New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-31
Continued from page
and more especially the eYtent 10 which
credits may have been impaired.
Morgan Seems Unworried.


Morgan Seems Unworried.
A further indication Of the confidence
fclt h. the BANKER was turn.- NED ny
Mr. Morgan. who. when he !cit. S&Id
he Wa going to his Long Island nome
20 sec some friends with whom he had
expected 10 spend yesterday yacntInc'
and By Nj. Dawson. who vent 10 ms
nom, on Long island. although IN times
OF stress nc can always he iound III
town.
The conference marked the end OF
irving DAY in the Street. Under pressure
Of the heaviest selling seen since Octo-
Der -. 1911. when l.36J.OO0 SnarCs
were traded in. prices receded SHARPLY
The total transactions approximate"
800. 900 shares. London and the Con.
tinent were again heavy seller, ana
there was much closing ont Of weak
accounts and Of DELAYED liquidation.
Noney rose to 6 per cent ior call
funds. with loans earlier in the day al
or better. The higher rate was
agreed upon ~ the call money brokers
10 make q stable market and prevent
vide fluctuations. II was agreed mat
the situation would be better II all
money we're placed az a fiat rate :atner
than that some should be nut out al :.
per cent When later money SCARED 10 :
or per cent
Foreign exchange was not 70 be had
in the regular course Of business
Nominallv cables ruled at 81 TO the
pound. with quotations ranging from
sf9s TO 50 PC. with sight drafts rang
ing from 81 % 10 s. 10.
The exchange sold was 10 old Gus
toners Of the various houses Wro had
TO have accommodation al any price
within reason. so that each transaction
stood By itself
sl1.jOO.o0O for Export.
II Was announced that Sll,j00.o00
had been engaged for export or ihc
steamers sailing to-day and to-mor-
row The shippers and the amounts
are: Kidder. Peabody E. Co., $1,000 600;
Ladenburg. Thalmann CO.. Sl,OoO,00o;
Spcyer & Co.. 100000; Kuhn. Loeb g.
Co, $4,000; Farmers Loan and
Trust Company. $4,000; Logan
BRYAN. $4,000 900; Goldman. Sachs a.
Co. 81 900 900: National City Bank.
$500 600; Hanover National Bank. Sl00.-
600. and Lazard Freres, 100000. The
engagement Of s250.000 for Canada was
also announced.
The exchange opened yesterday with
Tho fullest attendance the floor has
eee- IN many months. Some members
came rom places as far away a. the
Canadian Rockies in response 10 sum
-,onens b. wire IN the Offices ful!
STATS we're on duty ahead Of the "Sudl
hour. while in the commission hclses
customers rooms standing room only
vas the rule.
The opening was wide and excited.
Overnight developments on the other
side were bad. and the practica! clos
ing Of every exchange in Europe again
lott the New York exchange the only
ono of the worlds important markets
ready for business. The excitement was
keenest about the steel, Canadian Pa
cifc and Reading posts. Canadian Jed
tho decline with an initial break OF y
uoints. Other issues among the stand
ord shares showed losses of ] 10 !
points.
orders there were stacks Of buying or
dcrs. much Of them evidently repre-
seuting banking and pool support. Be
fore the first half hour passed rallies
Of from , 10 points were reported all
around the room. In this buying the
purchasers Of the "odd lot" houses. as
those which specialize in less than 100
share lots are known, made up large
factor
Brokers Get Busy.
Brokers were extremely busy, and
their activities were taken as most
hopeful sign, meaning that outside
money was coming into the Street for
straight investments. and that stocks
we're being taken home, 10 bother the
market no more, for the present at
least.
In this rush 20 sell London's low
priccs were al no time cqusllcd. The
London price, at the best or worst de-
pending upon ones viewpoint were
only nominal
Following the first rally. and with
hardly q breathing space for the brok-
cr4. came another dclugc of selling or
dcrs. under pressure of which prices
broke into new low ground, with tho
ticker recording many transactions for
cash and indicating immediate reed of
funds from the seller.
The pressure 20 sell became more
pronounced H. the second hour At
time /, var frcnzicd and almost sug-
rested dcmoralizaiiOn. 80 rapid was
the trading that the official reporters
ON ,hi foor could not begin 20 get all
the transactions. The temper Of the
,os,kc, va not improved when II be
came known that the banks Of France,
belgium. aud the Netherlands had fol-