The Washington times., 1917-01-14
REVIEW OF WEEK IN
WORLD OF FINANCE
Entente's Reply to Wilson Fails
to Shake Lethargy Of Last
Few Days.
EVERYTHING IS UNCERTAIN
Spectators Fight Shy of Mar
ket Until Something Is
Known Definitely.
EVERYTHING is UNCERTAIN

Street had been looking forward to the
reply Of the entente powers to the note
Of President Wilson. forwarded In De-
cember. Business was held up. so far
as stock market operations were con-
cerned. until that reply should be forth
coming, on the theory that its contents
would turn the market one way or the
other
The great confusion of Interpretation
which followed its publication left pub
lie sentiment about where It was be-
fore: that is to say. full Of uncer-
taInties.
There were those who believed that
the conciliatory tone of the communi-
cation. the statement Of general terms.
etc, implied that the entente was not
disposed to close the door to peace.
On the other hand, there were even
more who regarded the terms therein
set forth as so utterly impossible Of
acceptance by the central empires that
they could argue but continuance Of
hostilities.
Other Influences.
Other collateral and varying inhu-
ences were seen in the assurance by the
Germany embassy at Washington that
the imperial government would adhere
to all its pledges in connection with the
conduct Of submarine warfare, despite
the peace rebuff. and the report that
President Wilson would pursue his
peace efforts, no matter what hap
pened.
Clearly here was nothing on which to
persuade investors, semi-investors or
spectators to re-enter the market on
either the buying or selling side. The
ultimate issue was as much in doubt as
ever. Either the allies must yield the
point OF the expulsion OF Turkey from
Europe or Germany must be made to
betray one Of her allies.
Until the one or the other Of these
events is indicated by some move peace
is likely to hang in the balance. Con-
trary to expectations Of many. there
fore. Friday proved to be one Of the
dullest sessions Of the week, and also
the most highly professional. although
there was little choice Of the five full
sessions in that respect.
Most Bought Bonds.
Those who had money for investment
and they were not few-bought the
high-grade railroad and municipal
bonds. which were active throughout
the week.
Up to Thursday afternoon. when Mr..
Lloyd-George's Guildhall speech be-
gan coming over the cable wires, the
trading in stocks was almost wholly
confined to the operations OF the pro-
fessional traders.
whether strong or weak. price
ried scant significance. And, as might
be expected, business was light when
compared with one and two million
share sessions, which Wall Street had
become accustomed to prior to the
turn of the year.
Thursday was the first session of
the week that even approximated a
turnover of a million shares. On
Monday there was an EFFORT made by
the traders to push stocks upward in
the hope of inducing some portion of
the public, at least, to re-enter the
market. This having proved unaVall-
ing. they turned bearish, and numer-
Gus large interests were credited with
exerting pressure in order to get
stocks cheap against an eventual
rise.
IT is not to be supposed, however,
that the liQuloatlou tndA hoo BOHS
fore had deprived the market OF all
support. There was no more anxiety
to sell on the decline than there was
eaRerness to buy on the upturn-
Many "sitting Tight"
This implied that many holders
were merely sitting tight" There
was a good deal Of covering by
the shorts, so much indeed, that the
short interest was materially reduced
in the first half of the week. A new
line of shorts was put out in the early
session of Thursday, but in the after
noon of that day, peace developments
forced rather hurried covering anew
A feature OF the week was further
ease in money. Call loans were quoted
as low as 1ls per cent and time iunds
at 3h per cent.
This situation was reflected in the
disnatch of considerable sums to Lon,
don for employment over there. Goio
movements were of much interest,
characterized by the huge amounts OF
the shipment as compared with the
"driblets" of 81 ,000, 900, $1,000, 600, and
even $4,000, 900, which came from
Canada last year.
Added to the s25, ,OOO, 10000 in a single
CONSIGNMENT reaching here last sun
day was a shipment of S24,44O,OOO