New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-10

are tokens. has been made corserv-
atively. Tho war boom on the stock
markets has seen no counterpart IN
the nations business. At the clos
OF the week Il was uncertain whether
or not new adjustment 90 our AFFAIR."
must be made II so. We are m favor
ablc position. Few new enterprise,
have been undertaken. buying has been
cautious. merchants stocks arc low and
tho opportunities for imitation Of credit
present IN our new banking Jaw have
boon guarded against Our heavy dch'
20 Europe on current account, so press
ing last summer, has been changed lnto
a great balance IN oar favor.
Whatever may happen. our crops are
O. supreme moment Another exec
lent year IN our grain producing DIS
tric's IS indicated m the Covcrnmcn.
crcr reroit. which was so thorourF
lost sight Of on Friday. FaVorab 81
vcrther improved the condition o. me
winter wheat to an unusual deg. z.
.0S Of tho acreage sown there was tn.
smallest reduction for a dozen year.
Months Of rain and sunshine are s'lli
90 Doe reckoncd with. but he present
prospect IS for yield OF 6""ouU'Vo"
bushels. 100000 above the record mar
vest Of last year. Spring plough ing
and planting is advanced well beyond
the average for the season, and an eN-
cellcnt start has been made toward
what forms the greatest contribution
20 our national wealth.
Violent Reaction in Stocks.
In the securities markets the worst
shock Of the sinking of the LustanlA
was met and overcome. In spite OF ie-
clince carrier in the week that t'I-
lowed word Of German ATTACKS on YES.
sells flying our flag and the threat o.
war between Japan and China a CON
siderable amount of marglned pu'-
chascs was still outstanding IN me fe-
Gently inflated war Gtocks. bankers
considered the market due for rcac-
ton. The sudden confirmation OF ne
to~pedoing Of the CunHrder; carry lAE
American citizens. with all that 1t I'M
nliod. caused half-hour Of violent
selling on Friday afternoon such as
has not been seen for years.
Rorrrchoses by the short lnteres',
dispatches giving hope OF the safety OF
Messengers and what in Saturday
market was more clearly recognized as
banking support stopped the break and
brought an excellent recovery. Before
SATURDAYS opening arrangements 20
UNFOLD thc market had been perfected
and after brief period of excited sell
ing, largely by out-of-tOwn SPECTATORS
prices rallied and the day ended with
comparativcly quiet trading.
Grain markets weakened on FRIDAY
and were decidedly lower the day fol-
lowing. their downward course beng
hastcncd by reports that the subma-
rire blockade might interfere with
sailings of British vessels. Cotton re-
covered TIE first day and made further
Improvement on Saturday. Marine IN
eurance was unsettled and rates were
higher. but under present arrange
nents the most of our exports go out
with this expense borne by purchasers
across the water. Foreign exchange
rates etifTened a trife, but their rise
was not large enough to indicate eN-
pectatioH Of serious interruption OF our
SHIPMENTS. Copper prices were mann
tanned By the large selling agencies.
in The fore part Of the week bonds
were dealt in on tie Stock Exchange
in an unusually broad list and prices
weakened ONLY slightly at the close
The Argentine S25.000O00 five-year .
per cent loan. which. with another
sos. 600. 900 offered in London. Will be
used in part to meet 100000 ma
turing in the British capital, was an
nounccd on Saturday, a planned. Nhlle
cuhscriptions 10 the Pennsylvania
Railroads s65.O 600 AZ per cent
bonds were naturally interrupted on
Friday. y is understood that books Will
probably he closed to-day instead o.
tomorrow. as scheduled.