The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-03-20
FINANCIAL REVIEW
OF The PAST WEEK
stock Market Undergoes an
Expansive Test Of Its
Position.
FACTORS IN THE RISE

Although the abruptness with which
Stock Exchange dealings have expanded
and the violence with which prices In
various directions turned upward on the
increase Of trading seem to be some
what disconcerting to Wall Street Itself
the movement should occasion no sur
prise. 1t may he overdone. but 1t IL
wholly seasonable and accords with
spring traditions when encouragement Is
Afforded for a fairly hopeful view OF
the prospect for values during the year.
A financial community which has en-
dured 80 courageously the tremendous
trials Of confidence caused by the Euro
pean conflict and all the problems which
IL has created and has had its courage
strengthened by so many concrete re-
wards OF confidence could hardly hold
other tina reasonably optimistic opin-
Ions about the present position OF busi-
ness enterprise and the outlook for q
maintenance Of profitable progress.
Considerations inevitably connected
with the war abroad. with the trouble
which Mexico has given us. with the
uncertainties of politics In all its aspects.
domestic and foreign. with the unknown
economic factors OF the post-bcllum fu-
ture, continue to inspire conservatism
and Ia temper confidence with prudence.
Yet there Is no occasion Tor surprise
over the testimony of the March stock
market that confidence underlies the
mood OF our and finance. for
the status of trade and industry has
been established very solidly by the re-
suits Of Individual and corporate en-
dea yor under the stress OF one OF the
most disturbed periods In the worlds
history.
Never B~SOre 40 StrOnG a. To-day.
q The country has gained In actual
wealth and financial strength and was
never before as strong In both respects
as II is to-day. Another agricultural
season is beginning with the customary
promise Of "A good harvest. Moreover. In
respect to great questions affecting ma
tional interests and the security and pro-
lection of the popular welfare. IL is 10 be
noted that the public's eyes are being
opened TO practical facts. There has
been a valuable object lesson In the new
Mexican crisis. Some OF its implica-
tions have been provocative OF dismay.
for IL has shown how far short the
country WAS of preparation Ia cope
with disastrous contingencies. Yet the
very evidence of this warrants cxpecta-
tons OF 4 desirable change.
All the utilities of Impractical politics
which could well be described as Bryan
ism have been demonstrated in startling
Fashion by the eNtscncics with witch
Washington has been confronted IN the
Mexican affair. Whatever else comes or
ii, and among other things the Mexican
emergency with which We have had 10
deal should conduce TO elimination OF a
constant international danger, the cmer-
gency itself has furnished Al added i'm.
petus to the national movement Tor pre-
~paredness. Strengthening of the army
has already begun, and that the navy
will he put in better shape 40 one can
doubt. Furthermore. when politics gets
down To practical matters of fact and
plans for the preparation OF the COUNTRY
IN it's military defences II is likely to he.
come practically minded rs regards other
phases OF the subject Of preparedness.
Economic safeguards ~ the people stand
a better chance of being crowded now
that IL is being publicly perceived how
advisable Il is 10 heed the counsels OF
experience and practice aud give to
idealism and theory only their due
weight.
- far as concerns the European war
as q factor In financial calculations there
is not much more 10 be said than that the
essential conservatism which has COLI
trolled business ant banking activities
| has been a continuing response to every
kind Of hazard which the war has con-
tanned for us. Including the possibility OF
an early termination OF the conflict which
would promptly compel readjustments TO
the peace status.