The Washington times., 1917-03-04
WALL STREET SEES
DOUBT ENDED SOON
Accepts New Phase Of Relations
r With Germany As Virtual
State of War.
MARKETS REMAIN IN RUT
Trading During Week Has Been
of Perfunctory Nature and
Without Significance.
MARKETS REMAIN IN RUT

were lacking hitherto to demonstrate
the treachery and hypocrisy inherent
in the German government, as al
present constituted. it is now supplied
by the disclosures of the attempt to
tamper with Mexico and japan and
by the insincere address of the Inn
periaI chancellor in the Reichstag. in
which he professed not to understand
washington's motives in breaking on
diplomatic intercourse. This start
ling development in the news OF the
week followed the Presidents appear-
ance before a joint session OF Con-
gress on Monday to ask for power TO
protect American lives and properly
at sea, and 'the sinking OF the BTU.
ish liner Laconia, with the loss OF
citizens of this country. what is the
bearing of all this on the future OF
the United States? That is the ques-
ton which the business world Ms ask
ing, and, il may be added: all the
rest of the world as well.
This is the last week OF the pres
lent Congress. The legislative orancn
OF the Government will be SUSPENDED
until next fall, unless AN extra session
should be called. The Administration
desires to be entrusted with power TO
meet all contingencies during the
period Or adjournment. The Republi-
cans and some Democrats are re-
IucIant to grant any such broad au.
thority. although II must be admitted
that both parties showed a strong
inclination to grant all that MI. VIII
son wants, particularly after the La
coma sinking and the revelation OF
the German intrigues.
See Virtual State Of War.
But at the same time determine
ton to compel the calling Of an extra
session by flibustering means or
otherwise. became just as apparent,
and it was clear that public sympathy
more and more veered toward that
end as the situation, already serious
enough, assumed a still graVer as
pect.
wall street accepts the new phase
as a virtual state OF war. II has
scant sympathy for the maneuvers OF
Washington to avoid a formal declar.
alton. Congress should have declared
war as soon as the Laconia facts were
and every day that such a
step Is deferred Is regarded as
serious loss in dignity and prestige
| Criticism this week has been leveled
more at the obstructive tactics OF GER
tain legislators than toward Mr.. VIII
son. II the Laconia murders were not
enough. they ask. does not the un-
savory intrigue of Wilhelmstrasse
supply the deficiency: II is felt that
events are moving so fast that this
longer. To that extent, then, have
the uncertainties OF recent months
been removed. This, in itself, is
source of satisfaction In securities
and banking circles. II is still too
early to see the. effects.
Deterrent to Initiative.
The fact that German submarines
have established a virtual blockade OF
our ports. temporarily all but paralyz-
| ing our maritime traffic, acts as a
deterrent to initiative or vigor AL
though the submarines of Germany
have accomplished less than half they
set out to do in the way OF sending
tonnage to the bottom OF the ocean.
they have succeeded for the time
being in intimidating neutral ship
owners. including those OF this coun-
try.
II may be safely assumed. however,
/ that this matter will be quickly RENE
died as soon as a dilatory Congress
| shall have backed up the President
with its authority to arm merchant
vessels In the interval. goods hav-
been piling up at port terminals. car
unloadings have been delayed, mails
have been held up and business in
general has been menaced with stag
nation. This unhappy state has as
sumed inflated proportions in some
minds. very likely because OF the
! glut Of prosperity that has been the
| experience Of this country in the past
/ two years or more. IL We are to have
Germany for an enemy, it would. per
haps. be unEraciOus to cry out against
mere loss OF large profits in the strug-
gle OF democracy against medieval
Terrorism.
Markets StIII In Rut.
Neither the stock nor the bond mar