New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-29
WAR SHOCKS STOCK
MARKET; GOLD CALLED

even II tne European PhCHdIBtS hhi
remained open, was TO have been cN-
pected. In times OF trouble the So
curities that arc thrown overheard are
the ones most easily salable at the
least loss, and that is the description
Of American securities to-day, wall
street realizing more keenly than else
where that more often than not the
good Is sold to protect the bad.
It was this knowledge that sent
the so-called bargain hunter into the
Street, and il was significant that odd
lot houses which cater 10 this element
and to the small investor reported a
good business on the buying side.
Locally, whatever news came out
was not bad. On the contrary, the
steel report was better than had been
expected By the Street, which usually
is pretty accurate in its guesses Of
what the earnings reports of the big
corporation will show, and the trou-
bles of the International Great North
ern over the extension of its notes,
which at one time last week threat
ened to end in recelvcrship, were
adjusted.
A feature of the adjustment was an
option TO the bankers on the control
ling interest in the company, indicat-
ing that the Goulds may soon be out
of the control of another property
with which the family has long been
identified.
The ease with which money ruled
during the day was satisfying. At no
time was there scarcity OF cheap
call funds. and time loans were only
slightly iirmer.
What the morrow might bring on
the exchange the prophets were not
disposed to say. 1t was possible that
anything might happen over night in
Europe that would change the entire
situation.
Foreign Exchange a Worry.
The foreign exchange position was
the one thing that tended to create
worriment. During yesterday prices
ruled abnormally high, francs, for ex-
ample, selling at 20 cents, or, as the
Street put it. at fves, meaning five for
a dollar. Quotations for demand and
sight drafts were to Il great extent
nominal, for while the highest public
~ quoted rate for cables was i.94
some of the largest buyers were pay
ing 495 for such accommodations as
they needed.
In the early morning, as The Trb-
une announced. the kronprinZessin Ce-
ellie sailed with more than $l0,000.000
in gold for Europe in her hold. This
and the $3.50 900, the sale of which by
the Sub -Treasury for delivery yestcr-
day was announced in The Tribune,
exhausted the supply Of bars available
at this centre for shipment. Recourse
was then had TO shipping coin. All
told, according TO sub-Treasury fig
ures, that institution parted with $l6.-
100000 in coin and bars during the
day, Of which amount Canada got $780,
GOO
This was in excess of the amounts
reported for engagement by the big
foreign exchange bankers. whose fig
urcs indicated the engagement of sl3.-
100000 on the Carmania (Cunarder)
and La Savoie French, which leave
for Europe to-day. or this amount
Lazard Freres will send 100000 in
bars and 100000 in coin direct to
Paris; Goldman, Sachs a. Co., $3.50, 900
TO London in bars; Bernhard Scholles
e. Co.. s. 10000 to London; Kidder,
Peabody e. Co. 81 100000 to London;
tho Guaranty Trust Company, $4,000
900 TO the same centre. where the Ma
tional City shipped sl.000,000, and
Heidelbach. Ickelheimer & Co., $780,
600, also TO London.
lO6.l0O,OOO Since January I.
This makes total Of sl06. 100, 900 to
Europe since the first Of the year, and
S27i00,000 Stree the movement was
resumed last week.
lnsuran, on gold cargoes went
soaring ytterday, the average pre-
mum paid ~ the $4,000 900 that will
20 out to-day being ; cents hundred,
or almost three times the normal rate,
which is about y cents. Some Of the
policies placed yesterday were written
at price in excess of % cents n hun
drcd. most profitable rate so long as
NJ losses are encountered.
NON" Of the insurance underwriters
insured the gold against the risks Of
VA. ard none. unless they abandon the
policy outlined Yesterday. will do so.
No insurance was being written yes.
tordry on war risk, on general cargocs
and there were no inquiries Of note for