The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-12
FINANCIAL NEWS
AND COMMENT
Day Of Strength in Stock Mar
ket-Response to Wash
ingt0n Note.
V A R HE'LL

After all the Bryan rumpus over the
Washington negotiations with Germany.
the actual note which was tho alleged
cause OF the political disturbance at the
capital produced on Wall Street yester-
day the effect OF Q vast relief from
strain.
II was felt that the note had cut the
ground from under Bryan's effort to Jus
tlfy himself n probably contributed
by that much to the diminution Of his
influence with the country. 1t was rea-
lied that the note itself was not con-
elusive Of tho outcome, but II ended one
phase Of uncertainty. the Governments
line OF policy in dealing with the issues
thai Germany has raised by its methods
of warfare.
In that the note was not severe in
manner nor extreme in matter. the
financial community underwent q reac-
ton OF hopefulness that Germany would
recognize the Justice Of a position so
temporarily stated and meet II accord
ingly. There were different views about
the character of tho note. II was pro-
ounce both weak and firm. but the
prevailing Wall Street opinion was that
Il sacrificed nothing essential IN It's re-
statement Of demands for a mainte-
nance of accepted rules OF war IN the
b~elligerent area, while its friendly tone
was likely to elicit a responsive an
swer. II II did not. hat was some
thing which CO nd not be helped. ard
meanwhile much restraint had been re-
moved from the marketwise expression
OF constructive influences.
All this was summed UP in q Stoch
Exchange session OF impressive strength
with activity and interest well dis
tribu.ed throughout the day and through.
out an extended list OF representative
issues. The average Of closing prices
was the highest since the decline pre-.
| cipitated by the sinking OF the Lusitania
last month n was carried within a
point or the maximum reached before
that disaster. The volume of transac'
tons was large, and while less thar the
million share session OF a week & ir
the abortive upturn stimulated by the
Steel decision. the scale of trading ir
connection with the movement OF prices
was a rather convincing exhibition Of
market control by expansive forces.
> 1t was the first time In many week.
thai the market had absorbed stocks ir
quantity on advances and still kept Coins
higher. General strength was displayed
at the opening. but there was no wild
uprush which would have implied tha'
trary, the list CAV early evidence Of
its ability 10 sustain a rise. Only casua
and slight recesslons took place under
profit taking at any stage. even In thu
last hour. and some influential issue.
closed at the top.
War order considerations seemed tc
be uppermost IN the trading. but buy.
- ~ IL
scriptiens. The metal group and the
war stocks enjoyed most favor and dis
played most strength, American Smelt'
ing being a conspicuous leader. United
States steel moved forward aggres
, sively In the afternoon and substantial
frmness was shown by a umb q,
railroad shares. but preference Wal
clearly manifested for industrials Al
this time. The idle freight car report
showing a not increase Of 3.1S car:
in sidetracked equipment last month
illustrates the conditions which hold
railroad shares back. but there IL plenty
Of reason 20 believe that the situation
will undergo a material change for thu
better before the end Of summer.
Copper metal was quoted as high A.
20le cents. Prices for other metal,
were marked up further and these
tokens OF growing Industrial activity
were translated into arguments for op
e~rations in stocks. Wheat rallied aftei
going lower. but the excellent agricul'
tural position had at last a han u
tell effectively on quoted values. or
the known movements OF money M
local banks have made a cash gain o.
SIG. 900. 900 or more this week. practi
cally all Of II counted in the import.
OF gold which have been made. $1,000,
600 more arriving from Ottawa in tn,
forenoon.