The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-24
FINANCIAL REVIEW
OF THE PAST WEEK
Stocks Give Evidence Of the
Strength Of Conditions
Under Values.
SEVERE TESTS APPLIED

with SO many alternative possibilities
involved In the outcome OF the more
ncute difficulties Of International rela-
tons which confronted the country In
the last few days and with 80 much
diversity Of opinion obtaining as to the
conjectural consequences OF contingent
Developments, II is important to ave
had the evidence OF fundamental eco
monte strength and public confidence
afforded by the stock market 40 FAR
under the strain Of a severe test.
The quotations given by Wall street
TO values are. in spite OF everything
Justly n for the most part unjuetfy,
charged up against the country's finan-
cial centre. the rcadiest index at any
, time Of the nations economic health
, which is compounded not only of imam
| cial and commercial facts but OF under.
lying convictions. our primary STOCK
market, which il to-day the primary
| stock market of the world, Is the place
where the whole American community
of financial and business interests. posi-
tons and beliefs registers
its reflection or anticipation OF the pear
ing of events. actual or impending on
the prospect for enterprising n proht.
able endeavor In the Industrial ana
trade fields where the real values are
made which Wall street quotes IN terms
OF security prices and rates for money.
Accordingly it is well worth noting
with how much essential stability the
stock market has met and withstood the
ordeals to which II has been subjected
by the critical phases OF Mexican AZ
fairs and by the more menacing stage
reached in the still more critical rom
trove~sy with Ger~,any over The cues
ton posed by German methods OF shap-
ing ribs Of war to conform with Ger
man notions of military necessity. Com
PARSONS with the recent past bring out
clearly the significance OF the action OF
the iinaI.cial markets last week.
Great Change for ~ Better.
Surely a great change for the better
in our economic situation and in our
attitude toward world politics Is de-
noted by the total lack Of any sucl
features OF demoralization as led To th'
closing OF the Stock Exchange at tn,
end Of July. 1914. and compelled 9
resort to various banking subterfuge'
TO Disguise what was practically a TEN
porary Suspension OF specie payments
sNlIIltDEn w ''NlAAA "'|
brought face 20 face last week with =
menace of engagement in the European
|. war while II already had n Mexican
war problem on lis hands. there were NJ
Wall street signs which betrayed eve
i~ncip!ent panic any where. 1t seems u
be fairly we'll appreciated that whateve
happens now anybody who wants U
sell something In Wall street or to nor
row money can be promptly and cheer
/ (.It,. tod 90 az hla Ina
been the country's growth In tnancia
strength and fortitude since the wa
Panic OF 1914, which III the very process
~ spreading wide ha voc and wreckag
laid the foundations for a new Sructur
OF substantial values.
Their. was not last week. although IN
threat Of International complications va
more ominously serious. anything n
motley resembling the fright and di'
tress which swept over Wall street MT
less than a year ago when the lusi'au'
was blown up That was before bushes
and financial expansion had progresst
= very far, Yet new wheu more wilmer
bility to shock might he suspected u
financial markets exhibit a remarkab
degree of reassuring soundness. the
was not even the slightest ripple or fiur'
in money last week, The more specu'
tive descriptions of the share list. chief
the miscellaneous assortment or issu
classified with various shades of ace
racy as war stocks. displayed furtl,
weakness under the pressure Of liquid
ton and professional operations for I
decline, but the course Of prices and q
sales In these quarters represented I
]. salutary persistence Of a moveme
which had been going OF for months
Y. correction Of the fanciful speculative @
= travagances udulged in last autumn.
The long catalogue of seasoned share
- rails and standard iudustrials which "A
I most identified with permanent con,
lions and prospects was hardly mo
thar sympathetically heavy. Absorpti
Of investment securities. particular
bonds. showed no check and even VIII
President Wilson was addressing Go
greSs in respect to the challenge OF Gt
many's conduct Of maritime warfa
which the Adm!nisrr ration had alrea
delivered to Berlin. record prices Z
being bid for the New York city Off,
ing Of sac, 900. 900 Of 30 year "A
cent. bonds and $4,000 900 Of ~
cent. serial bonds.
Proof Of Market values.
Oc,urrences la st week were enough