The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-07-28
AMERICAN FINANCE
HvESIe00C,ACC0UNT
NALL STREET DISPLAYS STABILITY
UNDER TRYING CIHcum-
STANCES.
EUROPE MAS A + PANIC
nnITrsH CoNSoEs REACH LOWEST
FIGURE -MARkET
srEADIEs Af~rEReLIsT
FALLS LOW.
EUROPE MAS A PANIC

Europe had as whole the worst
stock market panic today that mas
been witnessed in sehtl ION ~
violence. being emphasized by the
saries Of collapsed and demorali2ed
sserit,t4 ever experienced in the last
fusc wears. q wonderful degree OF
stability YVES nanIeste5 by quotcd
values ia Wall S}reee under a variety
Of teylue c.relms'antcs
There sgaS not only the reflection OF
fcrafseo stock rnar ket u1Tbeaval to con-
tend With. but foreign exchange was
thrown into a condition Of eXtr' me
.,srs.steetneut and exchange rates rose
70 a level which gold eos1id be proili-
ably exported to any rhrt al the
world Assn was 81 con. 400 more gold
xras engaged on the new movement,
making a fetal Of $13, LOG. 0o0, since
the exports were renewed >ias1 week
and bringing the total Tor inc year
i'm to almost 93,0OV,Vae, @Nerthe- I
less and despite. total fack' Oh pc
Iievable information from the othPF
side. the primary american StpC.
market gave every indication that
values were too strohgiy hasedt now
IN sound conditions u be seriously
impaired by the European war
povtents
The test Of the actual outbreak or
fTogt!l abroad on colossal scale ia
something which cannot be compfe-
nHGGEl
Of the menace OF such war AinerA"
can finance has SO far given an ex-
eeIIent account OF Itself. The dealings
In stocks sweiled 10 an aggregate oi
almost IA half million shares and
there was Undoubtedly some liqulday
ton of local origin, bat GOOD deai
more of speculative pressure accom-
panying the heavy foreign offerings OF
American stocks here.
IiirIc Domestic >--iIing.
The signs 81 the session were, now"
ever. that there WAS not much domestic
selling Ia come into the market nj
tl1fs level of prices and Judging from
the tenor az comment in various quar-
tiers there was Il large amount OF huy~
ing mower in reserve TO take adj
vantage If purchasing opportunities
Which may he afforded hS whatever
sacrifice II its holdings of American
securities Europe is compelled tot
snake iris IS not to say that the
Wall Street share list was not further
affected adversely by the threatening
ASPECT az European affairs. 1t was,
hsa shs losaes sustained were not
sarto0s and The tone Of the market
hi tae la4t dealings vas good
Al accounts agreea that hnancinl
Fu9olts Mad Fad Il terrible day which
waa practically completed when the
wall street wecS apeacd. The clos
1n9 u L @oai rs ~ Vienna Brussels
and IN e~t a@3 the suspension Of
lfsa.ne4s an eNs iariS curb. together
VII Ac,.tr i-.t.r De bankers at Der
lin, - cr burg 8nd elsewhere To
,sefteet sht. s-3.r}.ots sr securities. WAS
rrjaf a. tht Co4N is3ve experience
tarouch @1 ia Tgro re waE passing ON
the fearful threat of an awful clash
of arms
GrSat declines ia Falurs were re-
rnrfed from The Continent and de
liberalization was heavily reflected IN
J.end0n BRITISH coaMats at one stage
were carr :. dHwn to III, the lowest
price aiact 1874. irrespective Of the
fnteTest 1857. III al quarters al the
London market severe losses were
sustained a-fNoWYf1 declines were ef-
ssGea D. HE thoraush extent OF the
liquidation If the past two years
tRYoesss Vf5.eh has He!pe4 VAN street
10 willis aoa SO wei Zoe new strain
pa upon H. ..-
Eush Carries List Down
The pl8see Whira we're made N
I5aneor for American stocks showed
aeeliaee os IL points and more
To- such heading issues as Union
pacffle FoufherU Pacific. and Great
Nevtneru preferred. Canadian IA
rife was down more than SIX points,
Gus tllfre was "a little uptuFn abroad
3ust before tbs resumption Of bust
ness here. and in the early trading
nrlces were maintained well above
I.onaonfs lowest During the fore
noon there WAS "a rush u foreign sales
uhsen carried the whole Wall Streer I
list down, bar in the early afternoon
transactions were in diminished vol I
uule q I'd tho stocks steaded. In the
las, hour when IL was seen that there
wagno significant recurrence Of for /
etgn ltaaidauon rallyAg tendencies !
we've ater,}avad and n conSttS BILE I