The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-14
FINANCIAL NEWS
And COMMENT
German and Mexican Crises
Cause General Weakness
in Stock Market.
DECREASE IN TRADING

Confronted with the extraordinary
phases Of maritime warfare, including
particularly the case Of the Channel
terryboat Sussex. and by the very
pointed Carranza note inviting the
prompt withdrawal OF our punitive expe-
dition from Mexico, the stock market
yesterday turned weak and increased
in weakness during the day. Activity
expanded, but entirely at the expense Of
the price level. for without important
exception quoted values declined with
varying degrees OF heaviness.
The simultaneous development Of an
acute stage Of trouble on two fronts Of
the diplomatic problem with which
Washington has been dealing was very
evidently the principal cause Of the mar
ket's action. although II is likely that
quoted values would have fallen with
only one of the two occurrences to on-
slider. The reactionary tendencies dis
played in the last week or so have been
evidence Of a growing sensitiveness to
the changing character of the interna-
tional political factors in the financial
reckoning. They have suggested that
Wal Street was completing its prepared
mes for any probable contingencies, and
yesterdays Stock Exchange session may
reasonably be regarded as an accelera-
ton of the process.
The opening wal made under pressure,
but there was no diminution OF pressure
thereafter. Selling was steady and con-
tinuous and The lack OF any rallying
strength gave the selling movement the
character more Of liquidation han Of
speculative operations for the short &C.
count, although bearish effort was obvi-
Gus In the trading. Practically the low
est average of prices was established
shortly before the close. although final
quotations were raised irregularly above
the lowest by short covering. Standard
descriptions offered the best resistance,
the principal sufferers during the day
being an extended catalogue Of the In
dustrtal specialties which constituted the
popular favorites OF last years bull mar
ket. Losses In such issues ranged all
the way up to Z points and more.
The financial district was IN all quar-
tors frankly reluctant to form any
definite conclusion as to the probable
outcome of the German II Mexican
crises. The remarkable alibi offered
for German submarines in the matter
Of the attack on the Sussex was looked
upon as completing the evidence of Ger
man responsibility IN this affair. Wall
street received tho SUSSEX portion of
the German note with 80 much incrrdu-
lity that II was disposed to construe
II as a clumsy effort TO pave the way
for an eventual acknowledgment of cul-
liability and proffer of adequate repara-
tion. Accordingly there was some ex-
recitation that Washington would accept
the German invitation to send one more
letter. The ui,shot of the Mexican mud
die seemed 10 he more difficult TO guess.
Other matters Of neNs were in the
main neglected. There was n sharp
break in French exchange to sofa.
but tho weakness Of francs seemed to
he taken with tolerable cquaniinity in
foreign banking circles. The weekly
returns of the Bank of France and III
The Bauk OF England indicated that gold
WAS being shipped from Paris to Lon
don, or az least being set aside for
London account. but so far there ie nc
evidence that anything else Is being
done 10 support French credit. An in
iersstnlG announcement was made IN
the publication Of n 81 q ton advance
IN steel rails by the tvnited States
steel Corporation. the first increase
which has taken place IN fifteen years.