The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-25
FINANCIAL NEWS
And COMMENT
Severe Decline All Through the
Stock Market on In
creased Trading.
EUROPE CAUSES BREAK
Influence Of Mexican Crisis
Adds TO Factors Of For
eign Disturbance.

sumably. FOR all foreign dispatches in the
last few days have said that Europe was
greatly concerned over the prospect OF a
Mexican war. our own critical junctures
were primarily responsible for the weak
ness In securities which was first induced
abroad and then continued and carried
further here by heavy sales for foreign
account throughout the entire interna-
tional list.
For the third successive day prices for
American stocks ranged downward over
night from parity with the Wall Street
close. The declines noted yesterday morn.
ing were the most severe Of the week.
although 1t was not until late In the day
that Wall Street obtained an adequate
idea Of what happened In London. I,
then appeared that there had been for a
while something like complete demoraiiza-
ton not only in the American quarter
but In other departments OF the London
market. This seemed to have been a re-
Spouse to pronounced depression both at
Berlin and Paris.
According to Europe's own recent YER
sions Of its financial conduct. the develop.
ment Of our Mexican crisis has had a
very disturbing effect abroad. but Europe's
reasons for further liquidation OF its
American security holdings must he OF n
somewhat mixed character. Mexican war
considerations are not the only ones which
the financial community here must bear In
mind In this connection. The European
competition for gold. the swelling pro.
grammes of militarism. the reported NOR
tai Illness Of the Austrian Emperor,
I'M ant, 81 .,t.
ness, prolonged financial strain at Paris
and other matters of unfavorable foreign
import have combined to produce n situa.
ton which may have made OF the Mex!-
can war prospect only an excuse for fresh
financial unsettlement. Conditions, how
ever are not rendered less disturbing
thereby.
So far as concerned news OF the Mex
lean imbroglio the day was relatively de.
void OF occasion for increased appre.
hension. Although no confidence was fel,
In any beneficial persistence along the
lines or Washington policy which have
precipitated the crisis. II was recognized
that the Administration had not aban
doned hope of some lees dire outcome
than that which seems to threaten nor
ceased efforts to extricate the country
from the difficult situation into which 1.
has been forced. The assurances OF n
brigand like villa were received with
sceptcism In the financial district. and /,
was doubted that he would obtain any
encouragement from Washington for no.
tons that this country would ally itself
to him IN any way in support Of his pre.
tensions. Nevertheless there was some
degree OF reinsurance in the attitude as
cribed to him in that 1t suggested a pos
sibility OF keeping a Mexican conflict
from becoming general
The n ha -hnI
as 1t appeared last night was the status
or anxious uncertainty in which II re-
NAMED. Such uncertainty makes il Diff
hcult Tor financial market 70 deal with
so momentous factor the issues OF war
always present and makes IL particularIy
dinicult for the stock market to withstand
tne pressure OF foreign liquidation a,trib-
u'ed 10 the Mexican war prospect.
glance down the table of Stock Ex
change transactions shows that Wall
street went through trying session YES.
terday. Net losses ranging from 10 ;
points. with a very large average OF dc.
CINE, added TO the contraction which
quoted values had already suffered. aug
gest That security positions are beI, >
sorely tested
AS matter OF fact the market miph,
nave given much worse account OF H.
SELF than 1t did and there liz an jmnjica .
ton in the record which It made thu ,
the share list is gaining materially IN
st!ehgtn from the experience through
winch Wall Street Is passing. A,,en-
tion 10 bound to be attracted toward tho
investment opportunities which the con.
tinuation OF decline is Offering and were
IL not Tor the unknown quantities of Eu-
ropean disturbance ii could hardly Ia
doubted that reader support would he
given to prices than has been furnished
There is no point in singing out par
ticular Stocks for comment Special rea
sons Tor decline may have entered into
the price movement but all stocks in the
main reflected merely the fact that the
whole list was under selling pressure. Az
ter the forenoon fall IN the market there
was an interval of comparative quiet and
feverish steadiness. Toward the close
pressure was again applied. apparently on
the theory that further selling from Eu-
rope was TO be expected As a result
the market closed at about the lowest of
the day and the average of representative
quotations was carried down to about the
bottom level Of last year There was a
further recession In Government bonds and
the general bond market remained in the
condition OF weakness which apDea red
promptly on the swift gathering OF the
Mexican war cloud Total trading In
stocks was on a largely expanded scale.
Very little OF the various routine mat.
tV'o VI HdIhctWlst information came In
Tor attention except the aspects OF money
Notice here was concentrated chiefly or
foreign exchange. For the first time 4,
several days exchange did not rise and
doubt began to be entertained about The
likelihood OF early gold exports II wa,
said that bankers were drawing bills tc
supply exchange. and the influence whlcl
Government financing for war purpose,
would have on the gold market was taker
more into consideration. Should the Gov,
ernment have to place itself financially OF
war footing gold might indeed be i'm
ported in consequence OF the purchase,
which Europe would certainly make of oul
Government obligations.
Still in this respect. as in other phases
the financial reckoning is In a very uncer
tain stage because OF the imposslbilit,
Just now OF forecasting even for few
days the course Of domestic and foreIe,
events Of dominating nature,