The Washington times., 1917-01-28
FINANCIALNEWSAND
GENERAL OUTLOOK
Latest Peace Move Failed to
Cause Unusual Disturbance
Of Market.
INTEREST IN WAR LOAN
Steel and Copper Trades Are
Handicapped by Lack Of
Shipping Facilities.
INTEREST IN WAR LOAN

| MONDAY came IKE = uaSn from q clear
sky to people on this side Of the At
lantic. Reports were at hand Mon
day morning toward the close Of the
nrst hour of trading in the stock
market that Mr.. Wilson was TO adj
dress the Senate, but nobody knew
what he was to say until he had
said Il.
The market was somewhat disturb
ed until the President began speak
Ing. because II was not known what
important subject he was to deal
with. As soon, however, As the
nature OF his remarks was known the
market steadied down into . hum
drum AFFAIR in the process Of digest
ing the speech.
Public Out Of Market.
FREQUENT references to peace as
though that desirable end were not
far. on failed to cause any pertur-
baton because the market had not
only gone through Q long period Of
liquidation, but because the public
had been out Of the market practical
ly since the turn OF the year. The
only visible effect, therefore, was TO
confirm the public in its determine
ton to hold aioof. Such. was the
state Of the market for the balance
Of the week, and such II promises to
remain until there are Developments
capable Of stirring the Imagination.
It 10 patent, however, from these
circumstances, that possible peace In
the next few months II not the bug
aboo that Il was some weeks ago.
The projects of readjustment in both
commercial and securities circles has
gone q long way. The idea Of peace
10 nrmly rooted In the minds Of every
body. Business men are saying to
themselves and TO each other, "1et
peace come, we are ready, or we will
be ready when II does come" The
entente countries are daily making
progress In meeting their own needs
In the way OF munitions manufac-
lures. Canada IL receiving, and win
receive, war contracts a. time goes
on. The fact, however, that the war;
ring nations must come - the United
ststss for raw materials IL the back
log, 80 to speak, Of this country's
prosperity in the future.
Anerlean Products Necessary. =.
No one pretends the beIligerents
much less than anyone else, that the
war can 20 on without American iron.
steel, copper. cotton, foodstuffs, and
what not. Orders for. finished pro
ducts are no longer looked for here
In the volume that they have been
Forthcoming In the past. The 20 call
Cd war stocks are gradually giving
way to peace stocks a. speculative
favorites, In 50 far a. there may be
said TO be any speculative activity at
this time. And not only does this
apply to the country's commercial
and economic veal while the war con-
tinues but 10 the postwar period ~
well, since much will be needed for
Reconstruction purposes. That there
has arisen q feeling of confidence in
place Of the nervous apprehension that
prevailed but Q short tine ago when
ever anybody mentioned the posi-
bility of an end to the war.
Rseeptisa Net Disesus.sinE.
Nor was the manner in which for
eiEn countries, particularly the bel
lieersnts Of both sides, received the
message the President had to convey
at all discouraging to . consideration
Of peace, The cry Of rage which
many people expected from London
and Berlin, from Paris and Vienna,
from Rome, Petrograd, and II may be
ConstantInople, did not materialiIe.
There was some perplexity but all the
capitals recognized the lofty idealism
that undoubtedly inspired Mr. VIII
son In taking q step that called for
considerable courage With all the bit
terness that the long struggle has
ehgendered. the brutality Of war as
exemplified In the German method OF
II, there has been left but
seant room for idealism in the
are fighting for right, for freedom
and for justice to small nations. The
allies feel that the only way to at
tain to those ends, ends that they
doubtless believe the President also
has In mind, Is to crush Prussian
May Mean Same ThinE.
When Mr.. Wilson speaks of peace
without victory" he may mean much
the same thing as the spokesman OF
the entente mean when they declare
that they have no desire to crush the
German people, but on the contrary
10 nelD LnoIn REMOVE Ino INCUBUS VI
excessive armament and the spirit of
war for wars sake. Their view Is
that such would be as much a victory
for the German people as for the rest
OF Europe. However, we may look
at Il, the fact remains that Mr.. VIII
son has driven home firmly the idea
OF peace, and henceforth the people
OF this country, the financial and bus
mess interests, securities circles. will
think in terms OF peace. The growth
Of this idea Is certain to have an in
fluence on the belligerents. and bids
fair to put q period to the carnage
sooner than would otherwise have
been the case.
Interest In War Loan.
Interest in financial circles was
manifested In the hotation OF the
British var loan. subscriptions to
which have exceeded all expectations,
and contributed largely, no doubt, to
the slump In consols. which sold
down to 81 "a new low record, to.
the offering OF the new British loan
OF $3.50, 900 900 on this side of the At
lantic, discussion of a large long
term loan to Argentina and projects.
present and prospective, for railroad
financing. In the latter field an
nouncements came OF the sale OF S2S..
1000 Chicago. Milwaukee and 81.