The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-07-27
FOREIGN INFLUENCES
DEPRESSING MARKET
SIGNS OF FURTHER ECONOMIC
TROUBLE BECAUSE OF IN
TERNATIoNAL TURMOIL.
NEAR DECENTRALIZATION
AUsTRIA's ATTITUDE TOWARD
SERvIA CAUSE OF SERIOUS
WEAKNESS ON EUROPEAN
MARKETS.

New York. July 2s-The SUMS
weekly review OF the financial situa-
ton tomorrow will say:
Affairs abroad have provided the
most depressing influences exerted d.
rectly on financial positions The Eu-
ropean situation has for some time
impressed itself on careful observers
az ominous of further economic trou-
Bile because OF the strains resulting
from political turmoil, domestic and
International. With additional rea-
sons for liquidation supplied by the
disagreeable impression which our
corporate scandals and political incen-
diarism have made on foreign minds.
Europe effected American conditions
adversely last week by heavy selling
OF our securities in renewal Of the
realisation which have occurred at
various periods in the last two years
Weakness verging on demoraliza-
ton in the European security mar
kets was induced by the indication
that fresh warfare was impending in
the Balkans and along the Balkan
border. threatening to involve some
OF the major powers. Austria's hos
tile attitude toward Servia seemed TO
Justify all the fears which financial
Europe has felt ever since the out
break Of the Balkan conflict in 1912,
and fear was aggravated by doubt
about the Intentions of Russia, which
has perhaps the excuse OF vast In
ternal disorder for welcoming exter-
nal distraction. The highly unsatis-
factory turn OF Irish home rule poll
tics agitated British finance and Paris.
the worlds center OF persistent f1nan-
cial strain, was responsive to a va
riety of weakening factors which pro-
vnknd rx-i1 ha
outcome.
One Bright Spot.
bright spot IN the situation was
the beginning in earnest OF an enor-
nous foreign demand for our wheat.
According to the international insti-
tute of agriculture at Rome the
worlds total wheat crop OF the year
will be about Ia per cent below the
1913 aggregate. while the American
crop OF wheat will be OF huge proper
tons and will yield US an exportabIe
surplus fully twice the annual aver
age. This prospect cannot be dam
aged materially by any Impairment
of spring wheat, which has on the
whole been doing satisfactorily.
In other respects, however. crop
conditions have lately contributed
nothing to an increase OF optimism.
Field and farm have not been doing
so we'll since the July crop report
was published. The weather has
been unproptious. with excessive
high temperatures and lack OF rain
fall over large areas. while there has
been in many sections a disquieting
visitation OF bug and insect pests The
corn crop especially seems to have
suffered deterioration in the last few
lays for want OF rain. and 1t must
be remembered that corn did not in
the early part of the season promise
more than a normal yield.
Trade and industrial advices have
failed to report the maintenance OF
such betterment as appeared toward
the end OF June. although there is
an undoubted irregularity OF improve
ment in a number Of directions as a
result OF the wheat harvest already
made and the fair agricultural posi-
ton which is still held IN the main.
But that actual business did not
square with ha pefui sentiment was
denoted by the idle freight car re-
port, as Of July IS. showing a net In
crease OF 1000 cars in sidetracked
equipment during the first half OF
the month.