New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-26
REVIEW OF THE
STOCK MARKET
Securities Here ReSlSt
Break in EurOpe-More
Gold for Paris.

TIL. stock market closed the wees
Nth a, exhibition OF frmness "nlch
ronparcd with that shown on ,he a."
ron1cement OF the ClaAin failure or
in the week when such pronounce u.
.i;-es werc manifested in the Gould IS
sues and New Haven. In spite OF oe-
yoralization Of European exchanges
on the possibilities OF widespread wa >
foreign selling here was absorbed WIN
cornsratjve ease. Though SECURITIES
81 The opening registered genera
losses. they were much less IMAM III
London, and strong support ~
brought on rally that mace up IN.
great part Of the early deeIines.
The close net changes IN the lI.
tional list we're almost all OF fractions
snd advances were not greatly out
numbered by declines. Bonds were
fairly steady. Rock Island issues con-
tinuing their improvement. -,
overnight reports that Russia wouId
sonrort Servia in a possible coh'est ,
Win Austria upset foreign bourses ana
,-overnment obligations abroad broke
sharnly. consols and rentes closing over
u, points lower. At the opening q!
the Paris Bourse IL was reported 'naV
wavc Of selling orders appeared with
Few or no takers, and in Berlin even
such high grade securities as snarcs
OF the leading banks declined Sharply.
Foreign exchanges had closed before
the opening here, and there were 70
regular arbitrage transactions pu' o.
rect selling for foreign account IN 'nIs
market was abnOrmally heavy the 10
tai being variously estimated aOo'e
10000 shares. As the day adVahceu'
however, special cables TO interim,
tional houses gave some assurance 'hn'
Servia might yield under protest 10
the Austrian ultimatum, that Austr''
might extend its time for considering
Scrvia's answer. or that. at worst tne
trouble might be confined to punt
tive expedition, with other nat,ois
standing aloof. All this assisted IN
steadying the local market.
A. the opening Canadian Pacific,
which as a favorite European invest
ment has been heavily realized on
abroad. was more than Or points
under FRIDAYS close. but it finished inc
day here only.three- quarters OF point
down. after accounting for about one
half Of the 10000 shares dealt IN on
tho exchange. In the early tTadlnS
Erie went 10 new low record Tor the
wear, but il was a fraction higher at
the close. Northern Pacific. after
loss OF over points. ended the cay
only three-eighths down. steel went
below 50, but closed only shade
under 60 Pennsylvania, Great Nof'E-
ern preferred and Missouri Pacihr
gained nearly q point each on the oay'
and New York Central and New Haven
were considerably improved.
Our own affairs received compare
iively slight attention. The rate de-
cision. it was early learned. had been
carried along TO next week. and re-
ports OF notifications aroused some
hone that changes might make 1t more
favorable. Bank clearlngs made
small decrease from 1913, but the loss
was almost wholly in this city. Gross
weekly railroad earnings for July w>re
making better comparisons with last
wear than for May or June.
Engagement Of 100000 more gold
for Paris was made known during
trading hours. adding S6.1OO.OOO TINS
week to the.tot of some SS0,O0O,OOO
taken earlier in the year, with further
engagements to relieve the strain at
European centres expected. Foreign
exchange rates were unsettled. demand
sterling closing al 4.So25 against 4;so9o
the week before. Cash gain OF Clear
ing House members shown in the state
ment Of actual conditions was over
$4,000 900. rather better than had been
expected. but increase in loans and de-
posits at the end Of the week made ad-
dition Il surplus only about s4,OOO,OOo.
The excess reserve. about s26,0O0,OcO,
is a little less than last year. but
enough 70 keep money rates normal
unless gold exports should reach IN
expected proportions.