The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-17
FINANCIAL NEWS
AND COMMENT
Stock Market Shows Some Eff
feet Of Weight Of Profit
Taking Sales.
UNDERGONE STILL FIRM
Influences Of Politics in tho
New Movement Of the
Share List.
UNDERGONE STILL FIRM

stock market yesterday, especially in the
late dealings. Trading during the ses-
sion was on almost as large scale as
on Thursday. but It was evident that the
advance had been checked. Whether or
not this meant anything more than the
usual disposition of a market TO halt or
reverse itself toward a week end after
several days of pronounced movement In
one direction was Of course conJectural
At the same timo It was manifest. as it
has been for most Of the last four weeks.
that offerings of stocks Increased on every
demonstration Of rising strength.
Much Of the recent selling appears to
have been excellent and presumably tho
list has begun TO feel the weight Of such
sales. despite the astonishing rapidity
with which absorptive capacity has been
developed. Yesterday the exhibitions OF
aggressive strength were confined largely
to specialties or noted only in special
quarters. The general undertone remained
fairly firm and all around resistance to
pressure was unmist akably offered The
market as a whole made an average gain
for the day. but It was unsteady at the
close and closing price changes were tr-
regular.
Rumors were circulated In the late at
ternoon about the nature of the forthcom
ing address by President Wilson to Con-
gress. especially In relation to trust leg
islation. According to these reports IL
WAS likely that some optimistic antici
pations would be disappointed, but 1t
may be said that reflective persons have
been increasingly disposed this week to
temper expectations of constructive infiu-
ences from politics with regard to the
known facts Of a vast amount OF pro-
posed legislation at Washington. Analy-
sis has shown that. irrespective of Wall
Streets inclination to embrace enthusiast
tically remarkable departures of govern
mental policy from the tradition that this
il a Government of law and not Of men.
and regardless OF tho programme Of kind
words for business which has been form
ing itself Congress has apparently been
proceeding to carry on the political revo-
luton OF business conditions.
So far as the new trust legislation Re
defined, II Is as drastic In its way as re-
vision Of the tariff has been OF as the
reorganization of the banking and cur
rency system. In addition to that, Adj
ministration leaders in Congress are
urging measures for the accomplishment
Of many objects condemned in the cate
gories Of common sense and ranging all
the way from the Government guaranty
OF bank deposits to tho abolition of un-
incorporated stock exchanges and clear
ing houses.
As a sign Of the times attention might
be directed to the Washington dispatches
reporting the determination Of the Pres,-
dent not to make further appointments
to the Federal Reserve Board until after
washingtons Birthday. so that national
banks in reserve cities, which must apply
for membership in the new Federal sys-
TEN by that date. will have to go In
blind so far as concerns the personnel of
the governing body. In view OF the eN-
tent to which sentimental influences in
spired by political exhortations have been
figuring in the stock market lately. It
will be interesting TO observe what effect
is had by the actual developments OF poll
tics in the near future.
Except for the readjustment OF finan-
c.al arrangements In the Atlantic Coast
Line properties there was not much other
important matter in the days budget OF
marltetwise news, except the indications
OF the weekly bank clearings, that gem
eral business depression persisted, and
such information as related to the situa-
ton In the money market. domestic and
foreign. Investment securities abroad
displayed some strength on the ease of
money, but the position seemed to be on
the whole uncertain. and little doubtful
In view of the slow progress of under
takings in the field of new financing.
II was announced that tho Prussian Gov
eminent would offer $100.O00.000 OF 4
per cent. Treasury warrants on January
| 20 at 81. a eighty lower price than that
fixed for last years issue, and that the
German Empire would postpone borrow
ings on account Of the unpropitious as.
poets Of the money market
1t should not he forgotten. in consider
| ing the position of money. that this Is the
| time OF the year for normal ease and tina,
| later aspects of the capital and credit
| markets will depend very much on the
course Of events as borrowing demands
are urged in the huge volume which Is
| impending. Call money in Wall Stree,
renewed at 2h per cent Foreign ex-
| change reacted further. demand sterling
| selling below 4s61a, but there is no rea.
son for expecting anything else than a
continuation of gold exports. although In
| cidentally It may be recorded that Canada
Is apparently returning the gold which II
| withdrew so suddenly two months ago
100000 moro being received yesterday
| On the known movements of cash. the 10
| cal banks made another large gain from
the interior this week. estimates ranging
| -