leading
issues displayed underlying fruness
and some aggressiveness towards the
close, while there were pronounced
demonstrations of strength in special
ties. led by Texas OIL.
stock Rises sharply.
This stock rose so sharply after the
sustained advance which IL has been
making as TO suggest the probability
of early disclosures which would ac-
count for the movement.
Tho exhibit by the banks was a re-
mhrkable testimony TO the rapidity
with which the banking situation has
been improving In response to the
liquidation Of credits, and the release
Of cash from trade engagements In
consequence OF the depression OF bust
ness which has been accentuating the
normal tendencies Of the season. Ac-
cordtnE to the actual figures there was
loan increase of only about $500. 600
but there was cash gain OF over S2s.-
100000, which was well In excess of
the preliminary estimates.
In the main the principal features Of
tbs week have been alluded to in the
foregoing. A report of an increase of
43,5o0.O0o pounds In copper during De-
cember. and an increase Of almost 1s2,-
coo In the number Of idle freight cars
during the same month, were evidence
Of the state OF trade. The reduction Of