The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-07-21
STREETS BUSINESS
VOLUME CONTRACTS
DIMINISHED ACTIVITY OF STOCK
MARKET INDICATES ACCESS OF
CAUTION.
NO REAL LIQUIDATION
FOREIGN FIRMNEsS THoV u VI
AMERICANS SHOW DECLINE ON
LONDON MARKET BEFORE
LOCAL OPENING.
NO REAL LIQUIDATION

New YORK July 20--Busineas on
the stock exchange was somewhat
contracted today from the average
volumes o; last week. but there was n
renewal or at least a continuation Of
selling pressure. The fact that
activity was relatively diminished
suggested Rn access OF caution on the
part Of spectators aud except for
steady persistent foreign selling there
was no obvious evidence OF real
liquidation.
The London stock market displayed
some underlying drmness. but was
affected IN various departments by
continental unloading. American
stocks made substantial declines In
London before the local opening and
throughout the day the continental
markets were weak. Cable dispatches
assigned as the principal or only.
cAtsee OF European settlement the re-
vtval OF warllke tension in the Balkan
area although SO far as American
securities are concerned Il has be-
some quite the foreign fashion lately
10 represent Europe as vastly dis
rusted both with the various cor
porate difficulties against which Wall
attitude OF public hostility toward
corporate enterprise adopted by eur
politicians.
II may have been In consequence
OF sounes real foreign liquidation OF
Etocks here that foreign exchange
turned rather sharply upward de-
nand sterling closing around and
above 4.s7 Ia There was nothing In
the money market deserving Of
special notice. or to account for the
rourse OF foreign exchange.
1t is to be doubted very much II
European finance IS anything as like
fearful OF American values as is COM
monty asserted at this fnoment II
has had too long an experience with
them to Do very distrustful Of the
average Of our values Compared
with heavy commitments which
Europe has made in other countries.
it's American investments look like
government bonds, but Europe has IA
peculiar way OF making bitter com
plant when. after II prolonged period
Of reckless gambling in American
securities Of doubtful grade. II begins
10 reap the reward of its folly.
The Wall street market as whole
showed an average Of decline for
the first session of the new week.
Leaders in the downward movement
were Baltimore and Ohio, st. Paul.
-Lahigh- Valley. New York Central,
and Canadian Pacific Rails,
especially eastern rails, were chiefly
pressed Ipr sale, but Texas OH broke
sharply In spectacular manner.
There was again a good deal of all
round resistance to the weakness dis
played IN particular quarters, but the
tone Of the market was uncertain, al
though the close was fairly steady.
Eastern rate case considerations
seemed 10 usurp the bulk OF atten-
ton. The reports submitted by the
Interstate commerce commission &c
congress assailinE some railroads In
relation 10 coal and oil properties in
which they had an interest. direct OF
indirect, in Illinois and other States
was Il characteristic contribution tt
the trend of financial discussion The
fact that II was made "a basis for
urging separation between the
trans portation and other industries
seemed "a be overlooked In the notice
paid to the censorship visited on vari-
Gus railroads
Firfnness WINS shown In the wheat
corn and oats markets. presumably n
reflection Of the efforts III crop ne
porters 70 find damage from unpro-
pirous weather and from variety
OF insect pests. 1t Is not all clear
not at all clear. however, that any
thing was occurring In the important
Agricultural sections which initiated
very much against a satisfactory croI