The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-25
FINANCIAL NEWS
AND COMMENT
Stocks Continue to Display
4Strength After Washing
8 ton Note Is Read.
WAR ISSUES STILL LEAD

STOCKS yesterday rounded out a week
~ test applied to their position by
Showing no impairment OF the strength
which they have recently been exhibit
Eng. There was some irregularity dur
ing the earlier dealings. but on the
whole the tendency appeared to be to
continue the advancing movement which
has been under way lately. II there
was any speculative feeling OF uncasi-
mess over the international situation
Nnd the probable sequel to the new
Washington note to Berlin 1t was mani
Tested rather in the moderate activity
IF the market than In the course OF
prices.
Throughout the session there was
BONE selling and a hesitating DISPOSE
kjon toward purchases which was pre-
Oumably traceable to unwillingness TO
barry or Increase commitment over
che week end recess with its possibili-
Mes OF disturbing accidents In the in
Aernational field. Wall Street remem-
Nered the orduna AFFAIR and the effect
(which il had for 4 while last Monday.
although the effect was not lasting.
0uOttU u dl wv N'''
and the more significant net changes
for the day were gains which added TO
Or maintained most OF the principai
rains OF the week.
Tn TO the middle OF the last hour n
Rate selling movement went on. but then
the list. which had all along displayed
~suteadiness or a good deal or hrmness.
burned stronger under the leadership OF
iNmerican Can. which rose in response
40 the reported closing of a $4,000. 900
WAR contract. with another pending.
Other munition stocks hardened and al
Enough right at the close there was some
realizing by traders which caused re-
,cessions, the market generally. because
Of the selling character of the dealings
in the last half OF the week. gave evil
Hence of much inherent strength.
Az for the Administrations latest note
90 the financial community
accented the view that "a was left 10 the
Qmperial Government to determine Wha'
our relations to the war would be. &C,
cordingly the conclusion was reached
chat the important thing was to watch
for signs Of the way IN which the note
was regarded by It's recipients. NJ the
oame time II was expected that Berlir
would AXE cognizance OF the DEFINITE
declaration that German conduct OF ms
war did not constitute Washington's
sole grievance and that there was some
ching to be said about the blockade es'
sablished by the Allies. Also the imam
c,al feeling of late has been that sig
nincance should be attached to the token'
Of some change for the better In Ger
many's submarine war.
No reason exists for being extrava
gantly optimistic about the ~lrternationa
crisis. hut there is probably less 10
being depressingly apprehensive. A
bottom the essential fact bearing on on
~.ra ,alatIAnS tn that no 0na cal
nee how II would be more helpful thai
harmful to German interests. defined b!
military necessity. to get the tnite'
States into the war against her.
In the persistent leadership OF wa
stocks In yesterdays market the salien
feature OF the week was emphasized
There Is no doubt that an increasin,
public speculative plunge is denoted an
90 the extent that it Is oneslded AM
e~xtravagant 1t il dangerous, Yet tn
facts which II signali2es cannot be dis
puted. The new business which III
war has brought to our industry am
MAJ been taking up the slack Or idl
equipment has been q great influenc
for trade and Industrial improvement
Still, while adverse criticism OF head
Ion gambling in war munit.on share
NAV not he very effective In checkint
speculative impulses, as the Crucibl
Steel incident suggests, outsiders who's
cupidity has been excited by the violer
uprush OF prices in this quarter Of tn
market would do we'll TO moderate the
transports. Many corporations vii
make uneNpectedlr large earnings a
q result Of war munltlon business. bu
the bulk of the profits In var contract
will he taken out of the stock marke
ny operators who will sell shares at in
Rated values to buyers whose reckless
ness matches their ignorance
Nevertheless. warrant for optimism !
moi dependent on war orders ~cNclusivelS
The weeks advices from trade and In
dustry as well as from the railroad
disclosed further expansion of a~ctivit,
Our bankers are making progress wit
the negotiations for extending credi
abroad which will contribute to the main
tenance OF our export Tn
great success OF the $4,000 900 loa
10 the Canadian Government will Ell
courage their undertakings. Railroa
earnings are increasing over last year
returns. and the relief granted by tn
Interstate Commerce commissi.' TO tn
express companies justiiies the hope tina
the same body will award an Increase q
rates to the Western railroads. Til
crop outlook at his time is the hes
In a generation. witt the exception G
corn, and II war business seems to pro
vide only an ephemeral stimulus
should be remembered that other fao
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