The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-20
FINANCIAL NEWS
AND COMMENT
Recovery i'm Stocks Carried Fur
ther to a New High
Average Level.
OPTIMISM FROM EUROPE
Money Ease Affects Securities
Eyerywhere-Unccrtainty
About Politics.
OPTIMISM FROM EUROPE

Europe provided tho initial stimulus
of the domestic financial day at the outset
of the new week. The foreign security
markets were all strong on increasing
ease In the market for discounts. and
although the situation In respect to sup
plies of capital available for fixed invest
ment has not defined itself the relaxation
of credits Is having an expanding effect
on security values This Is true even OF
Paris. where the Governments schemes
for taxing acquired wealth are not con-
ducive 10 the restoration of French In
vestment confidence. At the same time
investment money Is seeking employ
ment abroad. encouraged by the relief
from money market strain. and a small
offering of an Australian public bond
issue Of Z per cents. at 81 was reported
to have been largely oversubscribed In
London. Consols advanced almost point
following last weeks rally. and the
general London market was described a.
rising almost buoyantly.
Copper shares and copper metal were
active at advances abroad and one OF
the features OF tho Wall Street session was
the CONSPICUOUS strength OF metal stocks.
including both Amalgamnted Copper and
United states Steel There were OBJ
servers who were inclined To suspect
aggressive operations in these quarters to
stimulate buying elsewhere and facilitate
selling at the same time. but the markets
general absorptivo capacity was salts
factory and was unquestionably con-
tinucd reflection of the money position.
which is obviously easier hero than In
Europe and u response also TO the en-
| fNv. ant n
views which Europe seems to have derived
from the turn IN money. Under the cir
cumstances abnormal ease Is II season.
able phenomenon of the money market, but
| II might be we'll TO remember that
January monetary aspects are not wholly
| significant Of the conditions which may
develop later.
| Nevertheless Saturdays bank statement.
with Its exhibit of an actual surplus re-
serve OF $4,000. 900, the largest shown
| since the practical termination or the
| hard times period of twenty years ago,
| could hardly help exercising construc-
| tive influence over the share list. This
! was especially true when call money con-
| tnued to decline and renewed at per
cent, while the quotations for time money
| dropped further so that they ranged from
| 81 per cent. for sixty days to per cent
| for six months. Commercial paper seems
| TO have been all bought up by the banks
! In the last Few days, ana DTohtTs III Vtpet
| are urging borrowers to send along theiI
| notes in order to take advantage OF the
disposition OF the banks.
| A good deal of interest was displayed
| In the anticipatory bidding which Is go
| ing on for the state Offering OF $ol,ooo.'
| o0O OF Al, per cent. bonds To be made or
| Wednesday, and the outlook for fixed
| Weld securities seems, on account Of th'
| situation In money. to be- more ASSURE
| than the prospect for stocks which are
| subject 20 the immediate relations Of busi
ness conditions and the effect OF politica
, considerations. Foreign exchange hel'
around 1850 for demand sterling. bu
| there IL no reason for thinking that th'
probability OF substantial gold exports ha'
been in any way lessened.
| Stock Exchange seats sold at $4,000
n further recovery or s5,ooo. ana th'
mood of the stock market community II
distinctly more hopeful. although tempered
by some doubts about political portehts
Trading yesterday was In fair volume nnt
the list closed at "A new high level for thu
recovery which set In a month ago. Is
sues like st. Paul. Louisville and Nashville
New York Central and Northern Pacih'
displayed aggressive strength ana stock'
OF that class showed so much frnncss a!
to suggest an increasing amount OF in
y.stment interest The industrial do
! partment was the real leader of tho ia,
and WAS favored by speculative pur
chasers. Reading was again iaggart
and some of the leaders reacted moder
ately toward the close, but the finai tom
was strong. Foreign dealings were OF
both sides Of the account.
What unfavorable news there wa
seemed TO be more or less ignored. Thi
included the vigorous attack made on tn
Lackawanna Railroad and its coal com
pany In the Government suit under I'll
Hepburn act and the strike on the Della
III x..lt. ~. ts,.lt