The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-29

portant domestic political canvass which
will he ushered IN by national conven-
tions next month. The approach Of the
political campaign has been accompa-
MED by "A growing belief that the prin-
ci,al c%ontcnders for he popular suffrage
will display AN extensive agreement that
the conduct 4 Government during the
next Federal administration must he
practical in .'he extreme. Preparedness.
IN all its forms. promises 80 sweep the
CUNT aud the new mood OF politics
has just been imprcssively illustrated by
the non-partisan revolt In the Senate
against u porcine waste Of public FUNDS
In the river and harbor bill which had
been submitted for enactment. accord
ing to the hitherto accepted traditions OF
public plumber.
Time win Bring Answer.
Time will he needed to demonstrate
whether Wall street sentiment vas re-
Gently too bearish or Is now too opti-
mistic. Yet until the last few days the
general speculative notion seemed TO &c
that stocks could not advance SO muc,
or hold any rise. Some Of the reasons
adduced have already been discussed
Others included he backwardness or
the agricultural season. Hut 'rr' 'nt'u-
cnces are rarely estimated before Au-
klS n n'T fIIftNNNN WI"
had been presented by he foreign huui-
da;lpn perpetually impending over TIE
intcrrat. onaI lia' v stocks. hu' a DENT
onstrAtiou has been made hat his fa'-
tor of restraint rar he exaggerated
7. should take a grea. deal to "raIi
agains, such an exhibit OF earning" as
tho railroads have been making for more
than a year. The hr,lliancy u the Apfll
reports which are now being published
simply adds lustre TO the statements I'M
media,ely preceding. The net operating
income Of about 90 per cent. or 'h'
steam railway mileage Increased IN
March almost 80 per cont. as compared
with March. 1915. and compared with
! the average earnings OF the months or
the preceding five wears net operating H.
come for last March increased more than
a. pcr cont This helrs 10 eNpla WY
Il Is that railroad shnres hay" been
bought once more NJ ris,ng prices, hu'
other explanations are access DC IN'
new taxation meaSu.e " .h. British
Government to make american Sc"uri-
ties IN British hands NOR" ava'labl' for
the support If sterling exchange ana the
hcayiaeSs which sterling has bc'i as
plaviny .his month point 90 4 Wea~ur" ~
liquidation so moderate as mo- 10 tAN an
! sorp,ivc capacity here. while ,h' record
I VI III W. y llltl q f't 49, W. 900
is roof that foreign selling i Not az
insuperable obstacle 10 advance ~ quoted
values
Incidentally the country's foreign trade
statement continues TO add It's evidence
Of the country's ability to take hack rs
4 securities i'm exchange FOR merchandise
exports. April foreign trade was main
tanned practically At the maximum
reached In March and Yielded n favor
able balance Of more than SlN6.1no.Ouo
This suelled the total excess Of eNror:'
Tor ten months to about Sl,tI".u"". orn
CO almost twice the trade balance In th'
previous corresponding perlud The
railway labor controversy. with Ne I'm
pending conferences between representa-
tives OF the unions and the railway man
agemeuts. has undoubtedly operate
against excessively confident purchase
~ railway shares. bu; expectation vi.
probably no, GO far wrong II Il lntic.
pates a termination of This dispute with
out serious trouble.