The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-19
WORKS FOR EXPANSION
OF AMERICAN VALUES
Though shocks and Periods Of I'm
settlement Are Likely, Wall
Street Is Steady.
SUNS REVIEW OF THE WEEK
Tndustrsals Find New High Price Level
When Separated From Rails
Market Featured During Week BY
increasing Activity.

Network. July is.--The SUMS
weekly review of the financial situa-
ton tomorrow viii say:
Spec,,latfon for the rise in stocks
has again been resumed in what IL
clearly a reflection of the influences
which despite obstacles OF conditions
or sentiment must in all probability
continue during the war In Europe
TO work for the expansion OF American
values. The situation is subject to
shocks and liable to periods of un-
settlement, but II was Enthusiastically
evident IN Wall Street last week that
anticipations of future profits were
once more gaining an ascendaEcy
over the doubts and fears which In
war time tend 70 limit even specula-
tive enterprise.
Indeed the course Of quoted values
this month has already carried tAe
descriptions which naturally are most
in favor at the moment into new
ground Of advance Customary statis-
teal averages show that stocks COM
monty regarded as more Adequately
Representative of our corporate or
ganization have already regained all
the ground lost in the immediate
SEQUEL to the sinking OF the Lusitania,
but tnst now n trustworthy reading OF
the stock market barometer Is not
furnished by consulting the traditional
averages.
If FAC rails are separated from the
industrsais. II appears that the in
fisfStrinl departr1cnt il characterized
hv a now high price level. and this
rise Is emphasized when segregation
is carried further. and the large and
growing number ~ so-coIled war
stocks are classed by themselves.
These have shown remarkable ability
tn sis.ain extensive advances ara rhA
TO them. but feature Of the market
List week was the way in which In
ereasing r,~tivitv In the DEALINGS
hrne 9e1cd the price movement IN the
fsn t~rmcnt of standard basic indus
trials. notably United States Steel and
Fsnar"'l shares although standard in.
iuStriaI issues are falling more and
rnore into the war stock category a.
the stimulus cf contracts for export
s-rp''os srrcaAe through the manu-
featuring community.
RGii share Fashionable.
PARTY on account of actual and
potential foreign liquidation, and
partly because OF cir "reminiscences pecu-
liar to the railroads. the railroad
stocks remain and promise TO remain
ri 'cast more or loss laggard. But
eventually, nc the stack of idle in
U9StFs9j equipment Ii taken up anu
"a pacitv becomes more and more en-
raFed railroad trafflc st bound to swell
ed bring railroad s'aares more into
fashion.
There is no way of fnretelling the
conniry's political fate i'm the war,
Whether Z is destined TO maintain
formal neutrality. but unsatisfa Glory
as the German note was. the financial
and business mind interpreted il in
accordance with the country's desire
tn keep out Of the war. and In ac-
torrance with th~ facts Of Germany's
con luct Of it, submarine campaign
ssnce The destruction OF the Lusitnnia.
The conclusion reached was mat oc-
rasion had not vet been given for
apprehendiny a breach in our neutral
relations toward the mighty struggle
in Europe. At bottom. il should also
be added, the feeling ir growing that
except for some temporary dom este
disturbance the worst event OF the
German controversy woulu not ma
ferially impair the outlook for extra
nrdinaru economic activity in the
United States.
British Bond FTotation
Incidentally Wall Street Is inclined,
from tho standpoint Of finance. to at
tribute portentous military signi-
ncarce to the rapi lily wit'1 which an
enormous volume of money was pre-
TERED by the British war loan.
There has never In ALI history heeu