The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-05-17
ECONOMIC STABILITY
SHOWN upon MARKET
is Greater Now Than ut ANY Other
Time of Grave National
Crisis.
UNCERTAINTY STILL REIcNs.
Wilson's Note. II Is Realized, Leaves
All the Issues TO Germany to De-
s,idc--Pcc1IIiarity OE Foreign liz
change.

New York. May 15.--The sun tonor-
row. In its review Of the financial sit
uation. will say:
Although the thoughts Of the busi-
ness and banking community have been
deeply engaged with the fateful ques-
lions OF international relations hang
Ing In the balance between washington
and Berlin. public sentiment has been
PROFOUNDLY stirred, sober examination
of financial and business features shows
that never TN time OF grave crisis mas
so much evidence heen afforded Of eco
nomic strength and stability.
Uncertainty was by far the most nd
verse factor with which Wall Street,
as the most sensitive point of the
country's contact with foreign inau-
enccs had to contend in the last few
DAYS. At the outset Of the week IL
had still to he made clear what public
opinion would demand Ia the way OF
national policy.
One Uncertainty Removed.
There was really not much doubt
that the Lusitania massacre would be
accepted as the symbol OF an appalling
menace to civilization. and that =
country dedicated and devoted 10 the
principles of liberty justice aud hu
AHAtHAA NNdih AfrAHt AfhA 'f'' ~ " FN'''
ger be met by the American republic
in accordance with all the traditions IT
holds dear. What had precisely 10 be
ascertain was the manner and scope
of the expression Of national policy
which the crisis called for, and IL vas
not until Friday morning that all ques-
tions on this score were answered
President wilson's note 10 the German
Government was then published. and
sg-.y.. Il
mistakabIe voice of the whole nation.
When so much of uncertainty ended,
the larger uncertainties were still left
for In the financial district II was read
lily perceived that all the issues of the
CRISIS were by the terms Of the note
left to Germany to decide, and at the
close of business FOR the week nncer-
tainty in this regard was still not
particle diminished.
To Position of Strength.
Thanks especially to the recent un~
doing of speculative extravaganza,
securities have been restored to posi-
tion OF technical strength even greater
than that in which they were last win
ter for all the outside factors, with
the sole exception OF our present inter-
national relations, have been acquiring
conservative yigoT If the stock mar
ket ~ a fair gauge of other positions,
| the United states has discounted every
adversely save a state of war for 1t
| self and has very probably discounted
most of that. Far-sighted and fore
/ handed interests and individuals pos
sessed OF buying power have been alb
/ sorbing securities again ar declines
and setting an example which II should
be profitable to follow.
I No better or more convincing token
could be given of the great strength
Of eur financial foundations and our
business than that which has been fur
nished by the foreign exchange market
in. the new crisis in national affairs.
More gold has come here from abroad,
and i'm a most extraordinary fashion
tho foreign exchanges. already excess
lively In our favor, have tended TO move
still more strongly in the same direc-
tion.
Phenomenon of Exchange.
Never. up 10 a few months ago, confd
II have been predicted on anything in
our past history that the issues of peace
or var for the United States could be
raised without turning foreign ex-
change violently against us.
The huge strength OF the domestic
banaking position Is eRinced by the
equally striking fact OF an absolutely
undisturhed money market. Never be-
fore on such an occasion has tho bust
ness of borrowing and lending money
| failed to include "A vast amount of boz
| rowing Of money market trouble. Cen
eral business conditions are character
/ lied by about as complete an eiituina-
I ton Of weakness and urhtness as the
country has ever known, and all the
features OF financial and business
/ health are emphasized by the agricul-
/ tural promise Of ample crops and farm
products.