The sun., 1915-06-13
FINANCIAL NEWS
And COMMENT
Market Opens Higher. but
Ground Gained at Close
Is Not Great.
SPECIAL STOCKS LEAD

The market opened hlEner all founu
Yesterday morning and for a time there
was a resumption OF the upward move
ment At the close the ground gained
was not great except in special stocks
and groups OF stocks. Nevertheless 1t
was tho general comment that the mar
ket had given an excellent account OF
ttSeN. A smashing advance OF points
in American Can on very heavy trading
was the feature OF the session. hut there
were also sensational movements in Fed
esai Mining and smelling stock and sew
efal other shares OF metal producing
companies There was no particular
nSrws during the day with a stock market
in1auence the advance beirg due appar-
sualy TO a natural broadening Of the
svsouh tive spirit which has been re-
prpoed by the tension over the inter-
nAt1onal situation.
Yesterdays stock market session
yeanded out a week in which rathe"
Convincing exhibition was given OF the
strong position of the share list. the de-
erSs Of comparable invulnerability which
haA been established by the tests Of the
last ten months to shocks and strains
and tbs trend OF quoted values to re-
spond to tfe accommodating factors OF
Improvement by breaking through the
restraints OF uncertainty regarding our
national relations with Germany.
Wall Street was helped In this respect
ny favorable Developments in the ordi-
nary field Of influences which go TO
ryaa&e values and by the construction
piaced on Bryan's surrender of his post
in the Administration and on President
Wilson's new note to the German Inn
perial Government. After the middle bf
the week feeling grew hopeful that Ger
many would meet the temperate de-
mands Of this country in n satisfactory
manner. though II was recognized that
only conjecture could he relied on in this
direction and that there was no very
substantial basis for predicting that Ger
many's action would be guided by any
thing except an unreasonable interpreta-
lion of military necessity. Both senti-
ment and fact were reflected stock
narketwise in more confident and
broader buying for the rise and more
aggressive absorption of sales on ad-
vances than since the early part OF las;
month.
At first Mr.. Bryans abandonment o!
his duties created CONSERVATION. This
was shown in weak stock market on
heavy and decline was not extensive
The immediate impression produced was
that Bryan had prejudiced the presi-
dents policy both AT home and abroad
and that he offered a grave menace OF
domestic disturbance to add to the com.
rlication of our foreign problems This
Impression did not last long and the
sensible opinion To which the financial
and business community rapidly came
hnt fp.. 4
support of President Wilson. who had
shown himself to he animated by n pur.
pose To preserve peace with honor and
Nh't bryau's campaign for vindicatior
would probably disclose that ne hat
suffered an immense loss OF politica
power and prestige.
In other words, 1t was thought thai
bryan had succeeded in accomplishing
MS own elimination from the Govern.
ment ana had so furnished "a new reason
Tor the optimistic regard OF the bushes,
future. Conclusions along this line wer,
strength. ned on Friday when the Presi
uehts new note TO GERMANY WAS pub
ishcd. Everywhere the intelligent judC
inent passed on the note was that 4
WAS hru enough in it's maintenance, n
tho policy which the greatest republl.
IN the world must champion, while Il.
tonc WAS likely to get desira BILE results
",
motto not make an effective contribute,
TO settlement of our differences will
Germany. because Of the ascendency o
mihtaristic madness at Berlin. the coun
Try would abide by consequences, which
however unwelcome. could not impal
much our financial and business situa
tion and prospect.
Most OF the general budget OF market
wise news during the week was highl
u Inn
the Government crop report as OF Jun
I. the chief feature of which was a
Indicated total wheat yield of $50, ,0OO, 90
bushels. or 10000, 900 bushels moro tina,
the indications H the same time las
year. Incidentally the weather since tn
beginning of the month has been pre-
vailinsly propitlous for agricultural no
sitions and activities.
All the financial factors Of encourage
mont were emphasized by the persisten
arrival or large consignments of gol
from Ottawa. Every day recorded IN
receipts of more gold and our nations
resources are fast becoming ampl
enough to bear the burden which an
unfortunate contingency may force upo
US.
Meanwhile the placing OF war cor
tracts with our manufacturers and mel
chants is being conducted on an OK
pandirg scale. More and more indus
trial equipment IL coming into operatio
and the extraordinary strength OF price
In the metal market generally is pre
N'dinE tremendous stimulus to basl
enterprise Industrial activity Is ,Inn,is
taksbly increasing and this is some
thing Ia which stock market prices mus
inevitably respond.
New City Nstes.