The Washington times., 1917-02-11

the same time they feel that Britain
and France will not be idle. At least
half OF the destroyed shipping IL neu-
tral, and the question arises how long
will neutral nations remain quiet and
see their shipping 90 to the bottom
OF the sea. Protests have been lodged
from all quarters at Berlin, but as
yet no action has been taken similar
TO that taken by President Wilson,
although Brazil shows something of
disposition TO do so. Meanwhile, the
accumulation of offenses committed
by the undersea boats is rapidly reach
ing the point where there will be no
alternative left to this country but to
declare war. That Germany has not
committed the overt act necessary to
precipitate the crisis may not be so
much a desire to avert war with US
As IL II to bring hostilities about
without seeming to do so.
Market Quiet and ProfessionaL
The stock market throughout the
week was quiet and OF a professional
character. The uncertainties enumer-
ated have been effective in intimidat-
Ing the general public. although there
has been some scattered liquidation
and more or less investment buying.
Price changes. with few exceptions.
have been insignifcant. The bond
market has at times displayed con-
siderable animation, but toward the
end OF the week pressure was exerted,
particularly against foreign loan is
sues. The money market remained
easy The reported movements Of
currency Indicated q net loss in cash
by the banks of S10.s65. 900 and a loss
to the interior OF $3,116.00O. There
was one gold import shipment from
Canada OF $500, 900. The foreign ex-
change market was characterized by
a sharp upturn In rates on Berlin to
above 20 cents for marks. This
was attributed to reported transfers
many and to the sale of German
owned securities, the proceeds Of
which were put in mark exchange.
At the close Of the week, however, the
price again reeeded to near 80 cents
for four marks.
Interest I'm Loan.
,London was interested mainly in
the new war loan and the remarkable
statement OF the Bank of England
which resulted directly from the
fiotation. The bank, as a matter of
fact, Is financing the British Gov
ernment temporarily and at the same
time receiving subscriptions to the
loan which have been flowing in in
large volume. The real success Of
the loan, however. Is not expected to
be manifested before the middle Of
close on the 10th. and 1t is supposed
that most OF the largest subscrip-
tlons will not be -epos.-.d until near
that date. despite the fact that in
terest Is allowed Or all money de-
posted on account OF subscriptions.
The proportion OF reserve to liabil-
tiles reached the lowest figure on
record at 1898 per cent, as compared
with 1888 per cent last week and
14.60 per cent, the previous low rec
ord attained In August, 1914. All in
locations point to the great success
of the war loan
state Of steel Trade.
4 feature of the week was the re-
markabIe state of the steel trade
Foreign and domestic orders flood the
books OF steel companies and in
quiries from the same sources for
steel products are very heavy. The
railroad equipment business is in
process OF broad expansion also.
Railroad earnings are not all that
may be desired, but they might well
be much worse. as comparisons are
made with a favorable period in the
previous year when railroads did not
have to pay aanything like the prices
for equipment that now prevail. The
prices of all metals are steadily
mounting, and the week saw particu-
larly striking advances in pig iron and
silver. Copper has little change to
show. The market can produce only
the most meager supplies, il any,
for shipment prior to July next.
In financial circles reports of i'm
pending French and Argentine loans
were heard. Nothing definite is to
be learned about an accommodation
10 France, but the Argentine legis-
lature has authorized an external loan
of $50 700 900 pesos. although it is an
nounced that the present time is not
regarded as propitious for a loan
here. Instead, Argentina is planning
to pay OF her notes maturing in the
near future, in amount about