Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-12
MARKET HANGS FIRE
Monotony Is Varied Only by an
Occasional Furry.
MONEY SITUATION SOFTENS
Banking Element and Financiers in
More Hopeful Mood, However.
WORRIED OVER MONEY PROBE
Despite Professions to the Contrary
Traders in Wall Street Are
Somewhat Stirred.
WORRIED OVER MONEY PROBE
BY w. G. NICHOLAS.

NEW YORK, January 1.-THE market
is clearly getting ready to do something.
1t has been hanging fire for weeks, vary
ing the monotony by an occasional furry
lasting for few days. but really getting
nowhere. Latterly. underlying conditions
appear to have been improving, but at the
same time the surface developments are
disturbing. and the rank and file of
traders and spectators confess them
selves to be at sea- almost as much as
they We're sixty days ago. The banking
element, however. and the financiers and
heavyweight operators who train to-
gether are in more hopeful mood. AS
evidence of this. the money market stu
alton is softening and preparations are
being rushed by those lin the know to
put through arrangements for the read
Justment Of short term Indebtedness
amounting to nearly $500 OO0, OOO and also
to float new issues of securities for the
raising of fresh capital. They do not an
ticipate much difficulty in putting through
their plans for the requirement of needed
capital. but. in order to remove all
elements of doubt they are losing no time
in getting themselves fixed. They realize
that they made mistake in doing short
time financing during the past four or
nve Years, as interest rates have been
steadily increasing and prices for bonds
as definitely declining. The prodigious
imitation of gold which is endlessly going
on Is a force which cannot be controlled
and is operating relentlessly for the fur
Their increase in the cost of living and in
the cost of everything the people have
to buy. The reflex movement of this
great force is as memorable as the tide.
1t Is shown in the steady downward price
of securities having limited earning
power.
This tremendous imitation is one great
underlying factor of the widespread I'M
easiness and unrest that is felt in all the
money centers of the civilized world. 1t
compels a continuous readjustment of
business and values to conditions that
are never settled. The founda tions are in
cessantly changing. The wisest financiers
and students of money and business can
not agree as to how and when the pre-
vailing unsettled status Of big affairs will
reach final adjustment. Such being the
case. 1t is no wonder that the common
people are at sea and cannot reach a
satisfactory judgment as to what is best
to do with available capital. The coun-
try has made sufficient Roadway during
the last year to justify very much higher
prices for the general stock list, but with
matters SO frightfully unsettled there is
no assurance that the market will rise to
permanently higher levels. Mere surface
opinion as to the market tendency has
ceased to be of value. The most infiu-
entail and experinced men in Wall street
have never been SO hesitant as to the mar
ket future. although the common expecta-
ton Is that between now and midsummer
quotations will be considerably higher
ferent proposition. 1t constitutes the
gamble"