The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-17
FINANCIAL NEWS
and COMMENT
Further Display Of Weakness in
StOcks-Ncw York Central
q Leader.
RALLY IN LATE TRADING
United States Steel Shares Offer
Better Resistance to Sell
ing Pressure,

Although the stock market during the
greater part of yesterday was character
lied by continued weakness. which was
pronounced In some influential issues, the
downward movement underwent a check
and In the late afternoon there was quite
a general upturn. Final prices showed ir-
regular changes. but the recovery from
bottom figures was in most cases extern
sivc. ranging upward of u point for lead
ing shares. Dealings were on an active
scale gagged by the markets of recent
weeks. The final tone was rather firm.
As was the case on Tuesday and
Wednesday n great deal Of Wall Street
attention was paid to the Mexican stu
ation although II must be said that every
effort to relate the recent course of the
stock market to the Mexican imbrosio
has lacked plausibility. This was the
more manifest yesterday afternoon when
traders alleged as an excuse for energetic
offer the apologies required by Washing
ton for the Tampico episodes and there
was therefore going to be no war. This
line Of thought illuminated the processes
Of reasoning among professional specu-
lators, who only twenty-four hours before
avowed q disposition to buy stocks pre-
cisely because war with Mexico was in
evitable.
As a matter Of fact there Is still no
evidence that Mexican AFFAIRS have been
any more a factor in quoted values lately
than they have been for year. The de-
cline of prices this month Is applicable on
grounds more closely connected with
values. and Wall Street would not have to
seek far to find them. The state OF trade
and the tendencies of politics have pro-
vided a strain which the share list could
not endure longer at the higher level
maintained from the middle OF February
to the beginning OF April.
There were no new developments in the
field of influences which have been AFFECT.
ing values. bus the stock market mad
fallen rather severely in less than n
week and technical considerations seemed
likely to warrant some recovery. Ther.
was Yesterday morning some manifest
liquidation but the selling during the day
had a more definite appearance or specu
latiye raiding than for some time past
The sturdiness with which United states
Steel resisted pressure and the hrnihes'
of other issues, including New Havef
even when the market was generally
weak, suggested that short covering was
going on in various directions under cover
of fresh declines such az took place II
the Hartman Pacific's. Lehigh Valley ant
conspicuously in New York Central. which
was forced down to about the lowest price
in a generation.
Definite indications OF the trend o
values were lacking in the late trading
but the rally which was going on as tn
I market closed was proceeding with Nigo
enough to imply possibility of going fur
ther II could not be said that anything
| in the news encouraged optimistic opera
/ tons but il is recognized that corporate
shares have had good deal or nam
! mering in the last few years ana TN
market has been seasoned to a good dea
I of adversely. Perhaps when the Mexican
situation becomes less cloudy again att<n
ton may be sufficiently concentrated OF
real financial influences to enable wal
/ Street to get new bearings.
/ It was not apparent that the city BON
. sale had any more direct stock marke
/ effect than on Tuesday. II is altogethe
likely that the market will be more re
sponsive tn the corporate financing whicI
! is impending. The terms on which cor
porate securities have to he sold an
the success OF such offerings are of niue
more acute Wall Street interest than pub
lie financing. however Important
Foreign advices were somewhat depres
sing. The Bank OF England's week.
statement disclosed position that con
tinued well below the average conditio
exhibited for the corresponding season /
the past decade and the London stoc
market was heavy on the implication
which this had for the money marke
Probably for the same reason foreg
exchange developed rising strength herr
demand sterling selling close to 4.s'.