South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-30
BANKERS RUSH To
RESCUE OF MART
Support Stocks in Such a Mas
terIy Way That Prices Show
a Slight Increase Over ThOS
of Tuesdays Close.


NEW YORK, July 30.-NeW York
bankers again stepped into the breach
Wednesday and took care of the crit
ical situation. supporting stocks in
such q mastery way that after a doz-
en- new low records had been made
a rally ensucd from TO . points that
carried the most active issues 10 a
Level slightly above the closing OF
Tuesday
The task of putting their shoulders
90 the wheel was considerably light
ened by the fact that there was no
pressure from foreign markets that
have been heavy sellers this week Of
American shares.
No pressure came from London be-
cause 10 was wrapped up in its settle
mcnt It's market was demOralized
To an extent never before equalled.
With seven failures announced prices
quoted there were nominal and cables
received here stated that there were
practically no dealings in London.
The Amsterdam exchange also was
closed Wednesday and no business
was reported between this city and
Amsterdam
For the first time i'm the memoir Of
veteran bankers and brokers London
failed TO send over prices for Ameri-
can securities before our opening.
In the absence Of these quotations
stocks opened here at declines OF from
] to 3 points. Supporting orders came
"a few minutes after the opening when
vigorous buying of standard issues,
particularly OF steel forced prices up
from . TO 3 points. The buying in
creased in the second hour of the ses-
sion, the gains being increased from
10 points.
Despite the rapidity Of the advance
from the low figures, the rally held in
the afternoon upon the receipt of more
optimistic adWces from Berlin. Ca
bles from that center said il was be-
lieved that the Austria-Servian dispute
would be localized. Another dispatch
received i'm the late afternoon said
Russia did not consider the occupation
of Belgrade as a cause for war. Lord
Rothchild also was credited with say
ing that the present outlook was much
brighter
The high record rates for exchange
is attributed as the chief cause for
the cessation of foreign selling. The
foreigners recognized Wednesday that
10 dispose Of their securities here they
would be forced to take extremely low
prices and not get the money for the
stocks for some time owing To the
dearth 0f exchange.
New high records for exchange were
again established today Sterling ca
bles opened at 800 and rose to Sol
while demand sterling went to 4.96.
In the afternoon cables receded to
4 90 and demand 10 4.9l -.
These high prices resulted from the
demands of London brokers who, I'M
able to get loans from their home in
stitutions to pay for stocks were forced
10 pay high prices for the funds on
this side.
SO far as American bankers were
aware no discount rates were quoted
in the large foreign markets, London,
Paris and Berlin all failing to quote
any discounts
Money rates for time and on call
We're higher today Cali money rose
10 per cent, where the heavy offer
ings by the National City bank and
trust companies stopped the rise.
The discount rates of two foreign
government institutions were adj
vanced today. The Holland bank ad-
vanced its rate from 1-2 TO IL per
cent while the bank of Russia marked
up its quotations from TO per cent.
The Imperial bank OF Germany is ex-
pected to advance its rate 1 per cent
tomorrow and the bank Of England
rate is expected 10 advance TO 3 per
cent
Bargain hunters were in Wall street
today i'm large numbers. the odd lot
houses doing an unusually heavy bust
ness.
Exports OF gold continued. total en-
gagements amounting to 81, 700, coo, of
this amount $2.5OO.O00 was taken by
the National city bank; S1.OOO,O00 by
Bankers Trust company; $1,000, 600
by Ladenburg, Thalmaa and company,
and 100000 by Unannounced bank
ers.