Berlin Expects General War.

New York Times 100 years ago today, October 14, 1912:
Profound Pessimism at the End of a Fortnight of Heavy Declines.
Special Cable to The New York Times.
    BERLIN, Oct. 13.— Not in many years have the Bourses in Berlin, Hamburg, and Frankfort-On-Main experienced such a succession of panicky conditions as those which prevailed during last week.
    Yesterday's closing here was after one of the most tempestuous days in its history. The investing public declined to be reassured by diplomatic assertions that the war in the Near East would remain localized, and were convinced that Europe was on the brink of a general conflagration. Selling orders poured in overwhelmingly in consequence, and a general slump in prices ensued.
    The big banks met during the day to consider ways and means of arresting the decline, but with little result.
    The quotations at the end of the week show enormous declines in all the principal issues on the German list, as compared with prices on Oct. 1. Hansa steamship shares are lower by 48 points, Phoenix iron by 22, Hamburg-American by 19, North German Lloyd by 16, Deutsche Bank by 14, and German Imperial 3 per cents by 1 1-5.
    Unless the great banks intervene energetically with buying orders operators expect the opening of the new market week to witness a resumption of the downward movement, as the public mind is gradually becoming obsessed with the idea that war will be only temporarily confined to the Balkans.