The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-26

A BAD WEEK AT AN END

Trading % stoCNs yesterday was on the
most active scale OF the week. The deal
ings proceeded withou, much pause or in
terrupton at the rate of more than three.
quarters OF million shares for full
session. aud on the expansion of business
quoted values made new low prices.
The fact tina, the fall in the market had
itself become a factor ana that Mexican
considerations werr not the only reasons
for selling was shown by the peculiar
features OF the price movement The
break in American Tobacco might be
related TO expectations OF war taxes.
American Smelling and Mexican Petroleum
fell obviously because OF the location Of
some OF the properties of the respective
companies. On the other hand the Mexi-
can crisis could only have the rernotest
connection with the losses scored by Con-
solidated Gas and Louisville and Nashville
The Rock Island collateral As dropped to
new low level. although there was not
the slightest iBtimation az to the nature
Of the findings submitted TO the bondholders
last week by the special investigators
appointed to examine the Rock Island
conditions.
There WAS grca- pressure on the Gus
tomary leaders OF the list and Anal
gamated Copper was distinctly weak. Much
more effective resistance was offered by
Union Pacific. United States Steel and
Reading. Tie underlying frmness OF
United states Steel was factor OF sup
port to the rest OF the market as was
ID the relative strength OF Reading, despite
the news OF the serious illness OF Mr..
Baer. There were Some stocks which
do. H..
decline. In most cases these We're issues
which might be regarded as having been
quite thoroughly liquidated before the
Mexican war cloud gathered Among them
were American Can, Canadian Pacific,
Leigh Valley and New Haven. The
delay in announcing the New Haven
nnaM:ng seemed not to affect tina shares
A good deal Of further weakness was
reported in the foreign markets before
the local opening. Apprehenslons about
the outcome of tho London settlement In
the early part OF the new week were
aggravated by the fresh declines which
took place In various directions. espe-
cially IN Brazilian securities. The for
eign markets we.e feverish and weak,
hut American shares rallied on the whole
from parity with Fridays close Soon
after the beginning ~ business here,
however. there was a renewal of foreign
liquidation. ana after "a brief suspension
Short covering went on in volume and
contributed some stability TO the share
list. although AZ the expense OF weakening
its technical structure. II was manifest
ihat much miscellaneous domestic liauida-
lion had been stimulated by the course
Of the market during the week. and while
there was excellent buying from banking
quarters 1t was not of the kind which IL
conducted when purchasers are afraid that
buying opportunities are IN danger OF dis
appearing. Some rallies were made IN
the last hour. but tho close was feverish
ana very much unsettled
Thus ended one Of the worst weeks that
Wall street has known IN "A long time.
II had been supposed that there was
hardly q sufficient sdpply OF stocks TO
come into the market to make for such a
severe decline as that recorded In the last
six days, following rs II did very ex-
tensive reaction from the maximum OF
nidwi'Jter recovery. Indeed. had II not
been for European liquidation excited by
the prospect Of n Mexican war, with Its
new strain for foreign financial positions
already debli!tated on various European
accounts. 1t Is not likely that the Mexican
war factor would have had so much effect
in Wall Street.
Europe has been much disturbed lately
because OF the prolonged tension on for
oign financial positions resulting from
postponement OF n settlement OF last
Austrian Emperor has sufflced to revive
uneasy European fears about the peace
Of the Old World. Coming at such n time
our Mexican imbroglio was bound to start
trouble for Wall street through It's awk-
ward reflection abroad. In consequence
of all this the average OF the stock mar
ket prices has been carried down to the
low levels of last year.
Il would seem that unless there are COM
plications on Mexican account or grave
disturbances in Europe the stock mar
lSet has now discounted pretty much
everything OF an adverse nature that can
be reasonably reckoned upon and that II
ought TO BIS in shape TO regard the hopeful
possibilities of various contingencies. Not
tho least OF these is likely to he the great
change In political Influences which will
infallibly be wrought by the shock of
reality that the idea of Mexican war has
given TO political minds overlong obsessed
with impractical Idealism.
Under ordinary circumstances the week
was full enough OF news of marketwise
bearing to have provided impulses for
speculative activity, but practically all
other factors were cast into obscurity by
the Mexican war cloud. When they
emerge again they may wear n different
look in consequence of the alterations OF
TACT and sentiment effected by the Next
can crisis. regarding which Wall Street
would like chiefly to know now just what
- going 10 happen ana Whht especially
Is going TO be done at Washington by way
~ recognizing a new situation for which
the old futile policies no longer avail
II finance could only know the certain
,es II could deal with them satisfactorily.
Perhaps II win get lts answer speedily
from the countrywide response that win
he made to the latest reports Of murder
GUS Mexican outrages.
The weekly bank statement showed
moderate increases in loans and deposits
and cash gain of $4,000. 600. The sur
ylu. reserve was Increased SS,500,O00 to
total Of more than $50 600. 900 and Is
now twice the corresponding surplus last
pear. The money market is in shape to
tlcr the requirements OF war and there
Is no particular reason for apprehension
respecting monetary developments. For
"g1 exchange rose during the week to a
tod export le"''. but calculations in this
respect are confused by the influences
MhIGh Npanpinr ,iSt