Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-23
Russian Crisis Gave FevriSh
Tone to Market.
FOREIGN HOUSES SELLERS
Upward of 10000 Shares Sold During
Morning.
MANY STOCKS SHOWED DECLINES
Vigorous Rally Followed, Early Losses
Being Recovered and Sub
stantial Advances Gained.
MANY STOCKS SHOWED DECLINES
spsclal pi.pstch to The Star.

Special Dispatch to The Star.
NEW YORK. July 23.-Todays stock
market was subjected to the severe test
furnished previous TO the opening of ousi-
ness tn the intelligence respecting the Rus
sian crisis and in the announcement OF the
death OF Mr.. Russell Sage So far as the
latter event was concerned. 1t was quickly
recognized that under the conditions which
have prevailed for some time past It had
little immediate significance marketwise
For the last few years Mr.. Sagss market
interests have been confined to the employ
ment OF his capital in Wall street, and the
transactions of that character have been
carefully safeguarded and conducted with
Yesterdays contingency always in mind.
The announcement yesterday that the
cgar had dissolved the short-lived Russian
parliament. while not wholly unexpected,
nevertheless threw the European STOCK
market into a state of grave unsettlemen,.
AZ might have been expected, Russian Sc
curities were extremely weak In the Lon,
don and continental markets, the imperial
as declining 3iA points In London. wniie
the discount on the new Russian loan m
creased 37s per cent to l0L4 per cent. The
weakness In these issues naturally extend
ed to other departments of the Lonoon
market and American stocks were quoteu
there showing declines which In many cases
were well in excess of one point
Foreign houses sold quite heavily mere
disposing of upward of 10000 shares dur
ing the morning. Mainly because OF TINS
selling and on account of the local uneasl-
ness excited by the Russian intelligence.
the stock market opened with feverish
tone and with many active stocks showing
declines In the early dealings ranging from
l to IL points.
Abatement in Early Pressure.
Before the close of the first hour there
was marked abatement in the pressure
upon the market, and a general and vigor-
Gus rally ensued. in which the whole of the
early severe losses were recovered and con-
verted into corresponding net advances
above Saturdays closing figures. Even on
the recovery however the trading retained
n feverish and irregular appearance and the
course of prices during the afternoon al
ternated between sharp reactions and sud
den rallies.
The very extensive discount at which the
new Russian loan was quoted In the Lon
don market served to revive last week
persistent rumors that serious business dif-
ficulties were apprehended In LONDON. ana
as was the case then wall street. goS-
alps were very free with the use OF the
names of the concerns supposed to be in
an embarrassed position. On the other
hand. inquiry at banking houses with close
financial relations with London failed to
reveal that there was the slightest lounda-
ton for any of the rumors current. and,
In fact, before the close of business on the
London stock exchange. general rally oc-
Cured In which Russian securities partlci-
pated to some extent
Little additional news was received re-
speeding the Russian situation during the
day but a negatively favorable impression
was created by the absence OF rioting ana
serious disturbances following the dissolu-
ton OF the douma.
Sharp Rise in Exchange.
The heavy selling of stocks for foreign
account led to a very sharp rise In sterling
exchange. and Notwithstanding consid-
cradle fall in the price OF bar gold in Lon
don. the Bank of England received prac-
ticaly the whole Of the large arrivals OF
gold from South Africa.