The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-16
FINANCIAL NEWS
AND COMMENT
Mexican Situation AbsOrbs Out
ward Interest-Influence
Not Obvious.
STOCKS GO STILL LOWER
No Support for Quoted Values
in Terms Of New Antitrust
Legislation.
STOCKS GO STILL LOWER

Ndil CtTeet TekaTU WAR very largely
fixed yesterday on tho crisis in our rela-
tions with Mexico clearly indicated by
the vast marshalling Of American war
ships against Tampico. The financial COM
munity confessed itself puzzled by the
size of the naval demonstration and was
disposed to see In II a vastly greater prob
ability of military Intervention in Next
can affairs than had heretofore been dis
cernible. There was also some inclina-
tion to infer from 1t that much European
pressure had been brought to bear on
Washington to compel a change in the
Administrations policy Of watchful wait
ing.
Holding itself in reserve for any patri-
otto support to the Government that the
situation might call for. the financial dis
trict was nevertheless still unable to trans
late the Mexican imbroglio into stock
market terms. Neither here nor abroad
was there any clear reflection OF Mexi-
can developments. although there were
some signs that london and Paris were
somewhat depressed thereby. AS IL had
been supposed that Europe was long ago
anxious for the United States to inter-
vene in Mexico there was something suf
European security markets to suggest
that the new attitude at Washington was
far from being explained by known events.
A trading theory of the stock market
widely ventilated in professional quarters
encouraged some extensive early buying.
The argument was that II war with Mex
leo were in prospect big change would
be wrought in sentiment which could not
fail to operate for the bettermcnt Of val
ues. Whatever one thinks of the ulti-
mate contingencies of war. this particular
buying movement did not last very long
nor get very far and altogether failed to
develop following.
According to some academic conceptions
which had been duly mooted the city bond
sale should have provided an influence In
the stock market. but the share list APP
peared to make absolutely no response to
the city's satisfactory bargain This may
have been because while the issue was
largely oversubscribed at quite a high
price the subscription lent itself to the
view that capital favored investments de-
noting safety OF principal and yield COM
bined with freedom from tax troubles
while II was reluctant to take chance
in the field of corporate securities.
1t was difficult to tell to what extent
real news continuing the kind that has
affected the stock market lately played
a part in the days transactions. There
was enough OF such news in the antitrust
bill introduced tn Washington in pursuance
of the Administrators programme of in
sistence on such legislation. 1t is hardly
to be supposed that the financial world
was altogether content with the assur-
ance. that 1t was modification of the
measures originally proposed two months
or more ago.
Corporate enterprise has already had a
good deal Of political revolution in con-
ditions TO reckon with in the last year.
Therefore II may take "a little while for
the managers of corporate endeavor 10
reconcile themselves to the explicit legal
ization OF the boycott in labor controver-
sizes, invitations to Matchmaking litiga tion
| against corporate organizations. the dis
ruptions of dreCtorates. the qualified pro-
scrlption OF holding companies. the quasi
I regulation of prices and the like, together
with the creation OF "A general Govern
mental commission to supervise the con-
duct OF all interstate commerce.
Closing prices of stocks made a new low
/ Average for the year. \ few features Of
sturdy strength were observed in the in
dustrial department, but they were not oi
an influential character. Professional dis
positions were to operate for a rally ant
the market was discussed by traders II
the language of drives and bear raid.
so far as concerned It's aspects OF heavi
ness or weakness. Dealings were in fail
volume. although materially less than o,
Tuesday. and there seemed to be furthel
retirement OF commitments for the shor
account which had persisted stubborn,
through the maintenance of higher
price level last month. Lehigh Valley wa,
one of the leaders In weakness and Unioi
Pacific remained under pressure TO which
II yielded slowly. United States Steel wal
fairly steady. but its firmness lacked ag
gressiveness.
Foreign advices noted. In addition I,
!
ing impression produced by the determined
effort OF continental Europe to augmen
gold holdings. from which conclusions ar
drawn not altogether optimistic respect
ing the portents of international politics
Paris was described as troubled on Bra
lillian account. British consos were de
cidedly heavy and discounts at Londol
We're harder. Foreign exchange here re
covered frmness after a little early weak
ness and demand sterling closed aroun,
4.S6S5.
There was no change in the local none,
market. Some opinions were expresse
to the effect that the aggregate Of bid
for the city bond sale was less than wou
have been the case but for the Mexica
situation. which was construed TO impl
a possibility of Federal bond issue
would seem likely though. that the guam
tity of necessitous private financing whic
is impending sutiiced to explain any incl
nation or the bankers to conserve re
sources. The offering price of tho Ne,
York Central bonds was reported as
10 basis.
Apart from subjects already dlscusse
notice was taken perforce of the cond
tions in the steel trade. over night r,
ports that reductions In the wage scale
OF the so-called independent manufactui
ers were followed during the day b
intimations that tho process of wage re-
uuCtiOns had begun. The Iron A1e.
its weekly review OF the trade, indicate
that lower wages would probably involy
, lower prices for steel, Sentiment in IL
industry was spoken OF as so unfavo
able as to suggest that any change mui
be for the better, but 1t was also sal