The Washington times., 1915-05-16
WEEK IN FINANCIAL CIRCLES
Furnished by w. B. Hibbs & Col

Tho international situation was the
dominating factor in what fnanciers
term the most momentous week the
stock market has experienced since
tho eventful period preceding its clos
ing upon the declaration of war last
August.
Each day Of the past week register
cd the Judgment Of the financial
world on events of far-reaching po-
litical as we'll as financial Significance.
Those who would get a line on the
exact status Of International matters
are busily figuring. this weekend.
upon the meaning Of certain phenom-
enA which are variously interpreted
One point is agreed upon. that, aside
from the war, conditions in the Unite
states are surely. If slowly, mending.
In the opinion Of Henry Clews and
Company, I'VE are now entering q
period when agricultural conditions
are a vital factor. Some of our crops
tion Is not always as high as the ex-
oeptional averages of year ago. Tho
condition, however. is generally above
the average and the acreage under
cultivation Is increased.
Record Wheat Crop.
1t is further pointed out that the re-
duotion In cotton output Is being moro
than atoned for in the raising Of other
crops. that tho outlook Is for rec-
ord wheat crop. and that the indus
trial situation is slowly emerging
from tho extreme depression Of a
year ago."
6ome of tho features of the markets
variations directly attributable to the
International situation. and variously
commented upon by flnanciers. were
the violent break in prices when news
Of tho Lusitania tragedy arrived. and
again, last Monday, when the support
ing orders. put in by strong banking
houses to avert condition OF panic,
were withdrawn.
A hopeful sign Of the rest OF the
week was the fact that. though there
were wide fluctuations and flurries.
Except In a very few cases the de-
cline on Friday failed to send prices
down so far as their low water mark
last Monday.
The confidence among some bankers
that Germany would meet the terms OF
President Wilson kept prices fairly well
UP. despite the effect of the first an
nouncement of his note.
Compared With 1898.
An interesting comparison is drawn
by some financiers. between the situa-
suspense was removed. the market
jumped back to a normal status. Then.
It is pointed out. our markets were
thoroughly sound after a thorough
after-panic adjustment. because the
country's industrial and financial situa-
ton was absolutely unimpaired. Bank
ers assert that every one Of these favor
able conditions exists today. Further
more there Is banking system BOW
AlAh tra f~,r f.Nay
money panics or exorbitant interest
rates.
Marked improvement In the cotton IN
dustry added to the general optimism.
city and April cotton receipts at Eew
England points were nearly double those
Of April of last year.
Imports at New York during the week
ending May s took another tumble, ac-
cording to the Custom House report.
The weeks total inward movement was
$l6.636. $50 as compared with $lS.sl sos the
week before.
As yet the possibility of this country
becoming involved in the war has not
proved disturbing to the steel trade.
says the Iron Age. There are no can
cellations or any other OF the features
that might be looked for in a grave
crisis. The situation. in fact. holds the
strength gained in the past two months.
War orders and other foreign business
have figured so largely in the industry
OF late that the chance of more war
does not cause alarm.
Increased Home Demand.
A first effect would be an increased
home demand in some lines. and deliver
les on foreign orders would suffer. Rus
sian rail and car requirements are of
immediate interest Contrary to re-
ports, rail contracts have not been
placed. but two steel companies expect
to roll 5000 tons each for Russia. ana
the total purchases will be around 100 900
tons. Still larger amounts are talked
OF for the Trans-Siber!an railroad.
The offering OF $e5. 90 on OF new
Argentine bonds in London met with a
~<g different reception from that 40