The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1917-05-27

against the survival OF medieval
autocracy. This was not slow to md
expression in the vigorous onensives
on the western front, in the Cham
payne, in the deserts Of Mesopotamia
and Palestine, among the mountains
OF Macedonia, and in the Trenttno.
Where there was doubt OF victory
before, the allied peoples now feel
that triumph "a assured without los
ing sight of the fact that a hard
struggle may still be ahead. There
are Indications that Germany VIII
soon succeed in forcing Spain ana the
Scandinavian countries into the camp
of her enemies. Brazil already II
practically in the war, and her for
elgn minister has stated that she Il
prepared to cooperate with the
United States.
Small countries like Guatemala and
Nicaragua have severed relations.
Germany's peace efforts through the
medium OF Socialism seem to have
been q dismal failure. as much so as
her intrigues in Russia for the pur-
pose of detaching that country from
the entente. On the contrary. Petro-
grad assures the allies that she VIII
be faithful to the cause of democracy
and steps taken to restore discipline
NAlnAu NuN A4hECONAAN AOANNc
promise OF renewed operations on the
eastern front
The dispatch Of a special embassy
from this country to Russia will do
much to aid those within the pro-
Yisional government who are clear
visioned enough to see that only de-
struction OF liberty can lie In the
path OF an alliance with the Kaiser.
Liberty Loan Campaign Factor.
The revenue bill with all its grave de-
fectS has been passed on by the House
to the Senate for the necessary pruning.
Indications that the legislative knife
will be used literally constitute stiIl
another factor. There IL yet another in
the opening Of the campaign to enlist
popular support for the Liberty Loan.
Subscriptions large and small now In
continually. 1t 10 still too early TO state
that the offering will be oversub-
scribed, the efforts to make It an un-
qualified success are beginning to
tell on. the popular mind
Banking and Industrial response has
been most gratifying. particularly from
New York. a. might have been expected.
The new York allotment u some S666.0O0.-
900. and It Is entirely probable that that
large sum has been more than. taken al
ready. and there are still more than two
weeks to run before the date set for the
closing Of the books
Disgust at the manner in which the
House Of Representative shirked its
duty to the country in the tax measure
by shifting the responsibility TO the
Senate in general Still II IL cheering
that the Senate committee states II viii
report in favor Of eliminating the nat
tariff increase Of 10 per cent. a matter
- xyffa uurfkh a. To-
Of raw materials; provision for the ex-
cess profits tax By substituting the Eng
liBh plan for a tax based on earnings
averaged from q psriod Of i've years \
back. and the retroactive feature Of the
LAx or Incomes.
interest In Money Movements.
1t matters little what else the Senate
does with the bill 90 long as II adheres |
to that program II 10 also proposed to |
limit the amount 20 be raised by the bill. |
but the Administration u credited with |
being opposed to It. This Development |
was the most potent factor In the con-
tinuance OF the upward movement in |
stocks. In the course Of which United |
States Steel touched the highest price |
on record at Ia. and In which the cop
per and shipping shares made notable
gains.
me l4Ntef lS5uo8 were olToClly IN
huenced by the optimistic statement
of the British premier to the effect
that GermAny's chance OF starving |
out the allies had gone forever. TAX |
ing occasion to say that the lessened
submarine activity was due In large |
measure TO American assistance.
Movements OF money through the |
week presented some features OF In
terest. Time rates were rather lower, |
although the close OF the week saw a |
stiffening tendency and q broadening |
OF demand. Call money, on the con-
trary, was higher, touching az per |
cent. The Federal Reserve Bank was |
a large creditor at the clearing house,
and with losses to the subtreasury, |
the banks lost on the week upward Of |
500. 900.
Gold movements were confined to |
shipments to japan. Spain, Cuba, and |
elsewhere A ruling OF the Treasury |