The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-23
FINANCIAL NEWS
And COMMENT
Stocks Make q Late Recovery
After Early General
Heaviness.
EUROPE CHIEF SELLER
Lack Of Domestic Pressure a
Feature-Gold Exports
Seem Imminent.

Cruz. the fact that the country was en-
gagged IN a Mexican war. no matter what
euphemisms OF diplomacy are employed
to characterize II otherwise. was placed
squarely before the stock market to-day.
Naturally the American casualties re-
ported over night was depressing. nor was
there anything to sustain sentiment in the
way Of enthusiasm In any part OF the
country for the Mexican conflict. Never
theless the indications Of the market were
that for the time being At least the Mex
lean war had exhausted its possibilities
as an immediate factor in values.
Perhaps this statement might be more
safely limited to its domestic relations.
for European dispatches gave the Mex
lean crisis as tho principal reason for the
fairly heavy foreign selling Of stocks In
Wall Street, which induced general heavi-
ness during the forenoon. At the same
time q degree of doubt about the genuine
ness OF such an explanation is permiss-
BILE. Europe has troubles OF It's own. ris-
ing from trade contraction. a certain
amount OF uneasiness on account of
domestic and international politics and
some difficult financial positions created
by the economic crisis in Brazil and by
the slow progress Of adjusting the costs
OF the Balkan war.
II was not at all apparent that the local
financial community was disposed to sell
stocks because of Mexican Developments
Wall Street was flooded all day with wild
rumors OF happenings In Mexico, but the
financial district preserved O commend
able degree of composure. For the mo-
ment the banking consensus seems to be
that there In no necessity OF trying to
MI "a kn. 49, a.
The occurrences to date are regarded as
having compelled a sufficient discounting
OF the most detrimental contingencies OF
the unhappy contest into which the coun-
try has been drawn It Is felt that no
adequate facts have been supplied for the
task OF counting the cost OF war and
there Is more inclination to look upon the
Mexican turmoil as making for a change
In the conditions Of domestic politics than
In any other aspect.
1t Is believed that sooner or later
washington will have to ADOPT q policy
OF thorough" In the Mexican matter
and when this fact Is realized It is the
present financial view that Influences af-
fect!ng values will probably appear more
favorable than the contrary Govern
ment bonds were shaded again in the bid
price and investment inquiry generally
was little less active, but these were
about the only tokens OF a direct local
rejection OF the Mexican disturbance.
The European selling of stocks in tn.
morning was enough to force quoted
values down a point or more from the
range established at Tuesdays close. Ca
madam Pacific was carried down to a new
low figure. but this was the most spec
tscular feature of weakness and its de-
cline could hardly be related TO the Mexi-
can excuse given for European iiaulda-
ton. Except for some trading operations
mn Inv, eft oil
the market turned very duh befor. mid
day II remained quiet thereafter. al
though II was little more animated in
the last hour. when the share list fecov-
cred rather easily to about tho average
Of the close on Tuesday. The chief sig
nihcance or the market seemed to con-
s.st In the lack of pressure, which was
testified to by the falling of in the vol
une OF transact ions on the decline.
In banking circles the notion prevails
that good stocks are again in buying
area. although general considerations
rather than current news are urged in be
half OF this opinion Much n not most OF
lated TO help sentiment. Late In the day
the Missouri, Kansas and Texas direc-
tors passed the preferred dividend. alleg-
ms present circumstances. last summers
droughts and last autumn's foods az the
grounds for their determination. Rusi-
ness advices were not encouraging. They
included reports Of further cutting In oil
prices and reduction In the quotations
for steel pipe. Weekly reviews OF the
iron and steel trade noted that conditions
In the foreign markets were growing
rather worse. which OF course makes Il
difficult for manufacturers here 10 antici-
pate q strong domestic market The Colo.
RADIO labor war waS an item in the mar.
ketwise reckoning. and II was duly noted
that the grain markets made q sharp
display Of strength on reports OF dry
weather.
A pronounced rise in foreign exchange
carried demand sterling to 1870. the
highest level In more than year. Francs
were similarly strong and the French ex-
change market brings us very close to tho
point Of automatic gold exports to Paris
Europe's sales of our securities lately,
our impOrtations In tho foreign trade
movement and the hardening OF discounts
In London in response to the unfavorabls
position in which the Bank OF England
has been placed by tho Continental com.
petition for gold have all contributed to
the strengthening Of the exchanges.
There Is no reason for contemplating
the prospect OF renewed gold shipments
with apprehension. however. They may
relieve strain in Europe 20 our own con.
seauent advantage. They may also have
the effect Of making money more fash
ionable here than II has been lately. II
money becomes more in fashion II il
likely to seek more active employment
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