The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-17

When SO much OF uncertainty ended
the larger uncertainties were sun lel''
for. and Il was not until Friday morning
ucrceiyed that all the issues Of the crisis
were by the terms Of the note lcft
Ia Germany to decide and At the close
of business for the week unccrtainty IN
this regard was still not a PARTED" d.
minished. Owing to the delay in the
transmission Of the note there had been
not even a sign of the way In which
the Washington communication would
he officially and publicly received In
much less any Trustworthy
hin, OF the nature OF The formal re-
sponse which II would elicit. u was
right and humane all through these I'M
C~ertainties to expect n conclllatorN re-
jolndcr from Berlin. hut Wall street
talked openly OF the possibilities of the
country becoming involved In "A state
of war because II was the part OF
prudent wisdom to consider them.
So far as competent Judgment could
draw permissible differences. all that
went on in the stock market was by
way merely of putting the speculative
house in order against e~ventualities
For the rest the investment attitude was
plainly one Of willingness 10 take adj
vantage OF the opportunities furnished
hy decline at the cost Of spectators
,o accumulate the securities which ia
amy event must for "A Ions time to come
hayc more value than the securities Of
any other country.
Substantial as were tho reasons which
promoted the remarkable speculation
for tho rise In stocks this spring, and
powerful as were the forces which slim
ulated it and will almost inevitably as
sert control again when present unccr-
taiuty has passed. there is no question
,L..t lao, ,n..t GhnRl11t Inn, for IN. nd.
vanre had not reckoncd with such a
financial crisis as was precipitatcd tho
week before last. 1t had already he
puu 10 give wiy to reaction and 'orr,C-
ton when the sinking Of the l.usitania
with its train Of momentous events
proved how much the hullish speculation
of April had been overdone. Nothing
else seems TO have been proved, however,
and when wall street last week came to
look around and take its bearings for
IN" future IT found. when putting the
worst face ON tho prospect, no reason
for thinking that "A state Of war would
essentially dirkcn the outlook for bcttsr
general business and a better level Of
values this year,
IT could not see that engagement IN
hoslilities would he anything but re-
mote in any event. war, rs wall
Street looked upon II, must require of
the nation mat II proceed AZ once TO
strengthen its military preparedness hv
troops and by navy increase. Heavy
expenditure must he incurred and the
money market would ho strengthened
hut an the acceptable deductions which
could 10 made suggested that war. If Il
must come, meant for the United States
more u war of economic activity than
anything else.
Neither hid II appear that even with
/ the International uncertainty ended by a
decision which every American hopes
viii not Ice rendered tn" enormous
financial capacity of III" country would
he severely taxed to accommodate tho
strains of a state of war. Also, for the
time being, compcnsations would be Of
f"red by the Impetus given to enterprise
ana by the rcbirth of confidence which
the country has experienced N the now
evidence of American unity after All
the domestic differences which have
seemed to divide the people into fac
tional and sectional a~ntagonism Of late
years,
u, licences Of strength.
II tho country remains at peace. AZ
II earnestly desires, every immediate