The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-04-28
PEACE PROSPECT
CAUSES UPTURN
New York Market Opens
Strong, but Prices Ease
Off at Close.
VIOLENT OIL MOVEMENT
Mexican Petroleum Fluctuates 10
Points-The Commercial Nationals
Financial Outlook for May.
nv w, sTEALEY.

Over Sunday news OF the possiOiilty u
q peaceful solution OF the Mexican proo-
lem caused general advance IN lhe
New York stock market yesterday.
on issues directly effected in some
instances the advances were violent and
there was the corresponding slump.
ON successful mediation rumors Mex
Jcan Petroleum, which closed at az D.
saturday. opened at 81. Within a rev
Tuinutes the stock went to S.. then de-
cIined rapidly to 50, and closed at 81 L.
a fuctuation Of eighteen points.
Receipt Of kilograms from Admiral
MAYO at Tampico reporting that oil
wells were in danger of destruction
caused the slump.
on the whole the market closed
stronger than Saturday. American
Smelling and Southern Pacific gained
ia points each.
Steel, Copper and Union showed sub
stantial gains. Canadian Pacific and
Reading after strong opening closed over
a point on
The day was one Of the rpost exciting
the New York market has experienced
IN weeks in spite Of the general easing
of Of prices at the close.
Local stock Exchange.
Trading on the Washington stock mar
ket yesterday improved. The principal
Railway; the common sold . shares at
So the preferred 3 shares at g.
Capital Traction sold 80 shares at 10o1z.
Railway preferred at So
Trading in bank stock was limited to
Union Trust shares selling at 132 10.
Twenty shares Of Mergenthaler brought
215
In the bond list ; 500 Washington Gas
IS brought 1851. one 5000 Capital Trac-
fipy1 < 16-lk ono on Potomac ElPc-
trio consolidated >, 9994.
Commercial Nationals Views.
In its financial outlook for May the
Commercial National Bank of this city
states that everything is on a safe basis
because OF the absence of speculation and
the long period of liquidation.
While there are a good many uncer-
tsinties." declares the statement. there
is no doubt but that intrinsic conditions
are sound and that genuinely better
terms are ahead"
The bank calls attention to the fact
that Washington owing to the Mexican
situation has become the center Of news
affecting investment conditions.
; The statement is. in part, as follows:
The esta blishment of a suitable form
of government in Mexico will be an event
Of the greatest Importance not only to
the Mexican people. but TO all the world.
1t is bound 10 come sooner or later, and
when the Mexican question has been
eliminated from the situation there will
he thOroughSoing improvement in con-
ditions in the United States.
"a good deal of the trade depression
frem which the country has been suffer
ing can he accounted for by the large
number Of men who have been laid off
by the railroads. These men will be re-
employed as business improves. and
should the Interstate Commerce Commits
sion act favorably upon the application
for the per cent increase in freight
rates il is safe TO assume that general
business will quickly revive. The testi-
mony offered by the railroads in support
Of their claims has been highly illuminat-
ing. What is more. the factors contribut-
ing toward a steady increase in operating
expenses are now well understood by the
public. with the result that public senti-
ment is in favor of the railroads to a
degree that has rarely. if ever. been wit
messed in this country before. The peO-
pie have absolute faith in the Interstate
Commerce Commission. and although no
time has been set for handing down the
decision. the indications are that it will
be reached this month or early in June.
There are fewer misgivings felt about
the question Of possible antitrust legisla-
ton under discussion by Congress. II is
evident that the administration is putting
forth every effort to uphold business, and
there is no doubt but that the remarkable
laws that have ben enacted during the
first year of President Wilson's admins
tration have been of real benefit to the
people.
There is still excellent buying of high
grade bonds, and the broadening inquiry
for really high-clsss municipal securities
has made il possible for bankers to
market the best securities of this class
on an investment basis slightly better
than per cent. The recent sale of the
ss5. Oo0 issue of New York City AZ
per cent, fifty-year bonds at an average
price Of 10145-the highest price ever re-
ceived by New York City for a AZ per