The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-24
FINANCIAL NEWS
ANDCOMMENT
All Around Weakening in the
stock Market Toward
the Close.
EUROPE AGAIN A SELLER
Darkening POrtents Of Mexican
Crisis Cast q Shadow
Over Values.
EUROPE AGAIN A SELLER

After displaying fair degree Of steady
firmness during the greater part Of the
session the stock market softened gen.
orally In the last hour yesterday and
closed at the lowest prices. There we're
several features Of pronounced weakness
and the general tone In the dnal dealings
was weak and unsettled. although the late
relapse Of prices was not accompanied
by any marked increase OF activity. To-
tai transactions showed q tendency toward
expansion. attribuDab!e TO the forenoon
and midday selling movements. which
seemed to be owing principally to Euro
psan Initiative.
There was some extraordinary trading
In Canadian Pacific, and this stock was
one Of the influences for decline in the af
teruoon. Another was Mexican Petroleum,
which was affected by the conjectural
danger to its properties In Mexico. Still
another was American Smelling, which
suffered quite heavily following the an
nouncement that the company had closed
all its Mexican plants and ordered It's
American employees to return to this
country. The Fries we're heavy. but other
wise the general run Of shares moved to
about the same extent at the same time
and in the same direction. New York
but the course or prices on the whole
seemed to derive It's chief Significance from
the last hour relapse.
Distinct softening appeared In Govern
ment bonds. the registered % selling at 81.
a loss OF a point from the last previous
transactions. with a subsequent lowering
Of the bid to e6%. The general bond mar
ket was described AS having been spoiled
by the Mexican disturbance. What had
been Il good inquiry for high grade &C.
curities was said to have practically dis
appeared. Bonds are not being offered
down. but the withdrawal of bids has Eiven
the investment market a ws2ker tone.
Overnight depressed quotations for
American shares were again made in Lon
don and foreign business here was again
uuke heavy on the selling side. The Wall
Street market did rs was the case on
Wednesday. responded promptly to the i'm
pulses communicated from abroad.
very fair capacity 10 absorb foreign sales
was. displayed In the forenoon, but later
In ihe day IL began to look as though et
fort had been concentrated on two or
three leading issues To hold them strong.
.or abe purpose of facilitating GALES
throughout the list.
The European dispatches persistently
reported uneasy views of the Mexican
crisis US the prime cause OF foreign de-
pressi,n which was exhibited at all the
principal markets. London being no
heavier than Paris and berlin. The pass
ing OF the dividends on the first and Sec
ond preferred shares OF the Mexican Rail-
way Company. an English corporation,
had an exaggerated effect because Of its
reminder of tho extent TO which foreign
financial interests are engaged in tho
Mexican situation.
1t would appear nevertheless that II
European finance Is genuinely apprchen-
ste Oh Mexican account Wall Street may
have ahead OF 1t an unpleasant interval
a. our own country comes 10 estimate the
Dimensions OF the Mexican problem in
the Terms in which Europe is inclined to
calclSetc il, There WAS implied IN Wall
Street developments yesterday and In tho
tenor OF financial comment fear that
neither the Administration nor the coun-
try had begun to realize how great Il task
would be set by "a general Mexican war.
Wtthoa any purpose to anticipate
events. there was a further apprehensiv~
feeling that the Carranza note portended
precisely ssSch a general war. The inten-
ton OF the people TO support the national
Government In any inevitable undertake
ing. however difficult. may not prevent
temporarily increased depression of flnan-
cial and bus1uess sentiment IA the proper
lions OF the und ertaking are defined
although once the Government gets down
to facts and deals with the new situation,
for which the old policies are OF no avail
II II likely that sentimental depression will
end.
Relatively little note seemed TO be taken
OF other matters than those concerned
with the war prospect. The frightful la
Dor conflict in Colorado would at another
time have been sons factor in the Wall
Street session. but It was apparently ig-
nored. The state Of trade was illustrated
by the idle freight car report as OF April
Is. showing an increase OF more than
N thu at sivntta ri hA
preceding fortnight. The total Of idle cars
Is now higher than II was at the maximum
In January last.
A hardening tendency was reported In
time money and foreign exchange sold
up to 4s7ii for demand sterling. The
possibility OF early gold exports was dis |
cussed, and it was thought that nothing
was likely To stand in the way unless
the Mexican crisis produced unforeseen
effects In the way of tightening the money