The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-30
DECLINES ON ALL BOURSES.
Failure Of seven brokerage Firms
In London Announced.
Spec,1l Cabie Nespatchcs 10 TnK s.


LONDON. July 29.-Thc ordinary sys-
tenn OF bus ness Oh the Stock Exchange
was suspended throughout the day ex-
cept in few special securities. The
quotations which were issued. although
they are scarcely reliable. snow further
sensational declines. the most notable
being q point drop to SGT! in Austrian
treasury notes, which were quoted at
e5ia a weel; ago.
Consols. thanks partly TO Govern
ment support, closed only - lower, at
II. after ranging 6ss, to ~.
American and foreign railroad securi-
ties again dropped Canadians were in
confusion at all sorts Of prices
The settlement was allowed to take its
course. Seven failures. involving fifteen
individuals. were officially announced
The firms and individuals which went to
the wall were; ]. G.. Eiser & 60. -four
partners) Herman :. Stoneham Co
6threc partncrs) W. +. Halstead & Co :
William c. Bowyer. Leaver, Mayer q
Co Teford & Jackson, and Hankey n
Co. None OF these was of very great
Importance except perhaps that OF j.
G.. Eiser & Co.
Further failures are expected, II is
known that the checks of several firms
have been returned, including those OF
one important firm OF brokers. whose ac-
tual failure, II is hoped. will be avered
The settlement trouble up 10 the present
has not been accompanied by any mon
ctary upheavaL An advance in the bank
rate is expected tomorrow, although II 10
not likely to be abnormal.
The head of an important Anglo
American arbtrage house told THE
SUN correspondent that everything hinges
on the question of the localization OF the
war and that II that Is assured he expects
the furry will he over in a day or two
When the markets become normal again
he believes they will respond quickly to
any buying orders
1T is really amazing" he said, how
calm a view, comparatively speaking,
London has taken OF the situation. Wall
street, Az well az London, has done splen-
didly under the circumstances.
Two failures were announced on the
Glasgow Stock Exchange to-day. The
Liverpool exchange suspended business
pending action by the London exchange,
Dispatches from Paris announce that
the Bank OF France will advance It's mini
mum rate Of discount tomorrow. The
rate has been az since January 20 The
Credit Lyonnais has refused to make
further advances on securities.
The newspapers here express gratinca-
ton that the London markets escaped the
manic which was common TO the European
bourses They consider that the fort
nightly settlement WAS. on the whole, sat
isfactory. They say they would not have
been surprised If three times the number
Of failures had occurred.
II is held that the monetary position
here Is not unsatisfactory. The market is
in quite a healthy condition. In regard
to the present and prospective resources
they say that the gold reserve in the
Bank of England II considerably higher
than Il was year ago, while exception
ally large shipments of gold are coming
here from the United States,
The rise In food prices IL causing some
apprehension Wheat again rose from 36
to AZ cents n sack on tho Liverpool
market to-day,
The stock brokers' chamber decided u
postpone the scttlemen; for rentes until
the end of August subject o the APP
proval of the Ministry The postpone
ment of settling day for all securities is
advocated,
PARIS. July 29.--InquiItes by the cor
, respondent Of the Sun confirm the re-
ports that French bank Tepos, tors are dis
PLAYING surprising calm The Withdraw
ais Of deposits are surprisingly few w
/ to tonight there had been no long lines OF
depositors at the banks. This morning