The sun., 1917-07-31
FINANCIAL NEWS
AND COMMENT
Professionals Start Buying,
Using Peace Talk This Time
as a Bull Argument.
RESULT is NET ADVANCES
Prospects Of Washington Fix
ing Sane Prices Send Steel
Common Up.
RESULT is NET ADVANCES

Although trading In the stock mar
number Of prominent shares closed at
net advances, the chief Improvement
being reported in the afternoon, when
the professional element started buy
ing movement for the unusual reason OF
peace talk. At least, that was given out
as the argument for higher prices, de-
spite the fact that for weeks and months
the very suggestion OF peace had given
the speculative community the horrors.
Peace has been looked upon as a bear
card, at least by the unthinking element
in the financial district, which has
been putting profits above patriotism.
It has been held that with peace our
industries would go back to the poor
earning basis which prevailed imme-
6iately before the beginning of the war,
and that In consequence peace In the
air talk ust necessarily drive stock mar
ket values to n lower range.
In yesterdays market, however, a
broader view OF peace may have been
taken by traders or perhaps they figured
that II corporations are to have their
war on would be worse than with war
of and then possibly they may have
reached the conclusion that real peace
throughout the world would be the great
est thing tfat could happen TO all ma
tions now ut war and to the nations
not at war. But from whatever angle
the peace talk was analyzed there was
nothing that brought the encouragement
peace was about to come. Certainly
the Chancellors OF the Central Powers
said nothing upon which any one might
conclude the end OF war was In sight
Doubtless the Teuton success against
certain part of the Russian army has
suggested 10 Czernin Won Chudenitz, the
Austro-Hungarian Foreign Minister. and
&c Dr. Georg Michaelis, the German
Imperial Chancellor, the time In ripe
for another outpouring of peace ideas
along familiar Teuton lines, but a peace
to their liking would not be the peace in
the interest of world democracy.
Steel shares were especially strong In
the afternoon without attracting any
outside interest. Indeed. the public was
not a factor in the dealings in the gen.
oral list either for investment or specu-
lative account. Furthermore. commits
sion houses found little in the attitude
or their customers TO encourage the idea
OF an immediate return of the outside
element to the market.
In addition to peace talk the Street
had the report from Washington that
prices for steel would be hxed along
sane lines, which, Of course, found re-
sponse in United States Steel common,
which went above 124 compared with a
low of last week OF l19 rs. But even
the increased dealings IN this leader
failed to galvanize the rest OF the list
into life, the total dealings outside OF
Steel common amounting TO only 243, 900
shares. of which few stocks provided
the greater proportion.
Money was easy throughout the day.
with no change in rates coming from the
third instalment of the Liberty Loan.
| which was relatively small because so
much already had been paid In advance
and because there was an offset in Gov
ernment liquidation of certificates of in
debtedness More gold was transferred
| to San Francisco for export to Japan
| and Withdrawals were made for ship
| ment to Spain. bringing the total out
ward movement in the last seven days
to more than S16.0OO.OOO.
Both Japan and Spain are taking the
precious metal from here on trade ac-
count, which has forced the exchange
market on the two countries against the
| United States, although the chief cause
of the Spanish Withdrawals is to be
found in Great Britain's buying in Spain
and settling through her credits here
rather than in direct commercial opera
tons between Spain and this country.