The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-22
FINANCIAL NEWS
And COMMENT
All Around Rally in Stocks.
With Signs Of Impor.
tant Buying.
FIRM TONE AT THE CLOSE
Mexican Situation May Have at
Last Become q Factor
in Values.
FIRM TONE AT THE CLOSE

/
ing until the close and made . very IA
vorable impression on observers.
Dealings were on q substantial seal
proportionate TO the volume Of recen
trading. and while short covering un
doubtedly contributed to the harder pric
level there were indications of purchase
for the long account in many Influential
issues. The signs OF tho market that i'm
portant financial interests and institution
were disposed to renew or increase com
mitments were corroborated by some o
the comment heard in banking quarters
Commission house buying for the publ
did not seem to figure In tho transaction
and professional operations were divided
There was no particular pressure ex
cept around midday. when what locke,
like drive was made against Lehigh Val
ley. but this stock shared subsequently N
the general up.urn. Mexican Petroleum
was depressed in tho early trading bu
rallied later United States Rubber wa.
heavy. but exceptions TO the all AROUND
rise were neither numerous nor obviously
significant. Tho movement of prices die
not give any indications OF effort to force
| the pace of recovery, and indeed there
were some apparent attempts in the after.
noon, probably Of professional origin. &c
hold the movement in check. The close
was at about the best figures of the da y
and tire final tone was one Of quiet firm
| ness.
1t was conjectural OF course that the
market had proceeded to rally from
technical causes chiefly. but there was
some evidence that discriminating pur-
ohases were favored in banking circles on
other grounds than the mere fact tina;
quoted values had been contracting for
more than a fortnight without much halt
| in their fall. Granted the possibility of
certain favorable occurrences and the
likelihood of some more hopeful considera
tons which can effect sentiment for the
better II could easily become manifest tina
many stocks had been unduly deprecated
because OF warranted declines in other
issues which were not In so strong a posi-
| ton.
Al the Same time II IL reasonable 10
assume that the Mexican situation at last
| played some part in the course OF the
stock market. Indeed. it is conceivable
that the severe April reaction was to some
extent a process OF discouptny the pass
at which Mexican affairs have finally ar
rived. The influence OF domestic politics
and the difficulties created by Them have
told against constructive hopes In such a
way as TO make 4 hard to decide what
the Mexican factor has been. Neverthe-
less security markets do often so decline
on the approach OF war and having done
so proceed TO rally once the issue has been
Joined.
II can he said OF Mexican matters to-
day that Wall Stree, finds therein some
reason for. taking less depressed views OF
the prospect. An irritating and battling
state of uncertainty has been exchanged
for one OF fairly definite certainty. The
Mexican situation as II has now sha ped
itself Is more in line with financial &C M
reht 1siOn and sympathies. II becomes
something tangible and concrete for
finance TO deal with. However much
opinion may differ as TO the necessity OF
the situation that has been created finance
recognizes that the time for regret and
criticism has gone with the arrival % the
time for action. The worse thing about
the Mexican AFFAIR at the moment, as tho
financial community analyses n. il the
mesly mouthcd undertaking at Washing
ton to represent facts as different than
they are but the facts will speak for
themselves against all words.
Tho end OF the policy on which the
country has embarked So rapidly In the
last few days cannot be seen from the
beginning. but Il II a policy IN which
practical intelligence and practical en-
deavor will prevail over theory. and this
Is assuredly something to the good in a
country which has been lately harasscd
almost beyond endurance by Govern
mental dabblings In the realm OF theory,
Although Senator Williams may lament
that Mexican warfare means no more
progressive legislation" until peace Is
declared that Is not the worst thing that
could happen IN the United States to-day.
Ono of the best things which could
happen would be the prevalence OF cir.
cumstances which brought practically md
practical men once more to the fore. All this
IL not the same thing as saying that stock
market and business prospects have been
vastly improved by what IL happening IN
our foreign relations, but a big new thing
IL occurring In the United States and II Is
bound 20 give new directions to the cur
rents OF thought and action.
A better tone was reported In the
foreign security markets, although II
seemed that the rally in Wall street was
what disposed European finance 10 en-
terta!n more optimistic notions Europe
on its own account has set OF eircum-
stances which are not exactly conducive
to optimistic opinion. Some OF these
were illustrated yesterday IN the London
gold market by the keenness Of Conti-
mental competition for the weekly South
African supply OF tho metal. Paris bid
ding forced the price Up a half pence to
the highest level in more than four years
and at that France obtained none of the
gold. About half OF 1t went TO Russia.
There IL no liking abroad for tho con-
tinuing gold scramble, In which Russia Is
a persistent leader. and a good deal OF the
doubt which is felt in Europe about in
ternational relations arises from this COM
petition. Yesterdays events strengthened
the indication Of our own foreign ex-
change market that gold exports were
likely to be resumed soon. Demand ster.
ling sold above 4S710. while francs
reached level only little below the
calculated gold export point These in-
dlcations are OF no great consequence 30
far as concerns the money market AT tho
present time. but their Interior Significance
must DO taken into consideration In any
estimate OF tho financial and business
outlook. We cannot afford to absorb our
selves In our own affairs to the exclusion
Of regard for developments abroad
Various other matters of moro than
routine Wall Street interest were con.
tained In tho days news Tho Rock
Island collateral trust As displayed per-
sistent frmness. although information was
stIll lacking as to the results OF the in
vestigaton which has been making into
Rock Island conditions. Tho overwhelm-
ing vote of the New Haven stockholders
for ratification OF the agreement with tho
Government was gratifying That for
ward projects are not altogether IN abey-
ance was denoted by tho offer of the
Anaconda Copper Mining Company to
take over the International Smelling and
Refining Company and by the announce
mont made in respect to the passing oe
II.