The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-13
MARKET DISPLAYS
FURTHER STRENGTH
NEWS or FINANCIAL BEARING
OPEN TO FAVORABLE
CONSTRUCTION.
DAY is FAIRLY ACTIVE
TRADING COMPARES WELL WITH
VOLUMES or RECENT WEEK.
LONG LIST OF FAvoRA-
BILE NEWS.

AFSN YUM. JHIi+ 4 -
Tho news of financial bearing over the
wesk-erd permitted favorable CON
etrils,tiea. and a further display Of
strength was made in the stock
market with trading on a fair scale
OF activity gagged by volumes In re-
cent weeks.
Saturdays's bank statement with
its $4,000. 600 increase In surplus re-
serves aid the relaxation in the
money market generally: advices OF
n more cheerful character from the
steel trade than had lately been re-
ceived, and the announcement OF an
agreement. between the New Haven
railroad and the department OF JUS
tscr. as to the terms on which the
disintegratton Of the railroads com
hinstion of properties must be Of
fected, all lent themselves to such
optimistic dispositions as the stock
market community has been manifest
ing. Nor was 1t overlooked that some
prominent financiers had IN the last
dav or two expressed encouraging
opinions about the ultimate outlook
for general business.
Rise slightly Checked.
Or the other hand. the early rising
tendency Of the share list was check
ed in some directions by the per
sistence of sales which seemed TO be
OF other than speculative origin,
while further restraints was exercised
by considerations connected with the
resumption of the congressional ses-
sion. and with the increasing prob
ability of gold export movement.
Foreign exchange did indeed ease
OF n little. demand sterling closing
around and below 4ssao. although II
might have been expected that Satur-
days bank statement would have the
effect OF strengthening exchange, and
call loans renewed at two and a half
per cent. while time money exhibited
further ease III tone.
Foreign advices were not altogether
satisfactory. London underwriters
had to take 60 per cent of the 4 / =
per cent Saskatchewan $4,000, o0o
loan. and Paris quite unexpectedly
drew $500. 900 in gold sovereigns from
london. The gold export movement
liz affected very much by IFS destina-
ton.
Quoted values started upward in the
early dealings with a good deal OF a
rush. In the main the list displayed
substantial strength throughout the
session, despite some weak features
ana closed with a net average OF ad-
vance while many substantial gains
were displayed In special quarters.
New Haven Responds.
New Haven responded strongly 20
the announcement about the agree
ment reached with the government,
but New York Central sold Mt the low
est price In seventeen years, on CON
tinuation OF the selling which pre-
ccded the proposal at Washington for
a congressional order directing the In
fersfate commerce commission 10
make an inquiry into the New York
Central system similar - the inquiry
into the New Haven.
There WAS some increase OF selling
pressure towards the close under
which Union Pacific reacted vigorous
~. but the late recessi1ns generally
ware not apparently significant
Foreign buying was reported in the
share list. but Il seemed TO he ac-
companed by persistent foreign
liquidation OF bonds
United States Steel was one Of the
days influential leaders on the con
structive side. but the more pro.
nonnced price movements were In
special descriptions. The oil stocks
California Petroleum, Mexican Pc
troleum and Texas company. con.
firned their rapid and extensive ad'
vance. the causes of which still re-
main q mystery The minor eel
stocks and the railroad equipment
Issues sympathi%ed with tho course
Of United States Steel American
Sugar. American Telephone, and
Third Avenue were among the other
strong features Of the session