The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-26
PERSISTENT LIQUIDATION
CAUSES WEAK CLOSING
Bankers. With knowledge of Impcnu.
in. Trouble in Dry Goods,
Support Market.
PRICES GO TO NEW LOW Level.
Wall street Takes News of CIa&in
Embarrassment Seriously, and
Further Trouble Expected Before
Situation is Cleared Up.
ItN HKOAnAN NALL.

New York lame .,.-Stncks clused weak
dAtou BAakers Nth carly knowiedsc' Of
the impending trouble IN tho dry goods trad.
in turu ,hc supporters Of today market.
The aunouuoeuent that the II. y. Clan'n
cciyer. was made known shortly before tho
opening selling orders were Cablod abroad.
and no@4 "i liquidation Appeared AT the
opening pronounce! support was given To
the market particularly In steel common aud
though consistent until the afternoon ,es-
yled prices - new low level
Nau street takes the news seriously. aud
the opinion IS expressed that further en-
DISBURSEMENTS win result before the trade
situation is y'eored up.
points although The pubic Was assured tntt
Ta mS,G'H l;o e@Mr%"y WHs s"Ten, M"y De
PEI over three points Investment stocks
suffered severely rejecting the character Of
DROPPED two points. Great Northern pre-
fcrrcd Two. ~. Paul was weak and 500 pre-
heavy trading. fell below isl; the Onion
Pa.iiic droppei TO i"!ia
The highly unfavorabie condition OF the
tai of imais"matcd TO %. y further dc
cline is looked :o-. Utah Copper touched ao.
although foreign houses we're buyers on 4,
scale down Wells Fargo announced cut
IN the diNidcn! rate from 10 to per cent.
the took losing four points. and the pass
ing of ihc regular pc, cent dividend ON
fl@oni the stock dropping to 80.
New Haven IS u large holder and tho
The cGse; there IS yc, to he discounted. ~
tne news came after the close of the foreign
pefinCs ,, OF iron, from Imo to nrsc po'p,. ia
Baldwin Locomotive were notably weak
B"liimorc ana oht" and AtchiSon e.ch
untcd STAT. s,ee W"S Inc cS,ire '" Of Az ne
,ack, Heavy orders q, the opening were
buyer around ;'Y. but on each fractional
nINanre ircsn selling "ppoared !yd ,he
orders added ~ the weakness. odi lot
houl>c~ were arGe hnyers: Showing Wot tn
public Uus at least nibblinr
Bond. We're Sy a5y, And love- single
md chicago rs At ~. attractcd attention.
This wa, believed to represent "a banking
'.ui '''Nc.h principals lh" tone
no; lower IT, Discount rates. .ith"usS ,hs
week, The hank % England inGrsmsod III liz
gold resesve, $4,000. Foreign houses we're
sellers OF a'prl shares.
Wall street is accustomed TO the stcrco.
typed announcement 'suspcnSiou Is tempo
!ar%. Every effort was exhausted in at
tempt, 10 prevent what Mil PROBABLY lie
known the worst con.mercIai disaster OF
the generation. tumdrkctaDle notes a.! lucr-
curi,ies slch ~ stocks and ncnds. are he
"hS s5IAb!e assets, and these arc coming
10 market.
\eM Yofh Iaqs -'uGIGG"sidse5ins !he I'M
sion beEaI-thc Ciain rccci, Observation-Disclosures
stock uiagke, gave q fairly good R,,",nt
OF itself. The troubles OF this concern hc-
came known soon after the close al huSi-
ncSN Wedncsduy, and The financial ,.ou-
mGn'iy viewed the prospect with consider
able concern.
Trading TODAY was on .,n unco,nmonl,
large scale. thc uNvrturu apOroNiul.tiug half
" milton shares. Activity Was altugcticr
- The cNpei>o ~ values. however. many
prominent ISSUES declining one 10 Two points
VIM" soIu" stacks fell three |" live points.
United Diy Goods preferred declined to
o. - loss "t seventeen points the day
ANA Il total decline of 3ii2 In two days mn.
shdfes "f other mercantile companies were.
sehtiinent"ll! affected. hu; not to any
were lower. but standard stocks hold re-
indrh"oH firm until th" final hour. Tho
lHte selling was attended hv more mia
I0FdplD news, Including the passing of the
-N'N OK. Ontario and Wcstcru RNi.WuN
DIVIDEND. reduction "f the Wells Fargo i.N-
iresS dividend. AND - BATCH Of unfuVorstblo
ialIw"y returns Cor MAY. The signing Of
t".s was -tterIy ignored.
i-@hd"n was "ruvc IN the initial trading
Se4ilns about -',fJ' shares Europe. ll,,
JinkS i"ade favorable weekly cNhiult.
BONDS were heavy, with one 10 Two pniiIt-
losses ia minor Issues. Government bonds
Were unchanged ou CALI
New York Juno =. CAN none. nrr
h'ghe.t IoNe-t. a.. rulm; ,ut,. .. I,si
lq-n. Ifs closing 7.a. riine loan- ,,eaGy.
siNl! - -; ninety days - -i> months.
u M"r.auti' pager. 3'@"l. Sterling ,.N-
ti!"NEr st'Hett -iNty-dal bills - ,s'r do
manu-. - >''v. Commercial bills. SiNI. B.~
s!iNef- .'H-- McA!rau dollars. -. Govcrnr,rut
"onus steady railroad bonds heavy