The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-22
Mexican Developments Subject
= Stock Market to Selling
Pressure.
PRICES GENERALLY HEAVY
Railroad Affairs Provide the
Chief influences Of
the Week.

UT0esuro yesterday on th0 Turn TAKEN Oy
Mexican AFFAIRS. me reported killing Of
. British subject was regarded a. likely
= lead to some change In Washington
policies. and the injection Of . new fac
tor into the market situation was enough
to stimulate selling propensities, especially
since quoted values had been apparently
unable to continue this month the rising
movement which got under way In jan
uAry. The market closed heavy with .
fairly extensive array Of substantial de-
clines, chiefly among the specaities which
had been asgressively strong In the past
fortnight while the standard list was
holding stationary. Influential stocks
o9ered resistance to pressure and seemed
TO receive support from substantial IN
tsrests. Tho downward impulses were
fifBt communicated from abroad. the
London market being heavy on the Mex
lean news and In continuation Of the
heaviness displayed in the last few days
Mexican matters were not all that at
tracted Wall Street attention. Another
engagement of 100000 gold was made
for export to France. bringing the total
for the year % far up to $4,000. 900.
The local realty difficulties directed seri-
Gus notice TO the menacing character
Of the effort which Is making to commit
the city to single tax theories. The
weekly bank statement contained no sur
W tSeus htNif|o8H titu lOou IHCTc8Sc Oh only
Ss.'00,0o0 was less than had been looked
for NJ result Of the undertakings of
new financing which are In progress. A
gain Of more than $1,000, 900 in deposits
and cash loss OF about 50, 900. 900 ended
in decrease Of s3.355.o0o In the sur
plus reserve.
All other marketwise matters were over
shsdowed at the week end by the deveI-
opments In the Mexican situation. Our
foreign relations have received peculiar
emphasis lately on account Of the Pam
anna Canal tolls question and other prob
lens, and financial minds have been more
or less prepared to recognize the desira-
b''ity OF settling some foreign issues y
the country Is to go ahead TO do satisfac-
tory business. The perplexities OF do
mestic politics are important enough Ia
themselves without external complica-
tons. II has also been perceived tina,
Mexican AFFAIRS have not been following
. reassurinE course. and naturally con-
Germ was felt over the possibility that
European pressure might force the Ad-
ministrauons hand In dealing with Mex
leo.
DURING most Of the week Wal, Street
attention was chiefly engaged with the
case OF the railroads. On the whole
events have been somewhat disappointing
In this respect. Announcement by the In
terstAte Commerce Commission that Il had
postponed from March until September the
effectN Guess Of the rate advances applied
Tor by the Eastern railroads was for
mality. but II signifed the commissions
Intention to delay action on the appiica-
ton. The Administrators soicltude for
TIA welfare OF general business. 10 which
the uncertainties OF the railroad prospect
have not contributed beneficial influence
was promptly manifested. President VIII
son intimated to the Interstate Commerce
Communication hat al Ia A,.Ss IL.
TO hasten decision In the Eastern rate
case and the commission forthwith made
known its purpose to render judgment be-
fore the summer recess In June II the rail-
roads speedily supplied the vast quantity
OF Information which the commission had
asked them to furnish.
Nevertheless II seemed to be pretty
clear that the commissions desire Was to
und q way Of providing the railroads with
increased net earnings without attaining
that end through general rate Increases.
The official regulators OF the common car
riers disclosed a stubborn determination
10 continue efforts along this line through
investigation OF the services performed
by the line carriers over industrial plant
lines. services which the commission has
already concluded are not adequately paid
for BY the Industrial owners of the plant
lines. At the same time the commission
added to It's own work by ordering in
quiry into import rates. and its involun-
tAry burdens were threatened with an
additional load through the Congressional
proposition that the commission look into
the Rock Island tangle. II Is believed
that In the course of few months the
commission will have to meet railroad
needs by conceding freight rate advances,
but some uneasiness is felt over its pc
culiar unwillingness to face this important
question fairly and sQuarely.
ha ~ IA uto -t,>s -
the week both at home and abroad were
reactionary In tendency. although price re-
coooions wero not az pronounced as the
contraction Of dealings. The foreign mar
kets were adversely affected by the diff
cult position In Paris. where affairs are
in . desdlocked state because Of the po-
iitical embargo laid on financial activ-
tiles. Continental and South American
demands for gold together with the
weight Of borrowing demands in the mar
ket for new capital hardened London dis
count rates and London was generally
inclined TO look upon the stock market
recovery Of the year 20 far As having been
somewhat overdone. More failures Of
new financing occurred In London to-
esther with some pronounced successes
but the oversubscription for thu Hunga-
rtan loan could be attributed only to the
high rate offered for new capital. For
sloa money markets were reflected In q
hon cent recovery IN Foreign exchange
here. which was the principal monetary
feature Of the domestic week.
The pending trust legislation In Con-
gress WAS more clearly disclosed as hav-
ing q disturbing influence in the business
community. The attack made upon Il at
the Chamber Of Commerce meeting In
this city was unmistakabie proof Of the
current political obstruction to complete
recovery Of business confidence. TrAde in
formation was OF a hopeful character 70
far N regards sentiment, but II did not
show that general business betterment had
begun to match the expa nsiveness Of Wall
street In January. New business In steel
lines seemed to be irregulariy sustained,
but prices were not strong. Tho coun-
try's bank clearings for the week de-
creased about Is per cent. In comparison
With the corresponding week last year.
The statement Of the countrys ex.
parts Of domestic products In Janu-
sU revealed total practically
Identical with the January shipments in
1919 and 1913. The spread o( snow Gov.
sr1ng all over the principal AGRICULTURAL
regions was Of optimistio import, but II
will be some time yet before crop pros
poets are seriously discussed. The Wall
Street share list was apparently q little
depressed by the new financing announce
ments Of the last few dayA Including q
New York Central bond issue and q
Great Northern stock issue. The fact
hat capital was dear was demonstrated
and the fact that -aa