Evening star., 1917-01-14
FEW SALES MADE;
PRICES ARE WEAK
Market Activity Confined to
Small Circle of ProfeS.
sionaI Traders.
BEARISH VIEW OF NEWS

| NEW 1Ofth, 10 H0 H1oCS
| interesting event of the day in the
| financial district. publication of the
weekly bank statement. showing an
actual cash gain by local banks of
more than s6o.Ooo.ooo. did not develop
until after the close Of an exceedingly
dull and meaningless session Of the
stock market. Sales barely approx
mated 100000 shares, the smallest
turnover, even for a week end, In
many months.
The cash gain disclosed by the bank
statement was partly offset by a loan
expansion of more than $41.000.0 900, due.
in all probability. to some important
financing. This was fully neutralized,
however. by an increase in reserves OF
virtually 100000, or total of about
S90,000,000 in the last three weeks.
bringing total actual excess reserves
up to the formidable figure of $751;
43s,62o. which slightly exceeds any
Trades Within Marrow Circle.
OF the market itself, it need only be
said that trading was confined to a
relatively small faction of the profess
sional element. Efforts to depress
prices during the first hour were as
sisted by the heaviness of a few
speciaIties. notably Bethlehem Steel
and United States Rubber. at declines.
respectively. of Is and 6A points.
Weakness of rubber was attributed
to the new financing announced yester-
the company's future dividend policy.
Other industrials, as well as specialttes
of varied descriptions. were l to
points lower. and United States Steel
also yielded a full point. but short
covering caused general, and in some
cases material, recoveries at the close.
Rails lapsed into their recent OBJ
scurity. leading members OF that group
being only occasionally quoted, with
moderate recessions in Canadian Pa
cific. Southern Railway preferred and
some of the minor or low-priced shares.
Weekend news Of general charac-
ter exercised little or no influence in
any quarter of the stock list The mer-
camille agencies noted a degree Of eau
tion, and higher prices for crude and
refined oils were reported.
Bonds were firm on small dealings.
Total sales (par value), $2.435.000.
United States bonds were unchanged
on cali during the week.
Week Of Uncertainty.
Uncertainty was the outstanding
feature of the dull and wholly uninter-
esting week in the stock market. The
course of peace negotiations, as re-
fected in the Official statements of the
belligerents and the response of the
entente powers to this government, was
the most potent factor in curtailing
speculation and investment demand.
The result of the weeks operations
ments are more responsive to bearish
pressure than to news Of . favorable
character. Every rumor or report "a
dicating a continuance Of the interna-
tional strain gave rise to further de-
preston, while encouraging trade ad-
vices, such as the new high record Of
untitled orders reported by the United
States Steel Corporation. went by un-
noticed.
High-grade stocks. as represented by
dividend-paying rails. were stagnant or
heavy, but little credence being given
to the theory that fresh foreign liQuida-
ton Of this class Of securities is immi-
nent Recent statements Of earnings
by leading transportation systems are
far less favorable than those submitted
In the latter part OF 1915.
British Loan Awaited.
Hesitation shown by investors IL gen.
orally ascribed to q disposition to await
definite announcement OF the new Brit
ish loan to be hoated in this market
Details of the new internal loan by that
government suggest a more attractive
offering by our bankers.
Thus far this year about $4,000, 900
additional gold has been received from
abroad, imparting greater frmness to
rates between this center and London.
Paris, too. has been helped by this
movement. but remittances to other
countries comprising the entente, no.
al hlv Italy and Russia. have weak-
ened perceptibly, exchange on Petro-
grad falling to a new low level
The domestic monetary situation
offers every hope of further ease for
mercantile as well as strictly financial
purposes. The first fortnight OF the new
year finds local banks with the largest
reserves in more than year and a
material reduction In loans. A similar
showing Is made by other important
centers of finance.