New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-29
Brisk Trading on N. Y.
Exchange. with European
BOurSeS Closed.
HUGE OFFERINGS
ABSORBED EASILY
Shorts Rally and with
Money Cheap Exchange
Becomes Alive Again.
$15,275,0OO FOR ABROAD
Bargain Hunters Fill Commits.
sion Houses and Summer
DulncSS VanisheS.

With bourses of the Continent and
Canada closed and trading on the Lon
don Exchange restricted and largely
nominal. the New York Stock Exchange
was yesterday the one primary cx-
change in the world offering an open
market for unlimited trading in sccuri-
ties.
Under the circumstances New York
was compelled to take rcams OF securi-
ties from abroad and much selling from
at home, but the local market took all
that was offered without any of the de-
moralization .hat had characterized
markets abroad, without any failures,
without the rumors usual in such times
Of houses in trouble, and with call
money offering freely at 2i7 per cent.
1t was a remarkable demonstration
of strength, unexpected even by the
market experts. While there was an
attempt in some quarters TO compare
the session with some of those in the
early days of the troubles of 1907, the
attempts were strained.
For this there were two reasons
one the existence of an unusually large
short interest and plenty of cheap
money. while in 1907 the local market
wa. heavily overextended and rotten
with weak bull accounts with money
scarce and high; another, that the
troubles of 1907 were purely local. while
those of the day were, as one broker
described it, "maie in Germany"
Margin Responses Good.
Ofexcitement there was plenty. Com
mission houses had more visitors than
at any previous day in months, and
bookkeepers were busy sending out
calls for more margins, but as gem
ersl thing the response to these calls
WAS good. Much Of the increased al
tendance was of the bargain hunter
variety, and commission houses did
great deal Of buying, some Of the largest
reporting the best buying in consid-
cradle time.
The real excitement however, was IN
the foreign exchange markets ana Ia
the Chicago wheat pit Foreign OK
change again touched high levels, IN
surance rates on gold shipments closed
at almost five times the normal price,
the stock Of gold bars at the local
Sub.Treasury was exhausted. and tHe
supply Of double eagles, which next 20
bsre arc in demand for shipment, was
almost wholly depleted by the slo'-
o7s ooo in metal the Sub-Trcasury fig
ures showed had been delivered 20
bankers for export during the day
Gold engagements as announced ny
the banking houses total;cd s2'21o'ooC
,.ss or the gold taken from the Sub
Treasury. as shown by its report S'oo-
900 WAS for Canadian account.
In Chicago wheat went up by leaps
and bounds. scenes in the PIT recail'hG
the old Letter days, when the young
n,,rger was trying TO corner the sup
n,v Of the world, the various months
closing from 81 to 81 cents up.
The speed with which it advanced
NAV be Judged by the fact that Sep
tember was up cents while the floor
manager OF New York house was
writing cable dispatch TO his London
Office notifying it Of the strength IN
grain.
Cation. on the other hand, was weak,
,be various months showing a decline
of close TO 81 80 a bale at the close
Worry in London.
Overnight the condition in Europe
had grown worse and early morning
cables were conflicting. The consensus
Of opinion seemed TO be, however, that
matters were not as bad as they might
be. Those houses dealing direct with
London and the Continent were TO all
intents and purposes open the greater
part Of the night, it being late IN the
evening when some Of them closed. and
Shorters Court, the curb market OF
London, sticking to business until ii
o'clock, London time, while cables re-
ceived from London houses as early as
3 o'clock indicated that business had
been resumed before s o'clock, London
time.
London opened with further heavy
losses. and the forehandcd, who had
sought TO anticipate the opening here
by selling there, found il impossible TO
have their orders executed. The larger
dealers in Americans were selling, not
buying, and private cables announced
that some Of these had for the time
ceased to do business. among them the
largest and nerviest. Initial prices
here were lower in consequence, but
in no instance did the overnight loss
enusI that in London.
+, was not until near midday tina.
,bc local market began to weaken
.criously. Then. with the announce
ncnt that Austria had declared war.
nricos began 10 crumplc. Some Of the
isryer houses with foreign connections
we're selling stocks all over the room,
With Harry Content. vho as often
To-. l. b.