Evening star., 1916-08-20
EVANGELICAL AND OTHERWISE.

are in the city and the same conditions
that have made toward Quietness for
some time past still prevail.
A new low level for Railway COM
mon at 7sh has been established
Otherwise there are no price changes
Some attention has been called to
the action of Congress in enacting leg
islation taking Virginia
/, railway out Of the control Of the Dis
trict utilities commission.
Some time ago the same action was
taken with regard to Old Dominion
line. Patrons of the latter company
are paying extra fare as tho indirect
result of such action.
fngton-Virginia railway has any local
significance 1t has not developed as yet.
Expect Let-Up in Bond Demand.
The popularity that has attended the
sale of the s25o.ooo.ooo s per cent two
year notes. secured by $1,000 900 col
lateral, has been such that bond houses
are looking forward to a decreased in
quiry for municipal and other bonds.
Financiers do not hesitate to express
the belief that the big English loan Will
be followed by another before many
months, on the theory that supplies can
only be acquired by the allies. through
establishment of credits. The collateral
back of the most recent loan carries ac-
tual value for the loan. dollar for dollar.
a market value OF $500, 1000 900.
The allied powers took IS per cent of
our exports during the week ended Au-
gust II. and this percentage of business
Is likely to be maintained. as there has
been no let-up in the requirements of
Great Britain. France or Russia.
AS indicating the valuable securities
that are being placed as collateral back
Of recent loans, 1t is cited that the re-
cent French loan of 500, 100000 had
back of 1t, with other collateral, $l1,-
500, 900 of Suez canal shares, quoted be-
fore the war at f179h a share, and more
recently at f157, indicating that about
1900 shares were put up.
Henry Clews' Views.
AS modified, the English treasury is
to receive on deposit for period of five
years a new list, embracing securities
$4,000. 100000 in value. the list compos-
ing seventy high-grade foreign bonds,
including with others those that are
to constitute part of the collateral for
the new loan that has just been ar
| ranged here. Thus. it is obvious that
| lateral readily available to seek addi-
| tional financial accommodation in
America.
Henceforward, financially speaking,
we must look out and not in, and ac-
| custom ourselves to larger transactions
than have hitherto been the rule. To
us the two-hundred-a and fifty billion
dollar loan appears to be a matter of
very considerable Importance. yet is
| small compared with Great Britain's to-
tai borrowings, which, since the war,
have reached nearly SIS. .0O0, 900, 900. The
loan recently granted in New York
would only pay Britain's war expenses
for about eight days. Instead of think
ing in millions, we are obliged to think
/, in billions.
Following the recent rapid rise in a
few shares some reaction resulting from
lprof1t-taking may occur. but the general
undertone is good and based upon gen.
eral industrial prosperity, which seems
quite adequate to offset poor harvest.
! The general results in crop yield, not
value, are expected to be about 10 per
cent below last year; and yet in spite
| of this drawback the railroads are an
ticipating a car famine owing to the
tremendous pressure of industrial traf-
nc. With big. exports ahead, active
business east of the Mississippi easy
money everywhere and generally sound
business conditions, there is little to
interfere with stock exchange activity.
The labor situation is still regarded as
serious, and much will depend upon the
outcome of the Presidents efforts to
prevent railroad strike