New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-30
REVIEW OF THE
STOCK MARKET
Stocks Close Higher After
Austria Explains Her
Intentions.

with tho announcement 81 Austr'a's
specific denial that her purpose in
Scrvia was territorial ACKNOWLEDGEMENT
there began Yesterday tho first real
rally in the local stock market that
has occurred since the European stu
alton became acute. In the carly weak
ness most issues had gone from TO 3
points below their lowest figures Of
Tuesday. but so violent was the recov-
cry that not ONLY were these losses
wiped out hut actual gains were re-
corded for She day almost throughout
the list. Tho advance was checked
somewhat by offerings % stock by tho
same banking interests who had lent
suprort 10 = dcmorahzcd list the day
before. the inference being that they
were unwilling 90 have trading run
from ono extreme 70 tho other "hlle
tho foreign situation was Stlll delicate,
and ~ the same time call money loans
which had hccn renewed M @'t per
cent ou tuesday paradoNicslly enough
when 70 rs considered what An
enormous amount OF gold has been cX-
ported within tho week, were ad-
vspccd 90 > per cent Time money
quotations were uomiually higher,
none Of the important banks that are
usually lenders making any offerings
More significant and no less striking
than tho movements IN tho stock mar
kcf WAS tho action of foreign cN-
change For three days now there has
been no such thing as trading quota
irons. such credits rs could be secured
being the subject Of special nCGoua-
tions. Many Of tho banking luetl,u-
lions and firms which ordinarily han
die large amounts Of exchange daily
we're neither buying nor selling. Al
one time IN the course of the day an
actual transaction was made IN cable
transfers e. tho rate OF 81 o. tho pound
sterling. and there Wcrc ruWors. i'm
possible Of verihcation. OF dealings
made 81 several cents higher. trauc
cables went 10 tho cXtrsordiusry figure
Of 400. or tho equivalent Of GOA cents
4 franc. Later i'm tho day there VAS
some relief from ~ Iutolcrahlc situ-
alton and demand sterling vas offered
AZ 4.o3. itself figure never approached
before this week
The condition Of thc exchange market
reflects situation IN the worlds
money centres that is without prCc
cdcnt. no less than the collapse Tor
the time being o. the machinery Of IN.
tcrnational banking In the course o.
time the situation must and viii ad-
lust itself. but for the present all the
leading countries Of Europ, arc a.
much at way with themselves ne though
they were actually in arms. Cred't7
have been withdrawn from wherever
they were put out. Only IN New lorh
can the Old World find market to
convert her securities into cash. TN
tho Stock Exchange here IS the sole
remaining free market for securities.
All the Continental bourses are closed
or as good as closed loudon's only
t-adirg o. moment is i'm Americans. and
even there the dealings arc restricted
within the narroWCst bounds.
Under the strain Of liquidation by
Furope. n times no less chan frantic,
With her own markets closed against
her. the New York market has acqUt-
ted itself nobly. In the course Of time
that will be remembered. no doubt to
rs credit. as II must already be rccoG-
1izod abroad
Yesterdays trading saw al first de- .
,line o. about points, carrying stocks .
below their lowest figures OF tuesday +
though several issues we're exceptions
10 tic rule. notably Canadian Pacific.
which never sold below 100, @ agalns'
Isl the day before. Southern Railway
md Anaconda Copper. 4 rally followed .
almost Immediately. 10 he followed y
urn by dulness and some sacE'ng OF
y prices. when call money advanced
10 ) pcr cent. But in tho Afternoon
Inc real recover began and continued
~ strong close. Gains generally
,~cdomirated over losses at the end
anadiau Pacific advanced 4 points
baltimore ( Ohio and Southern Pa
,ifc or. and other active issues, m
,luding steel, Union Pacific New YORK
-entral. New Haven. Southern Railway
Erie ard Atchi,on moved up " point
The fact that there j. no fast steamer
sailing for Europe until Saturday kept
down the amount Of gold engagements;
out the National CITY Bank arranged
10 ship S2.50o.000 abroad. taking the
7old from The vaults OF tho Clearing
House in exchange for Clearing House