The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-08
FINANCIAL NEWS
AND COMMENT
Stocks Decline All Day Under
Speculative Selling
Pressure.
L BOAT CRISIS FACTOR

Pronounced weakness In stocks yes
terday was the definite market response
to a sudden speculative realization that.
valid AS is tho basis established In bust.
ness and banking conditions for the I'm.
pro>cment OF values. tendencies toward
Improvement wefc cncountering oppose
ton from certain adverse influences OF
considerable Importance. Wall street
nj last admitted the SUSSEX phase OF the
l. boat controversy definitely Into the
stock market reckoning, although the
matter had been looming up all the
week In observant financial attention.
There was a variety Of other develop
ncnts. for consideration. some good news
like the Inc OF Unprecedented
sales OF copper metal for foreign de-
livery some bad. like the poor Govern
ment report on winter wheat and the
evidence Of increasing restlessness In
Mexico over the prolongation OF our
punitive expedition In search or villa.
However. IL was the apprehension stimu-
lated by Washington advices that the
long mooted breach of relations with
Germany might he impending which
vas the principal factor In the stock En-
chanRe session.
Trading was on a moderately In
creased scale Of activity which repre-
scented a selling movement accompany
ing "A steady decline OF prices. The
opening was made under pressure and
from the initial dealings on there was
fairly persistent recession. At one
stage In the afternoon copper issues led
II feeble rally when II became known
that Great Britain had contracted for
upward Of zoe. 100000 pounds Of the
metal at the current high level OF
I y,rtEnA fhn llFypt alnyfR nAAffDn
ever reported and about twice the size
of the heavy orders placed during the
winter. In this respect, as in Others,
advices from trade and industry showed
no sensitiyeness to the conditions which
were influencing Wall Street. but the
stock market was not able to hold fas,
even to this point OF support. The cop
per share rally did not last and there
was no recovery of any consequence al
day. Toward tho close pressure was
renewed and some new low prices were
made In the final dealings. with the close
generally heavy to weak
Assistance for resistance TO pressure
was rendered by the better echnica
position In which the market has beef
placed of late months. short covering
by traders also helped. as did sone sup
porting orders. Nevertheless. selling To-
the decline on the aspects of the Inter
nttiufldl tFlsLS niu tne pest VI IL, 10
buying was restrained for the same rea
SONS. Operations for the fall were oh
viously accountable for the bulk of tn
pressure. but there was 81 moderate vol
ume ~ uneasy liquidation by traders in
duced by the action Of the market in tn
light Of Washington advlces.
There were no signs OF any reflection
Of the larger uncertainties Of the situa
ton such as are represented In the Is
sizes OF foreign policy now apparent.
bound TO be involved In the domes,i
politics OF the year. Notice was quit,
exclusively engaged with the portents o
the Sussex Gaze. but the prophets of
break in relations with Germany did no
have the wAole field of prediction I.
themselves. Views OF the diplomats
crisis ranged from a change in on
status o. neutrality TO a probable spill
between the President and Congress. al
though this would be disquiet.ng enough
Forecasts we're even made OF complet,
apology and reparation by German!
which would end the state of tension
but there was not too much disposition
TO anticipate such a hopeful conclusion
the Government report on white
wheat as OF April l about met the mos
uniavor.b!e expectations. Condition
was placed "A, 1s.3. OF 10 points below
the average for the last decade, and IN
lowest condition figure for April sine
1901. As the acreage sown last yea
WAS materially reduced from the 1871
area the present crop indication Is 70
a yield 100. zoe, 600 bushels below las
years. but still one OF the largest crop
OF winter wheat. There is nothing par
t!eularly om.nous in these figures. In
deed. the wheat market OF the day de
ciined. There has been an amp.
carry over Of grain and the condi,io.
of wheat may ne expected to improl
in In" course of spring.
Tn feature OF the foreign eNchang
market was the Increased weakness o
francs. which brought them mcasurabl,
nearer the extreme low point OF las
year