Evening star., 1917-09-23

own, large blocks being purchased arouilt nt
par for investors who may or may -. -
change them into per cents IL .hs ~
bonds bear that rate, re1useu se,t ~ Of
being, in a sense, an ackno"ieueiiieNt "
the value Of the bonds as tax Tree.
Local Securities.
DEVELOPMENTS in the week ended yester-
day in the market for local secuf 80
were again unimportant, although ti .he
is favorable talk as to the earnings VI '"e
Capital Traction Company. .a
Investors generally are not IN a o9 naoo9
to make fresh commitments, are sanI 80.
to hold on to present as about the - -
suggestion offered, and are not one VIM.
Influenced by action in New YORK; pfo
or con.
Henry C1ews on Peace.
1t is no time for half measures we
have already surprised the enemy by sehu.
cIean-cut, intelligent men who are eager
and able to fight for democracy. we
must continue sending well equipped men
until we have an army that VIII py its
strength, intelligence and oeterlhit.a.aoi' ~ ano
convince the enemy Of the futility Of con
tinuing it's losing struggle. Preparation
and more preparation cannot fall IN TINS
way to prove the most effective means
for conserving the lives of our young
men Financial sacrifice must be pa
triotically borne The war must be won
and ali must do their bit Peace is in
the air. Austria under its new ruler
wants peace Political developments In
Hungary this week show CORRESPONDING
feeling in that division of the dual king
dom Bulgaria, too, it is reported In ie-
sponsible quarters. is desirous OF begin
ming peace negotiations. The German
people earnestly desire peace. But the
German military machine still stands out
apparently as determined as ever, obvious,
ly hoping for some development that Will
permit it as victor to bring the war 10
a close. This is situation that cannon
our country to bring forth at the earliest
possible moment every ounce Of our fight
ing strength, not alone in men, but in all
other forms Of our great national "eaItn.
The Outlook.
Washington writes G. Bache & Co. on
the situation as follows:
THE people are in a trance-1ust as
they were when the war broke out IN
August, 1914. 1t took the American
people about six months to get their
bearings. They will get them and then
look out for a bewildering imitation of
almost everything.
"All the worlds securities ana money
are coming to Uncle Sam; we are send
ing none away; we even feed our troops
in Europe. This means it's a matter of
bookkeeping for Uncle Sam, and that
pure and simple. Wonderful prosperity
is ahead for general business: big in
dustries must make enormous profits
during the war and years afterward
because big business must mean big
earnings for public utilities. railroads
and manufacturing. OF course, labor
will be an element, but they dare not
kill the goose that lays the golden
eggs, and labor will see it. stupid as
1t has been even quite recently
On this J. s. Bache comments as fol-
lows:
sThese optimistic views on the situa-
tion are held by many business men
who have expressed themselves to US
during the period of depression and
lowering prices in Wall street for the
last week or two. 1t is a question.
after all, whether the bearish attitude
in the stock market. which prevailed
up to the last day or two. was not due
to technical conditions. These consist
ed in lack of support caused by the
widespread attitude (of those who give
such matters attention) of waiting for
uncertainties to be cleared up as to
money, price-fixing. taxes. etc.-and
waiting thus not with especial antici-
patton of unfavorable results to fol-
more exactly the bases on which deci-
sions would be reached in order to
calculate more clearly the measure of
prosperity which will be liable to fol-
low.
"As these problems are being gradual
ly solved, especially that OF money,
activity has been resumed, and such
activity should be now all the more
stable, because prices had in the period
referred to sunk actually to bargain
levels of even normal times"