The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-26
MARKETS ARE HARD HIT.
Rush to sell securities Causes .
>eRr paatc.

Spe,io5 '1bi. De,Do',tc. IN Tnr SIS
IoNpoN. July 25.--The stock market
here to-day was Thoroughly demOralzcd
~ result - the propab,ity OF war
between Austria and Servia, which Il
was feared would involve the whole uf
Europe. II closed at almost the lowest
prices of the day, and IN the case of con-
sols AT their lowest quotation for the
Saturday session. Consols have rarely
dropped so heavily or 50 rapidly.
The Continent wanted To sell and to
Sell heavily and this caused heavy de-
clncs all round.
Taken in conjunction with the settle
mcnt Tor an extremely long period. nine
teen days which begins Monday. the eN-
ssive liquidation Of the last TWO weeks
and he Ulster trouble. the situation a.
viewed IN financial circles In about the
worst that has been seen for some time.
The weakened condition Of the markets
from their long period of depression has
only served to make matters worse. SEN
satiunal declines were not confined to the
more speculative secutt les. hut extended
even To- consols and the bonds OF other
O. Nernments.
Cunsuls closed 9-l6 points lower AZ
13s. FOR money and at 73S for account.
Russian bonds Topped ga points ana
Austrian bonds points. Money was
higher and discount rates advanced on the
possibility that bank races would he
higher IN cas-. war Is declared.
Home rails dropped y point and RIO
Tintos were on J points. All foreigners
and Continental favorites were heavily
offered and were down several points In
fact al issues We're weak and the tone at
closing WIS one Of uncertainty as To what
Nigh occur before Monday
Americans were weak and unsettled. as
81 In sympathy with home and Continental
4. st,..I.
showed losses Of from a fraction of a
point to ~ points. with Canadian Pacific
leading the decline Toward the close
pucts rallied what. but finished from
a. % points below the previous days
close
PARIS July 2j--rhe Bourse was greatly
depressed over the war scare. Bank
shares, Russian industrials and French
rentes slumped heavily. The new 81. per
cent. rentcs dropped points on the issue
price.
Financiers abandoned their week end
HOLIDAYS and the square fronting the
BOurse was crowsd with spectators.
Rentes dropped franc 80 confines TO
~ francs the lowest they have been for
more than forty years. Stocks were freely
offered but buyers were lacking Specu-
lation a to the outcome of the Austrian
Servian situation and the possibility OF
all Europe being drawn into war wa,
rife.
Although the Temps avoided the use OF
the word panic" yesterday I'm referring
to the Bourse. IL says to-day that yes
terday's panic was nothing compared with
that Of to-day's unofficial market which
operates before midday, when the official
market opens. The unofficial market
found itself flooded with sellpg orders
for rsntes. most ~ which came from
Vienna.
1t was estimated that the 100000 900
francs tS2O.u00. OO0) worth OF rcntes
would be- quoted as low a. -. but the
officials ~ the market decided to await
the opening of the official market. when
TIL Brokers Syndical Chamber prohibited
quotations under -. Short sales we're
also prohibited and sellers for forward
delivery were made to produce scrip
LIVorHutiOn. he financial paper. says
the impression on the Bourse to-day was
incident Ninety-siN stocks were dealt in
lost 90 per cent Bank. railroad and
industrial stocks tumhled. Shares of the
Ranquc lie Paris ct des Pays Bias fell
Societ. Generate IS and the Union pari-
sienne 30.
BERLiN. July % The closing hour on
force. Russian cunsols dropped ~, per
l2 per cent. The outlook in financial
circles is most gloomy.
Prices fell with sensational rapidity
Hamburg American and North German
Lloyd stocks shot down loig. Deutschc