The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-05-24
STABILITY AND FIE2NlfJEss
CHARACTERIZE MARI<EI


New York. May 23.--The Suns re-
view Of the financial situation tomor<
row will say:
Stocks In Wall Street have been
furnishing a satisfactory measure OF
the general condition OF the country
upon which their alues depend. The
market last week was characterized by
q good deal Of stability and prevail
| Ing frmnesG. From state of dull
ness in the early Part OF the week 1t
developed toward moderately in
creased activity, while at the same
time rising tendencies wee displayed
! in the long list of specialties.
| The Wall Street record Ia particu-
| lariy interesting at the moment be-
cause the values quoted there are
the most sensitive of all registers just
now, and while Wall Street has not
been r1aking forecasts OF clear wea-
Their ahead 1t has been giving further
F, I'm dications that affaire are in good
shape for all contingencies.
Encouraging differences.
| Under the circumstances of pro-
| ionged uncertainty respecting the out
come of the memorable note which
Washington recently addressed to Ber-
lin, 1t could be said that the action
of the stock market lends itself to
| a variety of encouraging differences.
/ One unqucstionable seems to be that
the share list is in an exceedingly
strong technical position. which would
not be possible IL II did not correspond
with the trade, industrial and bank
ing situation throughout the country.
| In the liquidation which swept over
the market in the first half of the
month elements of structural weak
ness were eliminated and close contact
was esta blished between the level OF
! quoted values and the general business
| situation. Speculative tests disclosed
| lately that offerings OF stocks we're
scanty. while. on the other hand, there
seemed to be public attitude OF will
| In gness to make purchases as soon as
! the dominant international factor took
/ more difinite form. Such waiting at
titude customaEiiy inspires speculative
jrestlessness to anticipate prospective
demands. and 1t was partly this and
tpartly the evidence of technical sound
mass which explained the forward
movement OF stocks in the last few
1days.
| The Constructive Features.
| To some the constructive features
| of the stock market last week were
owing to the tenor of Washington and
Berlin advices, but more especially to
1.-The drift Of financial opinion. and SEN
timent as 10 the probable Issue OF
1.-THE momentous communications De-
tween Washington and Berlin.
While waiting on events IN this d.
rectfon Wall Street was supplied with
other material for reckoning with the
influences which are ernancting from
the European conflict. Italy's head
long plunge toward war was looked
upon as likely to lessen the chance
of change In cur neutral status
Through any failure of effort abroad
to keep us neutral. Otherwise there
was no question tn atItaly's prepare
Etions to enter the war on the side OF
the allies contributed to the reasons
for feeling of confidence here regard
ling the outlook for values.
Italy's participation in the struggle
suggested some probability IT shorten.
ling the war, especially IL 1t should be
followed by similar action on the part
OF other countries which might 1oir
forces with the allies. particularly In
the Balkan area.
The cloudiness of the remote pros
lpect was not at all relieved by the
levidences of the growing desperation
OF the war. Occurrences in Great Bril-
tain emphasized this in no particular
more than by the reconstruction oil
the British ministry, forced on the
party in power by unmistakeable par
t.san politics The cabinet reorganiza.
ton falls In the category Of swapping
horses while crossing stream" and
Though doubtless required by the con.
ditions In the United Kingdom. wal
persuasive testimony of the strair
which the war Is causing.
In still another direction strain wal
evidenced and In direction which
had a further SOLDERING effect on sen
timent here. This was In the proc
OF the foreign exchange market OF thu
fearful prostration Of Old World tt
which the war is leading.
The Money Market.
Sterling bills sold last week Ats
the lowest level since the outbreak OF
1.-THE war Francs went to the unheard
.of price OF 5.46 for checks. and rublei
sold were quoted on a similar plane
lof weakness. These facts are evil
ldence Of a gradual breaking down q
foreign. financial systens, and. while
ithey promise large profits for the New
World money market which has beer
established at New York, they denote
La growing burden which Ia bein1
Thrown on the new international a.
tnanciai center IL 1t Is to perform III
iduttes to our won country as well al
Ito others.
In the main the foreign and domes-
itfc facts OF the week did nothing &c
impair fundamental confidence In tnt
prospect for values and In some re.
tspects they conducted to strength
ening of confidence.