The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-29
WILD RUSH To CONVERT
SECURITIES into MONEY
More Than 100000 Shares Of
Stocks, Largest in Two Years,
Thrown on Market.
CAUSED BY WAR DECLARATION
Prices Are Forced Down From tow
Points in Standard Railroad and
Industrial Issues - International
Credit Facilities Paralyzed Again.
BY IsRoADAN MALL.

& I'D ,SG. '@ a ;se Ne PAM" YORK; X s stocks Gs
Wan 6y Austria aEains; scrvia and the dis
orsauization ~ vrcdi; between this country
In The wild rush to convert securities into
money moro than i,oG).cpp shares OF stocks
Ihe largest volume witnessed In about two
sears thrown upon the market, forcing
prices down from three TO seven points in
Canadian Pacific had frlshtful decline,
q one time showing loss OF nearly twenty
POINTS for tho session. Nearly 5000 shares
- this stock changed hands.
rrc smash was most pronounces In tn.
the ucWs tina; Austria had declared Va ON
'Se,yia. IL MAS ruinored about tho financial
against Austria. II was then that the rain
~ selling orders caused prices to crumblc
o. now low records. Canadian Pacific quo
~as the activity in Ills stock tha, the
ticket quotations were nearly nVc minutes
behind those ruling OH the floor of the
rho break would have been much NOR.
pronounced. according "a bankers mad 4;
not been for the tremendous short interest
that has been accommodating Tor weeks The
shorts acted as safety cushions" taking
Tcwnrd The middle Of the sf,eTn t"s" there
M%s SG1Stants. Ta G n1; Just before The
,hc prices OF steel Union Pacific Reading
and Anna Gainatcd Copper Dropping to with
cihc had substantial recovery, its closing
price showing a loss Of iii. points from
When prices were breaking the worst a
= eig Paris failure. Simultaneous with this
announcement was made tina; tho Montreal
'nd Toronto stock Exchanges had been
closed because of panicky conditions In those
interna uonal banjcrs said tho dcmoral-
cation IN London Was worse than a, any
tims IN Their recollection. Bankers and
90 obtain accomnoda ton 10 pay for stocks
ana We're cabling franticalIy to this side
credit facilities between this country aud
.lYn@ were pHraiy2gd afn,n and prices for
generations. Paris cables went to tho
ionched sia5 and demand sterling SAL. '''''
Even at these prices bankers were unable
rho margin between sterling cables and
demand sterling was eight times the usual
interna'!?, bankers; Based upon this Jif-
terence, II was calculated that the interest
on funds for nine days was at the rate of
Some smali-siaed fortune. have been lost,
aay; by persons who have run short OF
Niagara to-day. N3,p9O,0?Q being engaged Tor
bet t'-,nG6ra1W TIE snnpH Of gold bars
Icing ioreel TO take gold coin which il
good Judgment. sa!d to-day that general
ii oonr war wou.d cause further l!auida-
cienerN have sold virtually ali OF their
StocKhs 80 that the selling OF American
been selling bonds for the last tWo days.
Nnh"uncencnt Of favorable earnings by the
tn!'ei states steel Corporation for tho quar-
IT, emdca juno 30; after the close OF The
'"arkci' Vas practically unnoticcd.
Inc sensational advance IN price Of whoa.
ON ;he chicago Hoard Of ' rrads wniiS " due
TO- iA@, War, wns to a large degree attributed
estimated yields considerably
New York. Iuy as.-Cau money firmcr;
49,; ruling rate. u, closing .i.a.ty,
ilme loan, s'rons siAty days, 8. ninety
cas- ".s"N, eight months. a.. Mercantile
paper, &C.. Sterling exchange unsettled: siNtv
Hn{s St;S ,demann si.'i:;as':.5l. CONNER
dollars, IL Government, and raiiroaG bonds