The Birmingham age-herald., 1914-08-02

this week-and carried active stocks to a Tuesdays final prices.
 It was in all such conclusive demon stration As cannot fail to impress the world with the inherent financial strength of this country The New York Stock exchange, in fact, for several days has been the only absolutely open and free market in the world in which securities could be sold and gold obtained in pay ment. The great exchanges of London Paris and Berlin are in state of sus-
 pended animation, while those of Vienna Amsterdam and minor centers in Great Britain and on the continent are actually closed.
 Hopes that the Austro-Servian conflict would be "localized' caused a reaction in the markets for agricultural products wheat losing one-half of Tuesdays excited advance and cotton recovering one-third of that days sharp decline. The foreign
 markets are still under severe strain and the great European banks at the weekly
 meetings of their respective directorates today are likely to advance their discount l ''DS
 yet out of the woods,' but have indica- tions that we are nearing the edge and
 can catch glimpses of the cheerful country l beyond.
 The ease with which this country has 1 taken back the securities sold by Eu-
 rope and the readiness with which it has
 supplied the gold needed. abroad give elo- quent testimony to the fact that the | w re' foupd ma r at fborol1pb v | liquidated and pumping on bottom Stocks,
 in fact, were oversold, and to judge from l the keen borrowing demand last evening | are still in that condition.
 New York Herald: ''No European
 Areopagus" is the decree of the German l Kaiser. strong nation in controversy I with a weak one cannot be expected to | submit it's case to any tribunal-and, of l course, for two strong nations to do so is | unthinkable!
 l As an instrument to prevent war The l Hague court has no place in the European 1 scheme. Nations must continue to have I a free hand in their quarrels and must
 enjoy the "God-given' right of backing l their contentious with force of arms. There must be recognition of what the | Austrian Emperor so tersely describes as | the handsome privilege of the stronger" l The pitifulness of it all is revealed by | the Austrian ruler when, Wltn cndfdctef- | istic Hapsburg pride, he declares his pur- l pose to make war upon the Servian peo- pie, because some few of them have kept | alive "a flame of hatred for myself and
 my house!''
 Is Christian civilization a failure?
 London Special to the New York Times, July 30: The London Times, commenting on Emperor Francis Joseph's manifesto, l says:
 Tt is calculated to stimulate the pas ! sions of the nation. which, once kindled, diplomatic protocols and conversations can do little to arrest in its fatal course. In it's tone and phrases it recalls a for mer occasion when, in an access of des- peration, the Emperor rashly drew the | sword. Thes charges which 1t makes against Servia now closely resemble those leveled against Piedmont B years ago. Then, as now, the Hapsburg monarchy ! possessed a large measure of European sympathy in her legitimate grievances, until she forfeited it by finging restraint | and prudence to the winds Then, as | now this country spared no exertons to maintain the peace of Europe. They were on the very point of being crowned with ] success when the patience of Vienna | broke down and precfpitated a conflict which ended at Solferino.'
 article is pessimistic. It concludes by an
 an expression of apprehension that Great
 Britain will be drawn into the conflict