The Washington times., 1917-02-09
NEWS AFFAIRS KEEP C0NDI-
~JNS DISTURBING.
Both Stock and Bond Business
Subject of Every Idle Rumor.
Those Engaged in Financial
Enterprises Do Not Know
Which Way to Turn-Result
Is Practical Stagnation.

NEW YORK, Feb. 9.-Wall Street
Is rapidly drawing to the point where
il will welcome almost any kind of
news that will put a period 20 the un-
certainties new prevailing, even
though the whole Situation mast re
solve itself into an ultimate state OF
war. Affairs at the present time
could scarcely be more disturbing
from the point of view cf banking
and securities interests.
Not only are the stock Rhd bond
markets the prey OF every Idle rumor
probable, improbable, and inpossi-
ble-but those engaged IN EhCAciai en-
terprises do not know ME.vA way 10
turn, and the result is p.&U tIcal stag
nation.
An example is fOanG In the report
that the Argentine government has
decided to pay OF vaE4y lEdtu:Ins
notes amounting TO some So,UOO,OOO
because it does not regard the preSen1
as propitious for a bond issue mere, Al
though the legislature mas authorized
the government To float loan Of
something over $125 5,OOU.OOU.
That hostiIities with Germany Will be
llAc OuLCOLlc VI luC
position finds scarcely Il dissenting
voice. Since Wall Street has about
made up its mind on that point, it be-
lieves that the sooner the issues are
Joined, so to speak, the better it will
be for business in general and finan'
cial interests in particular.
There is little question that the
Latin-American republics will stand
behind any action that this country
may take, and not only have most of
those powers lodged vigorous protests
against the new program for subma-
Tine warfare, but Brazil is understood
to be on the verge of following our
example and breaking with the Berlin
government.
But with all its firmly expressed
opinion, the financial district is still
nursing the faint hope that Germany
may find some way to yield to Wash
ington without compromising itself
too much with its own people. 1t is
argued, not without some show of
reason, that If the Kaiser and his min
listers had wanted to force the issue,
it would have been a simple matter a
week ago to have made a mistake"
that could only lead to war between
the two countries.
Not only was trading extremely
quiet throughout the day, but price
changes with few exceptions were
negligible. In the afternoon general
Est was inclined to be heavy. At the
same time there was distinct weak.
ness in the traction and other public
utility shares.
Peoples Gas sold down some eight
points or more on a very unfavorable
report for the calendar year 1915
This break carried other issues of a
similar nature downward. Brooklyn
Rapid Transit losing about two points
and Interborough preferred more
than three points.
These companies have a rather Sc
we're labor problem to deal with with
out being in position to advance the
prices of their commodities. United
States Steel moved listlessly between
1851 and something below 1O4
The other steel and copper shares
were alike narrow, for the most part.
The shipping and munitions issues
held well near the previous closing.
There was pressure eXerted against
the rubber stocks. The railroad list
was firm in the first half hour of the
session, and soft later, with weak
80 a 1Ndll"dg anu
Paul.
Business was practically at a stand.
still in the late trading. Here and
there slight improvement was noted.
but movements on the whole were in.
significant. st. Paul recovered its
early losses and United States Rub.
Der sold a point or So
Bonds were fairly active but lower.
particularly the foreign loan issues
knglo-Frerch SIS sold down to a new
low record at 92.
Call money was quoted at 2K Der
cent. Time funds were unchanged
Reported currency movements this
week indicate a net loss in cash by
the banks OF 10,s65, 900. The loss To
the interior was S31I6.OOO.
The grain market was firm on short
covering and on reports that Argen-
tina had placed an export duty on all
grain exports to go into effect April /,
Common was steady.
London was quiet, with interest CEN
tered in the forthcoming grant OF
funds by parliament Foreign ex-
change was quiet. with good demand
for cable transfers. Gold to the
amount of $4,000 was shipped 70
South America.
Todaysa QuofafIona