The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-07-29
SEVERE DECLINE
IN STOCK MARKET
EST SINCE BALKAN WAR SEES
y sion IN DECEMBER. 1912.
LOWEST SINCE 1907
SEw YORK EXCHANGE ONLY MAR
KET IN WHICH WHOLE WORLD
CoTLD REFLECT ITS
!
ALARMED VIEWS.

"
New York. July 2s,--I.ate in the
forenoon. I've New YORK. stock exc
change furnl sked practically the only
important securities market wherein
the whole wpoejd could reflect its
alarmed views Of the European crisis.
indeed, with tive exception of the
London stock exchange there was all
lay 10 primary securities market any
where outside Of New York IN which
much business eo,sId he transacted.
After panscky morning sessions, the
exchanges at Montreal and Toronto
gere closed With the announcement
that the Montreal exchange would
aot open tomorrow. this action he
ing, regarded as the consequence Of
he violent collapse which took place
In Canadian Pacific shares, fan
which vas the feature Of the Wall
Street stra ding There was practical
Suspension % business on The Paris
aourse, aud with the actual or prac~
deal suspension Of the markets else
where ION the European continent. all
81 tie European excitement was
focused On London. A measure OF
protection was autoqIra ideally made
here by "a more or less tacit refusal
IF deale.rettcr DO business, bat the Of
serings Of securities caused further
substantial Losses in all departments
IF the LoDd orf~na rHoet. including State
funds
Depression Abroad.
American stocks were once more
depressed abroad he fore the Wall
Street opening. but for while re-
distance was offered here 10 the
cumulative pressure Of the foreign
apheaval Eventually quoted values
n wall strectswere temporarily over
yhe1Yned by food Of liQuidatinr
,ales but at all times. even when in
he early afternoon unsettlement was
most extreme. wall Street maintain
ID n good enough market for stocks
10 permit something in the way OF
.alIy before the close.
Domestic selling was obviously the
thief cause Of a more severe decline
nan wall Street has seen the autumn
II 1907. Prices weTe established
which offered splendid chances for in
yestnrs and undoubtedly any further
sfreF4.4es Of the securities downward
will encounter an increasing absorp-
I've capacity. for there has been
GOOD deal az money withheld from
investment on account Of the various
uncertainties which have ebscured
he financial prospect
Igit~ fhc Bottom.
however, everything outside Of gen
sral European warfare has been more
han discounted ard there can be no
question that the xhrinkace af seeAri-
Les @as carried further today In m
Effort IA discount the worst possible
happenings abroad. The preponder-
inco Of domestic selling was explained
~ iarturbed doubts as To- what the
T,prn@ean markets mis- ht de tGnor-
e. tFnrYF.fe7 %
parents in ne great volume. possibly
SArar1e eatpr were tnte~fered with by
nc tremendous disocatiou Of inter-
aattanat exchange. THE aggregate or
VAL street Transactions ia stocks.
sxra Ting million shares was the
arge~t sInce December. 1872, which
vas also n Balkan war session, and
so!1ov "a the futile attempt 20 support
American aecurittes against the
iuarcial ARRANGEMENT which the re-
7i5cn{0e cf the near Eastern ques-
'sr NAd caused abroad
Il result OF the untustifiahly op
t'tf 3t tenpr of overnight dispatches,
Taraal resistance was offered N the
naY.t Wall Street dealings today TO
the Influences making for decline
Very COON, however. after word came
from abroad thatGaAustrja had de-
.iared war on Servia, selling began 70
yielded slowly,
Selling Inslstent,
The fact that Germany had refused
30 participate IN the peace conference
proposed by Sir Edward Grey seemed
10 place C. sinister construction on
Austria procla nation OF hostittttes.
and although hopes were entertained
shat loealizatton Of war might be
possible. IT WAS recognized that the
chances af u general conflict had been
vastly Increased. Early n the after
noon selling became insistent, and for
an hour until after o'clock. the
market went through. period Of
emt-denoralization In which trans
actions As reported on the tape were
al al times several minutes behind
the actual trading or the floor
The tremendous drop In Canadian
Pacific had g widespread influence,
and most ~ the stocks on the inter-
national list showed al the low levels
losses ranging up from 81 to Sc a
share ard more. Northern Pacific
sold At par for the first time in
thirteen wears The weakness of
standard issues like Reading. Union
Pacific st, Paul and United States
Steel had its natural consequence In
breaking issues of more speculative
grade. while speCialt'es suffered ex-
feUslTclE,
Nervous and Fcverish.
Before the last hour was well ad-
vanced, the selling movement spent
its force. and there was a fairly sharp
rebound, but toward the close there
was fresh unsettlemeut induced by
the weakness Of the copper metal
group. and the final tone was very
nervous and feyerish. The array of
net losses at the end II the day was
one Of the most dismal exhibits that
Wall Street has contemplated In a
long time. bat they served 10 adver-
t,se the Investment indpcement which
the share list now offers The bond
market was fairly steady. the princi-
pal weakness being in the convertible
issues
The days disturbance was actually
manifested IN other directions Copper
metal was offered down TO thirteen
cents. a token Of the Industrial re-
actions of such a renac!ng prospect