The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-19
FINANCIAL REVIEW
OF THE PAST WEEK
No Cause for Business Worry
in Political Campaign
Prospects.
STOCKS SHOW STABILITY

Presidential contest the reasons for q
mood Of optimistic confidence in the
financial community tempered by con-
servatism seemed to be emphasized in
the last few days. The stock market.
which Is q sufficient index Of opinion
and sentiment as to the bearing Of &C.
currences on such highly practical mat
ters as values expressed In terms of
dollars and cents. has been disposed to
place a favorable construction on the
principal influences operating on the i'm
mediate conditions OF banking and busi-
ness endeavor. and under this years
circumstances the factor Of domestic
politics has long range Importance. So
far then as stocks are concerned. II Is
manifest hat Wall Street has been dis
posed to reflect a contented view Of
political prospects.
There has been evinced In the share
list In recent weeks q strong underlying
position which has implied that corpo-
rate shares on the whole were strongly
held as a result Of the tests to which the
market has been subjected since last
years pronounced expansion. This posi-
ton Is supported by an outside situation
Of extraordinary strength gagged by the
dimensions OF corporate PROFITS. by the
Still easy status OF the money market
despite a turn in the direction OF more
normal frmness OF rates. and by the
prudence with which business commit
ments have been entered into when
powerful impulses contributed to an In
ordinate boom Of desperately inflated
enterprise. How much experimenting the
stock market may do with the possibili-
ties OF a further sustained improvement
OF the price level Is a matter OF con-
lecture, but observers have noted with
interest that since the early part OF last
month the movement Of the market has
been gradually upward.
Expect Continued Improvement.
The conclusion which competent Judges
have been inclined to draw from recent
exhibitions OF forces and tendencies In
relation to the facts OF an extraordinary
diffusion OF buying power throughout
the country and especially In relation
10 the environment created for values by
the European war and the tolerably well
assured character Of the domestic po-
iitical campaign has been that stock
market improvement should continue.
with a reasonable preference for season
descriptions. Like all financial and bus'-
ness conclusions nowadays. opinion IN
this respect is qualified by reference 10
the obstructive contingencies or events
both at home and abroad. but the feel
ing among men OF affairs Is that adverse
occasions should have a restraining
rather han any depressing effect.
so sound are the foundations on which
American enterprise broadly rests and
so powerful are the forces working to
increase the remarkable economic ad-
vantages OF the United States.
Financial and business responsiveness
10 the progress of the European war
IS to be taken more for granted as
the terrific struggle shows signs OF
approach TO a climax. The Establishments
which the termination OF the war Will
compel have nevertheless, been kept
pretty steadily In mind for many months
and the business and financial markets
will in all probability maintain a good
deal OF preparedness for the changes
incident 10 the restoration Of peace.
Meanwhile. as long as the war lasts
the principal influence which will be
communicated here by the record OF
battles will vary according to the in
tiimations afforded of the inclination OF
the scales OF victory in the war.
Without being particularly vocal In
the declarations Of its belief. our bank
ing and business community long ago
made up its mind as to the outcome of
the war which would be most detri-
mental to the country's permanent In
;erest. There has been a body OF dis
sent from the prevailing belief. but the
market place las furnished its silent.
persuasive evidence that prospects for a
settlement OF the war on terms imposed
by the European Central overs would
not be regarded as auspIc.ous. or late the
posture % the war has been read here
IN the light of the rising strength Of the
London ard Paris securities markets,