The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-28
FINANCIAL NEWS
And COMMENT
FcvcrishncsS i'm Stocks, but Pro-
fcssiOnai Pressure Is
Resisted.
EUROPE BUYS LARGELY
Important Ruling by Inter-
state Commerce
Commission.

ment seemed to have Increased IN the
stock market community, the share list
,,soir continual, ., oxhib,, nrmpess ves.
60, ....
e'"'f' "'' Wv
fessional efort 10 depress prices ana the
mar ct had a tone OF feverishness which
II had not exhibited for some time. but
operations against quoted values did not
attract selling and trading tended 10 con-
tract on recessions. In the end the aver
age of the list was II trhe below Mon
days closing. but IT could not be said that
stocks had as yet rewarded the reactions
airy expectations which began to be en-
tertaincd III the last half OF last week
because Of the very extensive profit taxi
ing which threatened To- over,ax the mar
kets absorptive capacity.
The closing movement Yesterday was
rather inward than downward, Reading
coming To the fore as a supporting in
ouence altar having tended for many
DAYS IN act as "a general drag. Accom-
n,nyin, tho nrofessional pressure Ar.
,Ii.i ,o ,h, lie, uas vha. seemed 10 he
y ,a,r,,, .i,,riac,n, exnausion NJ foreign
,n,arns; In ,hs co,structiye aspects Of
sa,,,r,,,.s ,oro EnroIyu odvires wore
d,s,,,,,,,' tayor,h,o All tho European
80. wy .,''' ,,..'r, s,rnny pri,,sh CON.
-, - II. ,t,, o., 81.
sv,e .'uu. 49,, ~, -. 49, o,,, 49,,
a ,,,.' WI" ~, 10" ,,,,'' ~ Eve p,,,,,r
u,.I'''e si'.e Wv ope".'s -, 80 'a'
""'' al" h,'es''e"t ~" 'P
sues sei'erail' respon"eu !. '"' ,.
Oh Iur'her relaNa'io" III we r'u' opea '.'
none! harh.t. ~hich inviuue" '''o'c sis"S
OF easier conditions AT Parls.
That ms country Is contributing -
financial improvement abroad IL coro'-
larry OF the exports or gold which we are
making to France. ana reciprocity NJ
benefit is likely to be experienced IL any
trustworthy indications are provided by
foreign purchases of our stocks
Contrary to the long custom OF past
Wars. Europe. probably because 1t was
not in n position to do so, was not buyer
OF American securities around the low
levels in the last half of 1913. but IL II
should come in as buyer now
II would suggest that the financial view
abroad regarding our economic outlook
= that even at the rise which has taken
place our stocks and bonds are not over
valued. However. the immediate posi-
ton OF the Wall street market cannot
De calculated in such Conjectural terms
and it is being watched with Il good deal
OF local curiosity for the signs which II
may give of tendency following tn,
heavy realizing to which II has been sub
jectcd. due regard being also had to the
bearings OF the present political unc.r-
lantes on the possibility of sustained re-
lovery in stocks and general business At
A season OF normal dulness.
The unknown quantity Of politics wa
more or less conspicuously illustrated by
he ruling of the Interstate commerce.
Commission ON industrial railroads
which WAS punished alihost 100 la'e 'o'
my stock market reflection IL was
impossible 10 dissociate inns ru'hs IRON
he pending Eastern rate case, especia,iS
the coninissions opinion cohilecteu th'
wo' IN substance the Voi',i'i,ss, oi'
SCENE" 10 pIoNiue ior suo9'.'. ,"' M
| crease IN ra,iroao earn,,ss =" .ne N
pehse VI "Is, 'u''',a, ~, .
t'ons an" - .u''n' III '''' nutH.I',o" ~.
ce".'! n'a'' . ~, wy ,.,nr.,s' -, -, II
~ i,"I." w. -. ~ .,',,,,'1'ha,,, ,,.,hnds H.,
'"'" t, ~. ,,,,,.'r.,i .Ia,.',,io,,
-, ~ 80 - So dn,,h,
VI az. sa,,s, 80. ,,o, ,he ,,aci.,,
W" 49,, ,,,,,stn,',s h,,, nm ,..r,,,i,, ur,,.
,I,.'. az .h,r,nr ,,c,i,,ts with industrial
,,n',,L IN. r,,s,rn.d ns favor.
| 81. 10 ~ h,h, of ,b. .nti,in,tions al
ao,,'.,'.i r,s,, In ,.,.s Ian, ,ber, was "A,
| iisno.i,ior ..,rd M. COMMISSIONS dc.
nis on ns ,s,.nt,nljy adyers. TO eith.,
railroad or industrial values.
| some Of tn, sIackening of stock mark
| activity during Tin, dav was undoubtedl,
owing to thu. inclination to await tn.
| I'nit.d States Steel Corporation's report
| which was nor issued until after the clos,
az IN. market ON the whole the state
mani of earnings for tn. december quar-
| ter of 1913 was in line with the averas.
Tor forecasts. The net earnings exhibited, 4
little more than $4,000, 900, were much
| nearer the more optimistic than the NOR.