The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-15
FINANCIAL NEWS
And COMMENT
Continued Decline in Stock
Market Lcaders-Much
Talk Of Mexico.
TRADING VOLUME RISES
Washington Influences Adverse
to Values-Weakness
in Europe.
TRADING VOLUME RISES

news OF the huge naval demonstration
ordered by Washington against Mexico II
was not apparent that this development
had any particular influence over the
share list. There was for few minutes
a hasty exaggeration Of short covering
by traders which turned prices sharply
upward to a fractional extent, but there.
after the market dropped of again. The
close was barely steady. although not
particularly active. and the nnai average
OF quoted values was not far from the
lowest Of the year.
There was much talk all through the
day or the thickening clouds in the
Mexican situation and q large part OF
the stock market following seemed to
think that the aspect of Mexican affairs
explained the continued weakness Of the
list. Such a view seemed to be sim
sularly shortsighted because Of the larger
number OF more cogent reasons which
onered for the markets loss Of strength
In the last two weeks.
Furthermore. there was no convincing
ground for assuming that values would
he very unfavorably affected by the atlop-
ton Of a vigorous policy at Washington
TO end the Mexican deadlock, although at
the expense OF the pacific purpose hitherto
SO patiently maintained. However the
financial community has all along held
curious attitude Of indifference toward
the critical state OF our relations with
Mexico. which makes II difficult to fore
cast with any assurance the probable re-
Spouse to any pronounced change in the
situation.
Something like disappointment was ex.
pressed over the way in which financial
Europe resumed business after the Easter
holidays. The Continental markets were
weak on their own account and London
l,nt h.,
OF the Continental movement An un-
doubted London influence was the per-
sistent French and Russian inquiry for
gold at time when the Bank OF Eng
land Is facing the necessity OF taking
measures to augment its store of bullion
The price Of the metal advanced and
Russia again obtained a large share of
the new South African supply.
American stocks were bid up in London
over parity with Mondays close here, but
the Wall Street opening was at a decided
decline and the subsequent dealings for
European account were on the selling side.
A good many OF the minor speculative is
sues In the market were sturdily sup
ported by pools which have been formed
In them. but the leading shares all moved
further downward. There was a more
distinct weakening in Amalgamated Con-
per- Reading and Union Pacific in sym
pathy with the surrender OF United States
Steel to pressure. and an extensive assort-
ment Of industrial specialties lost group.
materially.
Softness displayed by Union Pacific was
related In comment to the official informN-
ton that the forthcoming dividend would
be al the rate Of per cent. a year in
stead OF 10 per cent. but this was not even
a good excuse for the course OF the stock
Such programme was distinctly outlined
in the arrangements for tho extra dis
triDtItiOn which il
chiefly Of Baltimore and Ohio shares
Metal prices were reported lower in the
foreign and domestic markets. a circum-
stance which did seem to be connected
with the weakening of Amalgamated
Copper.
So far as concerned United States Steel
there is an opinion In some observant
quarters that the whole market may be
engaged in process of correcting n
strained position due to the artificial
level OF the Steel shares considering the
immediate conditions and prospects OF the
steel trade as determined by tariff revision
and affected by the extreme depression of
the iron and steel industry abroad The
public statement made by the president
or the Sloss-Sheffield Steel and Iron Com
pany following similar utterance by the
pres dents OF the Bethlehem Steel and
I.ackawanna Steel companies was only adj
ded testimony to the weight of the tariff
factor In basic industry At the present
time.
Trading was on much the largest scale
In many weeka The expansion Of bust
ness to more than q half million shares
was not accompanied by a prOportionate
fall in quoted values. even though II be-
toiened an increase OF real liquidation as
contrssted with the speculative selling OF
the professional element Tho compare
tive stubbOrness Of the decline seemed 10
be owing in large degree to a fairly we'll
defined disposition among professional
traders to cover short commitments
The professional feeling was that sig
nflcance attached to the downward lurch
or the market lately after its prolonged
movement over a narrow range. the sup
position being that there must have been
some effective quiet distribution In this
area. Nevertheless the trading inclna
ton was TO expect at least something
in the nature OF rally following the
| rather extensive fall in the last few DAYS
The retirement OF short commitments was
also stimulated by the hopeful suggestions
contained In the prospect for a very sue
cessful city bond sale to-day. although
there are conflicting views az to how such
an outcome should he regarded.
There was something a little curious
In the engagement of Wall Street atten-
ton with Mexican AFFAIRS considering the
nature OF other news more directly con-
tt'lfu WIN inc anu UllH ntla
outlook. The Interstate Commerce Com.
missions announcement respecting the
conclusion of it's inquiry into the sum
cheney OF railroad earnings in the Eastern
rate case was couched In terms that
pointed to the probability OF an indei
mite postponement OF decision OF the issu,
actually NEUTRALITY-SUSPICIOUS. or not the
railroads are going to get part or all Of
the rate increases asked for.
There was also the depressing informa
tion from Washington that the Admin
istration was bent on making Congress
do Its will in the matter of the Who'll,
programme OF trust legislation so-called
This information was accompa MED b!
indications OF n political surrender to tn
demands OF labor unions and agriculture
associations for exemption from the Ia W
Furnishing economic conspiracies.
An interesting item In the news OF tn
day was the first weekly weather re
port of the year by the Agricultural De
partment, This described the weather a
unsea sonably cold over the whole coun
try east OF the Rocky Mountains. but n
harmful result was noted, although lowe
temperatures held farm work back.