The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-29
CANADIAN EXCHANGES CLOSE
Market. shut Down ON News From
FOREIGN Boorses.

ToROHro. July 2S.-The committees OF
the Toronto and Montreal stock exchanges
abruptly adjourned the respective sessions
shortly after noon to-day when II was
seen that the decentralization OF the Euro
pean BOurses was seriously affecting
values of Canadian securities There are
few presidents for the action of the gov
erniug bodies OF the exchanges. but IL
proved a wise course, for IL prevented the
slaughtering Of prices
The exchanges will remain suspended In
any event until the European markets re-
cover their equilibrium or until holders
OF stocks on margin have an opportunity
OF protecting their investments.
ON the Toronto Stock Exchange, where
business ended when the afternoon session
had continued only fifteen minutes. the
same stocks We're being offered at the
same time in different parts of the room
at prices varying from one TO two points,
and 1t was almost impossible to keep
record OF the transactions. The Montreal
board. whose sessions began at the same
hour, decided not to resume business in
the afternoon and the selling orders which
accumulated there We're poured into
Toronto as rapidly as the special lines Of
the brokers could carry them.
Values tumbled so precipitately that
many prospective buyers were frightened
and held off. An order to buy Canadian
Pacific at 1863 here was filled at 1874 in
New York. and when It was seen that the
trading was entirely out OF hand and pre-
viously we'll margined accounts were being
wiped out the closing bell rang
The committees of the two exchang es
will meet tomorrow morning. and n the
chaotic condition OF the Continental mar
kets Is on fair way TO be restored bust
ness will be resumed. While authorities on
canadian stocks are noncommital tonight
as TO whether the hysteroal liquidation
~
was unaumity on the point that to-day 4
prices had greatly overdiscounted any un-
favorable contingency which might arise.
1.-THE market Is not demoralized." said
Gordon Osler. president of the Toronto
Stock Exchange, to THE SUN correspond
ent.
MONTREAL. July 2s-In view OF the
panicky conditions which prevailed at the
close OF the morning session and the seri-
Gus crisis which was threatened by a
fifteen point break in Canadian Pacific
shares in New York during the luncheon
recess. the Montreal Stock Exchange de-
cided at o'clock to-day not to reopen for
business.
The decision was reached on a vote by
the members, and the exchange committee
was empowered, by any action deemed
advisable, to protect the interests OF the
members and their clients. The committee
will meet tomorrow, when there will bs
no morning session, and the exchange may
reopen in the afternoon, but the under
standing In brokerage circles Is that II
will remain closed until such time as tbs
panic which has overtaken all stocks, ha.
subsidized.
Canadian Pacific in the morning fell
SO from Its previous low figure for the
movement 10 l71ia and closed at 172 at
noon, with a loss OF ~ from Monday
close. The slump in New York carried the
price down TO l57, ia points below the
previous low and IL below the noon close
From that level there was rally OF about
6 points, but part OF that was lost later.
Shawinigan led all the local stocks or
the decline, falling liia 10 III and finish
ing at the low. Montreal Power fell /
to eli, and also closed at the low. Bra
lillian dropped 5E 10 SEA- and recovered
only s.. Iron fell . to 1879 Textile
to Ga Laureutide I to l64is Scotls
-, to 4G; Steamship preferred ~ 70
59is Toronto rails AZ TO III. with a
rally of only y. Detroit dropped TO G9
hut closed at SO. while Ottawa Power fell
i TO 12i, and finished there.