The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-23
NEWS
AND COMMENT
stock Market RcactiOnary After
an Early Further Ad-
vance.
4 TEST OF ITS POSITION

Rcactiouary sentiment in Wall Street
found some cause for satisfaction in the
action Of yesterdays stock market. Bonds
continued strong and dealings in the bond
department or the Stock Exchange
reached the largest aggregate since the
resumption OF open trading. Nor was
there any change in the tone Of invest
mont inquiry. . token OF which was fur
nshed by the swift success of the city Of
Philadelphia in selling s5,OOO.O 900 OF thirty
year per cent. bonds over the counter.
The rise in stocks having also been
owing in large part to the formation OF
a new investment position, an lllustra-
ton of which has been the large proper
ton Of odd lot purchases to the total vol
umcs OF the market. II will he interesting
to observe what account OF itself the share
list gives on reaction. Nothing could fur
niSh a better test OF the underlying ten
dency OF quoted values than such a turn
in the price movement as occurred yes
terday.
Trading in stocks was in the expanded
area reached this week. and in the early
dealings advance continued under the
leadership OF railroad shares. Again the
rise ran into selling both OF foreign and
domestic origin, but sales we're absorbed
with only moderate recessions. After a
mid season interval OF relative inactivity
pressure was applied in the afternoon and
in an irregular fashion decline set in A
variety OF leading issues sold one or two
points below the best OF the day. but net
changes at the close were not so large
New York Central throughout remained
nrm and lost little ground. Chesapeake
and Ohio was another strong feature.
Missouri Pacific was rather heavily sold.
both for short and long account because
OF differences hastily drawn from Mr.
Gould's statement the prevailing inter-
probation OF which was that difficulties
might he encountered in obtaining the
consent of the several classes OF Missouri
Pacific security holders necessary 10 the
carrying out OF the contemplated plan for
rcadjustng the companys finances.
The persistent hacltwardness OF many Of
the industrial speC.altles together with
the early signs OF heavincss In steel and
copper shares encouraged reactionary OPP
cratOus 10y the professional element. and
The indications were that the afternoon
selling was very much ia the nature OF
bcariSh pressure. Traders have for sew
oral days talked Of the desirdhility OF
at least some setback IN prices after a
sus idincd rise OF more than week. Also
the possible continuation OF a January ADJ
vance into February had been specifically
regarded. aud altogether n situation exists
which should furnish some evidence OF tht
condition OF the market after 20 much OF
a recovery as has taken place.
Gossip and conjecture concerned them
selves with Iumors OF one sort or an
other for the most part suited to the re-
acionary mood Of the moment; The
shipping controversies VIII the Allies for
which Washineton Is preparing and tn"
state Of affairs In Mexico were all made
20 serve as an excuse for favorlng the
selling side Of the market !; is needless
essential change in the factors and IN
nuences with which values and general
business have been surrounded. On the
contrary. information obtainable In bank
ing Guarte.s was - more than enccu-a g
ing tenor Particularly is this true in
rospec, TO general business. which has
been showing signs OF coming improve
mcnt.
The southern Pacflc's repor, Of Deem.
her earnings disclosing gross dccreas Sc
OF fl,2j6. 900 and a net dcCuoa-e OF S3S4-
000 was no surprise. December repor.s
o; railroad operation are expected 20 30
had. but rail- Dad Arrangements say tina,
traffic is displa wing tendencies 20 increase
aud railroad opinion is much more hope
iul than IL has been in long time. The
cotton market sold down. but there was
no alteration IN the level OF the grain
markets. Tho known movements OF
money pointed To another substantial gain
of cash by the local banks. Foreign ex-
change was firm and closed at a little
rise. A withdi avail OF 100000 gold was
reported to the Suh-Treasury and IL was
said that the metal was 20 be shipped TO
south America. possibly on account OF
the Argentine loan.