The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-02
FINANCIAL NEWS
AND COMMENT
Market Gives Further Proof Of
Control by Factors Of
Improvement.
RALLY ON A OFFERS

a strong structural position and rested
on solid financial foundations could have
exhibited 80 much stability as was wit
messed yesterday. Furthermore 1t is
probably true that only n financial and
business community which had been
placed in a pretty thorough state OF
mental preparedness for any adverse
outcome of the present international sit
uation could have evinced 30 much quiet
confidence in values. II does not fol-
low that all contingencies and events
have been completely discounted. but a
good deal of evidence was supplied at
the opening OF the new financial week
hat there are very valid grounds for
the optimism which Is felt toward the
business prospect no matter hat hap
pens.
In this regard. indeed, uncertainty as
to what Is going to happen. however
reduced by a calm judgment of proba-
bilities. Is about the worst influence
which banking II business interests
have now to contend with. 1t was not
ut all apparent that the publication OF
the German note to Washington during
the Wall Street recess materially dimin-
ished the immediate uncertainty of af-
fairs and this was one OF the matters
which furnished a test OF conditions
through the stock market.
In other respects the test was made
rather searching because Of the disap-
pointment Of somewhat exaggerated
Eopes last week that the German note
would he not only more manifestly con-
ciliatory but more satisfactorily re-
sponsive to the Washington contentious.
The inference that Germany was not
obviously seeking to bring about a
severance OF relations with the United
States was favorable. of course. but
on the whole the German communica-
ton was n trial OF financial temper
nerves and facts. Unquestionably there
was some advantage in the sufficient in
terval allowed for a public expression
OF opinion o. the German note and for
sober reflection on lite indications. and
the absence OF heated excitement In
public comment presumably conduced 10
the exhibition OF steadiness which Wal
Street gave.
Also the implications of to-day's audi
ence at the White House sought by the
German Amba ssador tended - promote
mood of hopefulnsss regarding the re-
FeAA ~ A"' wa - 80
tons. Yet when all is said that Is pos.
sible on this score. and when the intima-
tons OF an important change in national
policy in another foreign direction
namely. toward Mexico. are added 10
the reckoning the only conclusion that
can be drawn from the transactions In
stocks and the course of prices is tina,
they strengthened the proof already
supplied of the country's prospects for
- 40 A.N, .a
business activity under almost any con-
ceivable circumstances.
AT the opening stocks We're quoted al
declines ranging TO n point or more from
Saturdays close. There was only scat
tered selling and nothing which resem-
bied liquidating pressure. The lowest
prices of the day were all made In the
early dealings. and when traders pro
ceeded to cover short commitment OF
conduct experimental operations on tn.
long side they found once more that Is
sues OF all descriptions had. as has beer
the invariable case lately. gone into
strong hands on recessions.
Consequently II took very little buying
to bring about a hardening of prices and
in the late afternoon there was n sub
stantial rally all round to a stronp
close. with no material net change IN
the average of quoted values for IN.
session and some large gains In specia'
issues, such as bethlehem Steel ant
General Electric. The total of transac'
ions was relatively small. which was IL
itself a striking feature Of a market thai
had probably been looked forward e
with some apprehension over the holiday
by nervous holders of securities
In the field OF more strictly financial
and commercial news the most important
marketwise development was the te>tl-
! mony Of the International money market
to the persistent strengthening Of Ameri'
can finance. Announcements was made
OF the importation Of $4,000, 900 NOR.
gold from Ottawa, bringing the aggre'
gate receipts Of the metal so far this
year to more than $4,000. 000. Ster.
ling exchange, which is now supported
was steady. but francs were weak and
Italian remittance sold at the lowest
level yet reached. In the domesti,
money market there was a distinct shad'
ling OF funds, both for call n time
loans.
Another gratifying feature of the la.
was the further fall of wheat prices
put the outlook for the total wheat croI
, of the year at $50, 600, 900 bushels. which
Il realized. will EAST last years unpre
cedentcd outiurn into the shade. Agri
cultural conditions were otherwise II
Illustrated by the Agricultural Depart
ment's condition figure of 50 for cottoi
on May %, which is above the averag,
at this time and almos, 6 points above
the condition last year. when ultimatel,
a record breaking yield of cotton wa
-