Arizona republican., 1914-07-31
Centering of Attack on the
 Gotham Exchange is In spired Solely by War Clouds More Omi nous
 Than Ever
BREAKS SIX TO
 SEVENTEEN POINTS
|Overturn of One Million, Three Hundred Thousand
 Shares Noted, Largely Dumping of American
 Stocks by Foreigners
ASSOCIATED PRESS D1spArcHJ


 NEW YORK, July 30-The New York stock exchange bore the brunt of the tremendous worldwide liquidation of securities today. This was solely inspired by the war clouds, more omi- nous than ever, that hung over all Europe. It centered here because there is no other primary security market in the world not either closed, or under restriction. The prices broke from six to seventeen points under the overturn of million, three hundred thousand shares of stock, large part of which represented dumping of foreign hold CTS of American securities or the sel- ing of foreign spectators.
 While it was the most drastic de- cline that has occurred since the do- mestic panic of 1907, it recalled the scenes of excitement that attended those days. International bankers who have their fingers on the pulse of the situation expressed pride in the fact that the American market had so well WithStood the avalanche of selling. This has now been actively in progress nearly a week There was talk of fol- lowing the lead of the foreign bourses and closing the exchange. but the sen tment against this appeared to be so strong that no action in that direction was taken today. Those who favored it argued that as the sole primary market, the New York stock exchange was acting in the capacity of the re- ceptacle for selling which, as repre- senting the intrinsic values of Ameri- can securities or indicating the true financial conditions in this country, 1 had no significance. It was further argued that closing the exchange would check the unprecedented outflow of gold demanded by foreigners in payment of the securities they are selling.
 ! The clearing house bankers declared the financial situation here absolutely sound and this was reiterated by the financiers who were called to discuss the situation informally at the office 1 of J. P. Morgan & Company. In this connection the clearing house commit tee decided to postpone for fear it will be misconstrued the meeting they were to have held for the announced purpose of transacting routine busi- l ness.
 Though values tumbled precipitous- | ly, one feature of the trading pointed to as significant in the domestic situ- ation was the large amount of invest ment buying at the record low prices to which many standard securities i have dropped It was further pointed out that there has already been a long period of liquidation in this country. 1 so the onslaught from abroad could not have come at more favorable | time.
 1 The local market was prepared in a measure before the opening for what was to come. Early advices from 1 London and the continent pointed to crisis in all the European centers.
 The action of banks in England. i France and the Netherlands in ad- vancing their discounts testified, to the increasing severity of the financial strain. This was augmented by the suspension of business at all the minor 1 (Continued on Page Twelye)