The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-19
FINANCIAL REVIEW
OF THE PAST WEEK
Industrial Stocks Again Re-
fleet an Increased Stimu-
lus Of Trade.
FACTORS OF EXPANSION

again been fesumeu IN Wnot IL cledriy
n reflection OF the influences which, de-
IL. A.ua. -, ,or,i,ions or ,a,,i.
'p''0
ment' must In all propapiIlty continue
during the wal In Europe to work for
,ba e~xna ns,on NJ American values The
- Halt.
10 '"''N' ' """ '"
to periods or unsettlement, but 1t was
Enthusiastically evident in Wall Street last
uooL ,,,, ,,to,,a,io,s ~, f,,,ro ,ros,.
were o"'e "o'e s"'"'"s u" "''e''"''
over the doubts IND fears which In
war tlmo tend IN limit even speculative
.a,.....
'"t''P''se'
Indeed. Inc course or quoted NaIues
this month has already carried the de-
scriptions which naturally are most IN
favor nj the moment into new ground
OF advance. customary statistical aver
ages snow that stocks commonly re-
garded as more adequately representa-
tive OF our corporate organization nave
hardly regained all the ground lost IN
the immediate sequel to the sinking or
the Lusitania. but Just now "A trust
worthy reading or the STOCK market
barometer rs not tutnlsheu oy consuitlns
the traditional averages III the rams
are separated from the industrials u
appears that the Industrial department.
is characterlzed ny a new hlgh price
ievei' n this rise is emphasized when
IL carried iurther ana tne
iarse anu sro"lhE huihoer pi so-cal'eu
war stocks are ciassed by themselves
lhese nave SHOWN reiharkapIe apiiity
10 sustain extensive advances ana adu
10 them. out a feature o 'he market
'ast week was tne way IN Which IN
crensins "cti''tN III the ut'''Iss oroau-
eheu 'he price movement 10 tnc oet''r-
menu u. s.','uaiu o"s.c inuus,''ais' no,
'aolN 'ri'eu states Steei anu hihureu
sn'r"s. ',.nVukn s.ahonlu Ihuustr.l' rs
us w .',llns nhote anu NOR in,o 'ne
""i SION .''eso'. az ."e s'l''ulus vi
.un'ia,'S eNpclt supp''s sp,en"S
'",ousn 'ne MISUNDERSTANDING Non',u''ts,
au! ~ "N."' "u
po.en'n' ,otessn liu'"''ro"' ~ p'i,.s
oeVnuse .,''""'H,'"N,S P''u'i'r ! '"e
'nn'oaus. " laI'o'u Sums iel'"'i
'"u ' .o w .in a. 90" "
"es" Nv
500 'Hne i"uu,' ef"Ipin'"t -
~" II wv D'p"'.'s "',o
a"u ."sa-yu, "..oau u"ll %
1910 - 49,
.no.e ny nv ~ no. ~
~ "oua ."yo' "e pop'N',nS 80!
~ p."s'rss w. 'el.s "'aue rs s'owls
~ ,me ior'natnvn VI sounuer poIes
W 49, =" "e '"'
IT, ~. .. .
on'N '"e ~ !" ""'N" w
So ~ -.
!" Wv " go
% 'N"' ~ =" "em ~.
.'s.n." y. u p"ul'''io"
q -. .n ~ vi Oh" s.
,eV. suu'"'.lne M.1iaie nv ~ ,ne
j va Alt NV lNthlll6
a comprehensive programme OF war
finance. Political and financial uncer-
! tainties OF International bearing persist
and must abound during the war, but
the devtlopments referred to releosed
Wall street TO some degree from re-
stra!n,s which had prevented continuing
response TO factors OF IMPROVEMENT in
| our economic position.
There il no way of foretelling the
| country's political fate in the war.
whether IL Is destined TO maintain formal
neutrality. but unsatisfactory AS the
German note was. the financial and bust
ness mind interim, ted IL I'm accordance
with the country's aesi,e Ia keen ont Of
tn. war and I'm accordance with the fac,s
, OF Germany's conduct OF lie submarine
| campaign since the destruction OF the
Iusitanla. The conclusion reached was
that occasion had moi yet haep rIv.n
FOR annrehendInp a breach in our neutral
relations toward tho mirhtv strupyI. I'm
Furon. A, bo,tnn i, sbonId aIso no
added the feeling ia growing ina, ex.
can, for some ,.mnorarv dnr,es,ic dis-
,urhan,e tha vnrs, event ~ tho C.ru.,
cnntrovnrs, uouI1 ma, ra,erinuy inn,ir
| Tho ou,look ,or xtr,ordi,or oconnrt,
activity In IN. I-nI,ad S,a,as
vr,ror,.u,. NJ p.,,,.n wa. Ina.
AS Tor the British war loan. II be-
came AT once a positive factor In the
encouragement OF more constructive en-
ueaNors mere as soon as II was known
what n tremendous success the new no.
tatlon or war bonds pad achieved. In
little more IMAM a fortnight about Vs.
uoo,oo".n "o or new money was sub
scripeu by the Brltlsh public Where the
treasury hah sought Tor only W.
.5o,ooo,oOo the implication or this
was or FAR reaching consequence for
our commerce., as the ultimate burden
OF financing the war Tor the Allies falls
on Great Britain, and on British ability
To pear the burden depends the rom
tinuation OF the war time foreign trade
that mas provided the impetus FOR our
Industrial awakening from extreme de-
preston and Will supply the accelerated
momentum on which Wal Street
reckons in terms OF rising bids for in
dustrial stocks.
Any one familiar with banking sen
timent in recent weeks knows that
there was no little apprehension over
the outcome of the departure in war
! finance TO which the British Government