The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-08
FINANCIAL NEWS
AND COMMENT
Feverish Day in stocks. With
Irregular Changes in
the Price List.
FOREIGN SALES OF BONDS
Money Market Breaks. With
Time Funds Freely Offered
at A. -2 Per Cent.
FOREIGN SALES OF BONDS


session yesterday Wall Street was some
what In doubt III to the immediate posi-
ton Of the share list and the tendency
Of quoted values. Dealings were on a
fairly active scale. although In volume
somewhat below the aggregate Of Tues
day. and at the end of the day standard
issues showed an average Of fractional
decline. There was rather well distrib-
uted strength In specialties, while South
ern Pacific and Northern Pacific persists
entity displayed aggressive firmness which
was not generally characteristic Of stocks
Of their class.
There seemed 10 be an inordlnatc
amount of energetic agitation OF the list
without any definite movement OF prices,
although fluctuations were fairly extern
sive. This, taken In connection with
other indications suggested the continue
ton of speculative pressure and OF rea-
lizing sales OF long commitments and
much of the selling was of apparent for
eign origin. Possibly European liquida-
ton may have bean more considerable
lately than has been apparent and may
have been largely responsible for the
rapid advance of foreign exchange here.
Foreign sales were quite conspicuously de-
noted by the seller ID and seller 20 trans
actions in the bond department. There
has been nothing in the foreign advices
TO imply that Europe has formed any UNI
favorable views OF the American pros
pect especially in the light Of the new
banking and currency law which Euro
pean finance has now had some oppor-
,unty to study. Accordingly Il il in
ferential that dealings In stocks here for
foreign account reflect conditions on the
other side.
Wall street was still IN two minds about
the Union Pacific distribution ~ Baltl-
more and Ohio shares. In IN, main there
was "a disposition TO regard 1t as some
thing of standofr between tho distri-
button of the shares and the reduction Of
the dividend SO far as concerned tie
Union Pacific shareholder. but otherwise
favorable because 1t was action which
accorded with the wiser public policy in
corporate affairs which IL clearly estab-
fishing itself. Baltimore and Ohio re-
sisted pressure In way which implied
no apprehension about the maintenance
of Its dividend. II was also infercntal
that selling was restrained by the notion
that the Union Pacific distribution might
b." tied M through injunction proceed
ingS instituted on behalf OF the Union
Pacific preferred stock.
There was no little wild clashing OF
ruinor about other distributions of in
might make either outright o,,.r tho
Union Pacific fashion or through sub
scription offerings, but the market did
not act as though any extensive credencc
was given to these conjectures in any
direction. The Reading Company and
the Pennsylvania were named in this
gossip. INT without any basis In n,ans
actually entertained 40 far az could Ia
learned.
The conflict Of Vows betwecn Inca,
bankers and the Federal reserve banl;
organization committee, which has been
holding hearings here, did not conduce
70 optimistic sentiment. but the financial
community Is not inclined IN anticipate
trouble in connection with the establish
ment OF the new banking and currency
system. Encouraging deductions were
made from Ia. Interstate Commerce Com
missions attitude toward tn. protest II
the Eastern railroads that II would take
too much time and cost TOO much 10
answer some Of the questions recently
submitted by the commission regarding
past financial operations. Encouraging
information was ais" vouchsac7d in TIA,
Iron Ag.'s weekly review of the sltue.
: tion in basic Industry II was pointed
oat that a better sentiment had I'M
questionabiy spread through iron and
steel circles ana that the tradet xrecta,
ton was that January buying Of steel
would turn the tide OF untitled which
, reced.d all through 1913.
f"resh aespa'cnes contained rathe
. mixed OPINIONS ana CONTRADICTORY Facts
Preparations are under way as denoted
by the Greek ana Serv'an loans. Tor test
or the European capitai market, ana I'M
| Terms are ana VIII he ruch rs To suh)ec
outstanding securities TO g"od deal o
competition. Inc hritish tra"e return ~
Decemner reported snrihkage OF *l'.oo"'
600 in imports. nut there was an eapor
| increase ot ahout ss,foo'oVo, wni,h ma!
nave been ihhuencen somewhat Dy on
tarih revision, Inc ront,hehtal s,ocl