The Birmingham age-herald., 1908-10-10
WAR SCARE FELT
 IN STOCK MARKET Influence Causes Hesitation In
 Commitments FOREIGN STOCKS PANICKY After Some Early Depression Tone of the Market Becomes steadier anu the Close Is With Very Little
 Change Either Way.
FOREIGN STOCKS PANICKY

tNew York, October 9.-The war cloud over eastern Europe was the principal topic of consideration and influence still today, although the center of the result ing disturbances In the security mar kets shifted somewhat The effect in New York was modified to some extent by counter factors. Yesterdays heavy sell ing here of American securities seemed 10 be but the passing along of orders received from continental sources, and The English capital itself was relatively little disturbed so far as its own markets and government securities were con- cerned. Today conditions in the London market were described in private cables received in Wall street almost panicky.
 Foreign exchanges all turned strongly in favor of London, the movement be- ing most marked here, but notable also at Berlin and Paris. The price of Brit ish consols was down a full point at one time during the day and other gov ernment securities in London were acute iy depressed. The Liverpool wheat mar ket was also greatly perturbed. The mobilization of the British fleet in the Mediterranean was the direct cause Of this awakening of apprehension in Lon don itself that movement seeming to threaten the immediate entry of Great Britain into the field of war-like prepara- tion The direct effect on the New York
 
 and estimates of the number of shares sold for foreign account ran close to those of yesterday. The response was even more pronounced in the foreign exchange market than in the stock market.
 The tone of sterling exchange was called demoralized, so much so that bank CTS were disinclined to undertake any drawings in view of the seeming im- minence of gold outgo The baroness of the supply of bills was responsible as well as the strength of the demand for the disorderly movement of the e. change Demand sterling rose at one time 50 points over the close yesterday and remittances by cable were about as much affected. There was less disturbance of the exchanges in continental centers, in accordance with the quieter acceptance there of the war news.
 The local stock market was relieved of the effect of the foreign selling earlier than on previous days this week, and the tendency towards recovery after the for eign business had been completed, which was perceptible on earlier days of the week was resumed. It was helped by the strength of Rock Island and the Harri- man issues, which was due to the sig. nificance attached to the announcement of the provision for the $000,O00 St. Louis and San Francisco notes maturing on De- cember 1. favorable effect on senti- ment was to be expected from this relief from threatened embarrassment of an ex- tended railroad system, especially with the assurance implied that next years heavy note obligations of the same sys- tenn, amounting to over s22, 00O would be similarly taken care of in due course. Good prospects for permanent refund ing of this indebtedness was inferred from this development But the specula- tive element rushed to far wider impli- cations from the fact that the provision for these notes was announced by the bankers who finance all the important liar riman financing and not by the firm closest to the Rock Island management A new direction for MT. Harriman's supposed complex projects, which was thus in- dicated, added to the speculative conjec- ture. This accounted for the performance of Union Pacific, Erie, Missouri Pacific and such properties as MT. Hartman has been credited with designing for his help ful administration.
 As the money markets remained tram uul no attention was paid to the es- inmates of cash outgo for the week Of over $3,OO0,O00. Not only in the stock market, but also in foreign exchange, in British consols and in wheat there was reaction from the days most violent ex- treme Final prices of stocks. in fact, show little change from those of the day before.
 Bonds were weak. Total sales, par value, $3,536, 900.
 United States bonds were unchanged on call.