The Washington herald., 1914-04-25
foreign selling
CAUSES DECLINE
Canadian Pacific Is at Low
Level-Mexican Issues
Slump on Market.
LOSSES In PETROLEUM
Interest in Property of National Rail
ways-Destruction by Rebels
Is Feared.
Nv w. STEALEE.

by w. sTEALEG.
There was a general he in the New
York Stock Market yesterday. The en-
tire list was effected. the principal losses
occurring in Canadian Pacific. Mexican
Petroleum and Southern Pacific
Foreigners were heavy sellers of Ca
madam. War news was the principal
factor of the bear movement.
European countries. with their great
national debts. nearly all of which has
been caused by war. peculiarly SEN
titIve
United States Government bonds de-
slined slightly in the quotations ycster-
day This. however. is not significant.
There is simply a fear of another supply.
which Of course the market would not
Ibsorb at the old price.
The war in the Balkan states had
such 4 serious effect upon European
security values as to cause continued
telling of United States securities in the
last eighteen months. The war with
Mexico has the tendency to INCREASE
rather than diminish this selling
Mexican Petroleum lost five points
yesterday. The slump in the last three
lays can be understood when il is eN-
planned that most of Mexican Petrole-
ANS production comes from its big
Cssiano No. well. which Is flowing at
he rate of about 220J6 barrels a dav
From September. 1910. when the well was
brought in. up to the present time, its
output has been considerably in excess
Df 100000 barrels. The well is also
producing in the neiGhborhOod of 1OOOo. .OCe
cubic feet of gas daily.
The Casisno property. on which this
Eell is located. is about seventy-ive
niles southwest of Tampico. and is un-
lerstOod now to be in the hands OF the
'ebels. Should the rebels decide to join
'orces with the federals in a war on the
United States. it is evident that irrepar-
Ible damage might be done to the Mexl-
an Petroleum Company's property.
Should the rebels set fire to the big
Casino well. the Mexican Petroleum
company would suffer an enormous loss
On the other hand should the terri
lory he occupied by United States troops
before the destruction of property the
Itock should more than make up its loss
Southern Pacific yesterday was down
wO points, Union three points. Reading
'ne point and Steel a fraction
American Can receded slightly. but
vas the strongest in the list on the war
Iituation
Local Stock Exchange.
Ten additional shares OF Riggs Ma
ional Bank stock sold on the Washing
ION Stock Exchange yesterday at SIS
rhirty-five shares have been sold this
week, a volume OF transactions which
ioes not occur often
Capital Traction sold yesterday three
ihares at 1Ol. ten shares at loo IS. Mer-
senthaler was stronger. ten shares SELL,
ns at 81 81
Bond sales were confined to two $1,000
'OtomaC Electric IS at % IS and one
90 Washington Gas at l06 5-S
Mexican National Railways.
fflor TO the commencement of difficult
les last week. the National Railways of
heNico was operating a fraction over =
'rr cent of the total system. Two weeks
'eIOre That. nearly s. per cent of th,.
ystem was in operation.
fcf the greater part of the pas. twelve
fourteen months an average of .
er cent OF the total national system has
'eeh IN the hands Of the rebels. The
nnDany during this time succeeded IN
seeping open The lines from Mexico civ
F'rcsnillO on the division to Torrenn
nd To SaltillO by way of San Luis Pos
osl. and likewise the lines from the I
aPitai TO Manzanilli on the Pacific
>Oast
The company has operated internfr- |
entity. the lines to Matamoros and be- !
Neen Monterey and Tampico
About 80 per cent of the Interoceanic
inc between Vera Cruz and Mexico CITY
Ias been in constant operation. 4 pur- /
Ion OF this system. the old. roundabout (
Dad from Campero to Puebla AtenCing, :
md Tcmamatla has been out of the
ompany's control the greater part o! I
he past year. This division runs thruu,.: (
ne territory infested by the Zapatistas ,
What damage has been Sustained nv ,
he properties in the hands Of the rebeis !
9. OF course, not known. II is almost
ertain. however. that no attempts at /
maintenance have been made.
West Penn Traction COMPANY.
The public service commission Of West
'irginia has heard arguments on the ap-
nication for permission by the HYDRO /
Electric Company OF West Virginia, a !
ubsidiary Of the West Penn Traction !
company. to complete its hydro-eIectric /
evelopment on the heat River near the /
Vest Virginia -Pennsylvania line The
Ipplication is being opposed by coal and
abroad companies, and it is urged by !
hem that the law giving authority to !
he commission TO grant such permit |
unconstitutional as well as confisca- /
DRY and also that the granting Of the !
'ermit is opposed to public policy. At ,