The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-25
FINANCIAL NEWS
AND COMMENT
International Stocks Sharply
Depressed in the Wall
Street Market.
EUROPE is MUCH UPSET
Austro-Scrvian War Portents
the Cause Of a Generally
Bad Day.

Europe was the chief factor IN wall
Street activities yesterday. Domestic
developments over night were influential
in accelerating me further decline OF
stocks induced by European unssttlement,
but foreign af,airp wcrs primarily re-
sponsible for Wall Street weakness. which
was more general and moro pronounced
throughout the day than at any time
since the latest tendency toward contrao-
tlon made ts appearance.
London again cent over a depressed
range OF prices for American stocks. hut
wall street manifested no early lnclna-
ton to press sales upon the market, and
while the list WIS heavy business was in
light volume and fair degree OF un-
dorlylng lrmness was exhibited until
late In the forenoon. Thereafter, with
Intervals Of comparative s,endinc.s,
prices dropped and fell and In tho last
hour there was n good deal OF active soil
Ing II was Then that foreign iinu'da.:on
WI. most noticeable and suggested
dcspondcnt view abroad OF rhs occur.
FENCES OF the day.
II was In the international list chiefly
that losses were taken. but here they
were substantial Most OF the standard
shares closed NJ net declines OF point
and moro, oven those which are re-
gartled rs having sound investment
position. Canadian Pacific was tho weak
est Of the international issues The close
was heavy. but II was common opinion
that the late movement reflected more
than anything else apprehens!ons OF
to-day's disclosures II these are OF a
more optimistic turn the markc. could
rally very sharply. however little there
might be IN the domestic situation TO
sustain recovery.
Dispatches from abroad which greeted
Wall Street ut tho beginning OF business
told OF very demorali2ed conditions NJ
Vienna and hardly less decentralization
Mt other Continental centres. state funds
! Of various descriptions fen heavily, nota-
bly, Serv!an bonds. but there was 4 fresh
/ break in French rentcs which testified
10 the severe strain from which Paris "a
suffering Apparently the failure OF the
; Ulster conference did not become known
while the London market was open and
/ London reflected chiefly the Continental
disturbances.
D Financial interests here were In receipt
Of banking opinions from abroad that
war between Austria and Servia was less
likely than appeared on tho surface
/ These opinions bore some resemblance
to the mistaken Views which were OK
pressed n the approach TO tho outbreak
~ the Balkan war In 1912. hut II was
/ believed here nevertheless that there was
A good chance of Servla making submis-
sion to Austria unless assured OF Rus
sian support. IL was doubted that this
would be forthcoming, although Russia
domestic disorders would not necessarily
/ make for a pacific attitude toward ma
| tional nclChbors with which II was not
I on good terms. In any case there was
no disposition in Wall street 20 minimize
the serious aspect OF European affairs
when Europe itself manifested 80 much
I evidence OF grave apprehension.
Apart from foreign matters there was
| nothing In marlSctw.se Information cal
/ culat.d to promote an excessive degree 81
optimism. President Wilson's defeat r
the Jones appointment TO the Federal Re-
serve Eoard furnished him with an op
portuni,y TO proclaim the dcsirah!Nty 81
ending the reign of political suspicion and
distrust OF business, but the hnancia
community could not forget the par
played by the Administration In promot
ing such suspicion and dstrust. Mel
thnr did Il notc any signs of a real chang
OF heart IN tho way IN which tho Govern
mpnt throw over the New Haven disco
luton agreement to bring a swecpinl
suit against tho company.
So far AZ regards Congress the teno
~ the business bills pending in the Sen
ate IS proof OF n persistent and uncom
promising radlcallsm. The R1yburl
railroad securities bill cannot fail 20 n
condemned in tho light OF all fnancla
Icxperience az we'll as experience with Tn
Interstate Commerce Commission. whlcl
ha. taken 40 long TO decide tho Easter
rate case.
Crop reports were somewhat better
rains being noted in various portions y
the corn belt on the known movement
OF money tho local banks have aprar
entity sained upward OF $4,000, moo cas
, this week Foreign exchange RENAME
arm, demand sterling closing aroun
1854, Drt ro further gold Rag-ment
vers announced, although negotiation
were said to IA under consideration. Tn
, fact that tho first Claim creditors met
ing passed off without exciting incident
afforded nome Nttle relief TO strained ex
p~ctarsv.