The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-19
FINANCIAL NEWS
And COMMENT
Stocks Fall, Then Rise Sharply
and Finally React All
Around.
RATE CASE THE FACTOR
Market Affected by Reports
About President Will
sons Attitude.

That President Wilson's name is as
magical 10 conjure with in Wall street
as II has been In Washington was demon
strated In yesterdays stock market. From
n 1T OF weakness late In the forenoon
the market was turned abruptly TO n dis
play OF general strength on crcumstan-
tal reports that the President. in con-
ference with the chairman of the Inter-
state Commerce Commission. had urged
the importance OF rendering an early de-
cision on the application of Eastern rail-
roads 10 advance freight rates This
news seemed to disclose a moderately
oversold position OF the share list. although
II was doubtful II the short account rep
resented anything more than limited pro-
fessional contracts After the first DEM
onstration CT rising vigor quoted values
remained Arm. but trading fell away and
In the last hour prices proceeded to re-
act almost as rapidly as they rallied In
the morning. The fresh downward move
ment was inauguratea by late Washing
ton advices which seemed to qua.!.y ma
terially. n they did not contradict the
tenor Of the forenoon dispatches In the
end the market closed about midway be-
tween the low and high prices ~ the day
and ut general average Of gain. but
its tone was unsettled and Wall Street
sentiment was much confused.
II had been demonstrate that stocks
were very much under the influence OF
considerations connected with the railroad
situation. II was also shown that for
ward impulses were easily revived on
any indications conducive to hopeful ex-
pectations regarding the outcome OF rail-
road effort, TO increase their charges In
order 10 cone with increasipp ratios of
exnense n had been eyinced too that
the association of President Wilson'S name
with any constructive nrorrom nc was
enough 10 promote stock market optimlsm
We, Tho Wall street community was left
vary much In doubt as IN what 70 he
lieye In the whole AFFAIR. An antecedeut
prnh,bilitv NJ tho truth nj the forenoon
renort had been created nv the attitude
nscr,bed last month TO the President. 1t
was recogni.ed that questions of prent
de,icacv we're involved in uttributiny TO
th.. president any course which could he,
in,erpre,ed ms sub,ecting the Interstat.
Commerce Commission TO executive pres
sure bu. at the same time the Admins
tr,tion's CONCERN with n subject OF such
broad public policy as the state OF gem
eral business was regarded AZ furnishing
warrant for si,,h expressions of opinion
40 IN. presi,,ent co,,ld With propr,e,y M
ter i'm official circles
I, was said Also that EFFORTS 10 hasten
the settlement OF pend,ng railroad urob-
lens. urcertalnty abou, which has .x.r-
cis,d restraints over business enterprise.
wc-a FAR from being Identical with any
at,.mnt TO influence the nature of th,.
conch,~lons To be arrived at. There were
thos. who ana not care particulariy. to sec
quoted values moved up and down In nc-
rordanc. With the variations of the wash
Inr,on renort about Presidential Initiative.
hut this is something which IL Far from
beIns unknown in wall Stree. history. and
attention was chiefly engaged with the
merits uf the ,ase for higher freight rates
,hn, the railroads hay. been submitting.
sill II was not a particularly satisfactory
day IN th. Wall Street calendar and IL
was TONED that over night the political
factor would he somewhat more clearly
defined than II was during the stock mar
k.t session.
There was n fair amount OF other i'm
nortant news OF marketyise bearing
Foreign desnatchea told OF some hegyiness
In securities al I.ondon AZ "A result OF TN.
hsrdenIne OF money in r.sponse to IN.