The Washington herald., 1911-04-20
WALL STREET NEWS
Mexican War Influences Not
Visible Yesterday.
MISSOURI PACIFIC CLEARS UP
Volume of Business Lower-Tired of
Carrying Speculative Stocks Many
Sold Out or Lightened Up-Iron and
Steel to Influence Future Market.
Agitation for Lower Steel Prices.

New York, April 19.-The Mexican diff
ficulty, which formed one of the pretexts
for speculative selling Of stocks yester-
day, became to-day so attenuated as to
be hardly mentioned in Wall street dis
cuSsion. The course of recent events in
this particular has been such as to allay
any financial alarm on the subject, and
TO instil a greater feeling of confidence
as to a satisfactory outcome of the trou-
BILE.
A convincing demonstration has been
made of the conservative temper of both
the executive branch of our government
and. the leaders of both political parties
public sentiment in the country is in no
way anxious to have a repetition of the
Cuban embroglio. 1t has now been proved
that our country has no desire to inter-
vene in their squabbles. and that our
troops will not cross the Mexican bor-
der. except paramount necessity therefor
arises The tenure of the Diaz govern
ment in Mexico is getting feebler every
day, and a peaceable solution of the en-
tire difficulty is within reaching distance.
Atmosphere Decidedly Clearer.
To-day the Missouri Pacific situation,
which was another cause of the foray
against the stock market yesterday, also
considerably Strengthened itself out.
While matters here are still in in
volved state, the case as it stands at
present seems TO be that a banking in
terest. which acquired a great deal of
Missouri Pacific stock at a low price in
the period of market weakness last July.
has retired from any participation in the
management of the property; that its
place has been taken by another bank
ing interest and that the party of Stand
ard Oil and Missouri Pacific stockholders
remains on friendly terms with the
Gould family interest, which still retains
a controlling voice in Missouri Pacific
affairs. Probably 4 great deal of bitter
feeling has been caused in these Strug-
giles ard rivalries, and Wall street is
quite skeptiCal as to the degree of per-
manent Improvement that the Missouri
Pacific Railway Company will enjoy as
the net result of all that has happened
Nevertheless, no fair basis exists for
expectation of immediate further de-
cline in Missouri Pacific stock in view
of the existing low price al which the
stock is now quoted. Outside of the
capitalists who have been fighting for
control only spectators of reckless sort
nave lately engaged themselves in
commitments in Missouri Pacific shares
Small Volume of Business.
Although dealings in the stock market
were much less than yesterday business
seemed relatively active on account of
the long previous period of dulness In |
the main, because OF the general causes |
mentioned, the tendency of the market |
was upward, but the rallying movement |
did not become pronounced until the last |
hour and before that time prices hesitat- |
ed. They also suggested, however, that a |
good deal of selling of stocks yesterday |
had been for the account of professional |
operators, for the decline, even If the |
pressure brought TO bear by these in |
dividuals managed to force a good deal # !
actual liquidation. The statement was
generally made in commission houses |
that such liquidation had occurred and |
that 4 fairly large number Of people who |
had been carrying stocks for months |
past tired of paying interest thereon as |
well as discouraged over the recurring |
weakness. of the market. had lghtened |
their speculative burdens. 1t is conceded !
mat acute market interest now con-
verges upon the state of affairs in the
Iron and Steel trade. With the volume |
of untitled steel orders diminishing and
with new business falling off, agitation for
lower steel prices has begun. There is
much talk of a possible reduction N
Lake Superior ore prices for 1911 The
Iron Age in its weekly summary of the
iron market estimates that sentiment in
favor of a reduction from the level of
1910 has become more pronounced, but |
that steel interests are opposing this
lest the reduction unfavOrably affect the
market for finished products.