The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-31
Wall Street Gives Wonderful
Exhibition Of Soundness
in Face Of War News.
DEALINGS 100000 SHARES
Tremendous Outpouring of
Stocks I'm Last Hour and
Heavy Bond Sales.

to protect tho financial markets OF the
United States. and therefore the oountry,s
trade and industry, from the continuation
OF suoh pressure as the European po-
litcal and financial earthquake has been
communicating ACROSS tho Atlantic.
by following It's normal and customary
courses Wall Street has given wonder tul
exhibition Of Its own intrinsic soundness
and made q convincing demonstration OF
the fundamental strength OF the Ameri-
can economic structure Il has main
tanned its markets, In which At all times
securities could be bought or sold even
though a. had 20 be expected. sellers had
to make sacrifices undar the circumstances
which Europss crisis had created. 1t has
maintained q market IN which money
could be borrowed OF loaned. although
the price OF accommodation necessarily
had TO measure the tension to which the
banks were subjected by tho tremendous
drain OF Eurore's demand for funds, II
has assisted Europe to convert It's Arneri-
can credits into gold and has facilitated
record breaking shipments OF the metal
These are all things which must be
remembered IN Wall Streets favor whom
ever tho annals OF the present disturb
ance are consulted. Nevertheless II IL
not desirable that Wall Street should be
carried away with the idea OF making q
wasteful exhibition OF the financial solidity
of the United States.
II u . question ~ the conditions which
have been permitted IN the last few days
should DO allowed to remain longer un-
changed. That in q general way sums
UP variety of Inquiries that began TO
be asked yesterday. Among them II was
asked II the Stock Exchange should stay
open In an EFFORT to provide a market
which would bear the weight of the SELL
ing OF all creation. II was question
also II thore should be any further delay
in getting tho banks and bankers into
agreement on a line OF action 20 be pur-
sued for the protection OF the country
against the unrestraincd consequences of
Europe'S insane venture into the arena
OF general war. II Is question also II
from the banking community there should
not be immediately addressed TO tho Gov
eminent the representations which are
evidently needed TO induce an adequate
comprehension at Washington OF the stu
alton which exists. SO as to insure offi-
Cial support for measures to defend the
country's financial and business interests
In respect 10 all these things much do
Ponds on tho foreign prospect visible this
! morning, hut II Il IL of the black dark
ness which was all that could be seen
yesterday afternoon there can bo no
doubt that the moment has arrived for the
| institution of financial measures of de-
fence here. Any disposition to cr1ticist
the Stock Exchange for remaining oper
after all the other securities markets 81
| the world had gone formally or aotu.
| ally out OF business Is most unfair. The
policy OF the stock Exchange must he
| Influenced by the attitude Of the bankers
and there would probably be an instan,
| compliance BY the Stock Exchange &c
any request from the bankers 20 close
its doors. A suggestion to that effect
was mooted early yesterday In banking
circles. but the first impression thai
| the proposition was premature. This
was before tho violent connection of the
last hour IN the stock market, and las,
evening there were Indications that ideas
were shaping in tho direction pointed "a
above During the business day bankers
as a whole did not seem 30 feel that az
| fairs had yet reached a stage where II
was necessary 20 institute steps for the
| formation OF n financial concert, and In.
| deed meeting of the Clearing House
committee which had been Scheduled fol-
tho afternoon was called on for fear that
| It would be misconstrued. II hardly
| seems possible that any notions OF the
sort should avail to prevent intelli-
| gent and effective action II tho European
situation looks to-day fully as bad as
Il DIN yesterday.
| Inc WfOlo uby was Off> OF TREMENDOUS
| strain on the Wall Street organization
Dealings in the stock market expa nded
to an aggregate of 1900. 900 shares. more
\ than q quarter OF which represented the
transactions OF the last hour. In that
hour tho market gave an almost domoral-
| ICED response TO the news thar Germany
had sent . demand to Russia for an ex'
PLANTATION Of the mobilization OF its troops
| This was naturally construed az an ulti-
| az, no IN
war. and was followed by a tremendous
| outpouring of stocks and heavy selling oil
bonds which taxed the equipment of the
Stock Exchange
There had been around tho opening OF
tho session fresh overnight decline ir
reelection OF the gloomy overnight news
followed by another encouraging harden
ing OF prices. but resistance to pressure
was not sustained. Before midday quoted
values gave way In all quarters. although
some Of tho leaders were well supported
That the market was approaching IN,
limit OF its ability to endure persistence
OF tremendous pressure was infcrenta
| from Its aspect, and these influences wer,
confirmed by the collapse which set IL
after o'clock. There were some slight
rallies toward the close, but they coulC
not be regarded as in any way significant
and final prices showed a most dishearten
ing array of fearful not losses for tn.
day, ranging from 20 points for tn,
best supported shares upward to thre,
times that amount and more for special,
ties The fall OF Reading was one of tn,
most unsettllng Influences OF the session.
There was again large volume Of
foreign selling. much undcrestimated as 4
has been all along. but the bulk of liqui
dalton was of domestic origin and repre-
scented the fears or necessities which wer,
the result of the European panic. Invest
ment buying was evident in quantity, bu
It takes a long time for Investment pur
chascs TO make headway against thu
effect OF such demorallzed LIQUIDATION a.
came into tho market yesterday, Mean
while for all persons possessed of casf
there is no more intelligent thing tina
they could do than to exchange banl
checks for the securities which are beinl
so tragcally sacrificed To speak of then
as being on tho bargain counter doe
not begin to represent their tremendous
cheapnoss at going prices in comparison
with their long range value.
There wac not much else to be SAT-
about the features OF the day. eXO6p
that they can hardly be dealt with "A
too great length, All foreign advice
We're OF the gloomlcst description, Part
seemed 10 be on the verge OF wide
spread Insolvency British Consols sol
at 90. The Bank Of England discOuu
rate was advanced from to per cent
the rate Of the Bank of France wen
. up from 3l2 to ~ per cent, and othe