New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-28
REVIEW OF THE
STOCK MARKET
Stocks Break, Then Rally,
While Foreign Mar
kets Collapse.


After a violent break at the opening
and an excited first hour OF traolhs;
In which over 100000 shares chaneeu
hands, the stock market yesterday raj
lied well, cutting down losses ayerag-
ing over 2 points in the active issues
10 fractions Of O point and cloSihg
firm. Banking support played an I'M
portsnt part in quoting the morning
excitement, but the rally, when oc-
Cured in the late afternoon, was mos
~ due to short covering. AS days nave
gone recently, business was on large
scale and the list was broad one
broader, in fact, than on any day LOT
months past. The total of the DAY 5
trading was about $4,000 shares, Lu-
ropean sales here Oh direct cable MAJ
inq up about one-cighth OF mat
amount.
The foreign political situation vas
completely dominant as market lhn"-
ence. At the outset OF trading the
possibility OF general war IN WHEN
all the nations OF the Triple Alliance
and the Triple Entente would be IN
gagged loomed large. Austria had pro
fessed herself dissatisfied with the an
swer made by Servia 20 her ultimatum
and had severed diplomatic relations
with that country, without apparehViI
giving any heed to kussia's demand
that an extension of time be gwen 10
Servia in which to comply with the
one-ous terms laid down. The Ku5-
sian Foreign Office was quoted as say
ing that Russia must inevitably 80 10
war-how correctly quoted there was
no way of ascertaining. Armies were
being modified and reserve troops
called 10 the colors.
The foreign bourses were all IN
state of demoralizatlon. That IN
Vienna was closed, to remain so uahl
Thursday. The Brussels exchange
closed to check panic, and measures
were taken to restrict trading TO me
smallest possible business in Pans.
There was panic at Berlin, and IN Lon
don consuls broke 2Ss points to new
low record, while trading IN general
was wildly excited, the troubles OF me
English market being complicated by
the firing by troops on the lrlsh "a
tionalists at Dublin, with many cas-
ualties. American stocks IN London
dropped from to points below SG',
urday's last prices, the beginning OF
the London settlement providing a FUR
Their element of apprehension. Not lor
many decades have the markets OF Hu-
rope shown such disturbance.
Confronted by this great weight OF
adverse news and forced TO absorb
heavy liquidation from the Continent,
the local stock market broke, but 1t did
not collapse At no time was there
ary of the Generalization shown
abroad. and the low levels reached by
American issues IN London were not
touched here.
Canadian Pacific. after an extreme
loss of over points, closed 2's lowe.
Baltimore G. Ohio declined 17., Atchl-
son, Copper and Sugar /. Baltimore *
Ohio Is. Brooklyn Rapid Transit "a,
Shelters Ia and the preferred "a.
Most other losses in the active lst
were less than point. General No
tors was an exception. From an eX-
IRENE loss Of 10 points it recovered
as points. -,
The bond market was generally
steady, notable exceptions being few.
They included St. Louis & San Fran
cisco refunding Is. which lost a point.
and Chicago Great Western Is, which
dropped ?.
The widest irregularity prevailed in
the foreign exchange market. Demand
sterling and cable transfers rose 20
heights never before touched. the fo--
mer 10 1925 and the latter TO 494.5'.
Ten million dollars in gold bars was
engaged for export, half for London
and half for Paris, with a promise Of
much more to follow. NotwithstanG-
ing exchange conditions, however, local
loaning rates were but slightly firmer.
Call loans renewed at 2l4 per cent,
after opening at .. Time money quo
tations were unchanged.