The Washington herald., 1914-08-04

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tile mills and liquidation Of raw ma
eterials. Eventually. however, American
manufacturers may benefit through tn
csrtailment OF imports and the building
up OF exports In products, for whici
war creates an abnormal demand. Amer
lea win suffer along with Europe from
the tremendous economic waste which
great war entails. but there win b
temporary recompenses in the favored
position 1t win place Us as sellers and
lenders to the rest of the world.
A rest win clear the air and then thu
natural laws Of supply AND demand vii
fx stock quotations. All doubts Of the
soundness Of conditions here should bt
swept away by the fact that half 6
dozen odd lot houses bought at least
10000 shares of stock and large mum.
Der Of bonds for small investors. Tho
buying was Of the best character Wal
Street has ever witnessed.
Stock transactions on the New York
Stock Exchange In July totaled So5l, ,O41
shares This was the largest month In
stocks. with the exception Of January,
since July OF last year. when s,5s1, 4Ss
shares changed hands July sales were
Loe6,s12 shares ahead Of June and s,s22,
ssS greater than IN May. Total sales for
the hrst seven months aggregate 46,l3s,-
4o6 shares compared with H.1sl,sS shares
for the same period last year.
On the 18th the sales exceeded a mill
lion shares, the first time that mark
had been passed in over two years. The
sales Of the Both surpassed the 2Sth by
~, 4ol shares the total for the day being
l,So6.6so. the largest total for a single day
since October q, 1911, when 1,s64, $50 shares
were sold.
Bond sales In July were SO, IL, ooo a de-
cline Of 2.Es2.Wo from the previous
month, and compared with $44,o26, 500 in
May and 50 $4,000 in July last year. Sales
for the first seven months of this year
totaled s42o,s65,5oo, an advance. Of sS3, 20, :
800 over the same period of last year,
and only ST,12S5oo less than for the
whole of 1873
Sales In bonds on July 80, totaled $SOO7,
OOo This exceeded the bond sales on
any day since December 20, 1911, when
they were s56o5, o0o The smallest 1--WE
four day during the month was the ID,
when sales were H,FS.ooo.
In speaking Of the financial and busi-
ness situation George NJ Reynolds, presi-
dent Of the Continental and Commercial
National Bank, said:
The country Is all right and there is
nothing to worry over. I do not believe
the closing Of the exchanges Will do one
bit Of injury to the general business of
the country outside of stocks and Sc
curities. for credit and money for crop
moving and other purposes will be OBJ
tainable the same as heretofore.
The closing OF the exchanges Is only
a precautionary measure and the appli-
cation OF the law of self-defense. It
should not cause any apprehension In the
minds Of the busines public"
Logan & Bryan to W. 3. Hibbs & CO.
II is q bank holiday abroad and Liver
pool closed. 1t is just as well or better
because no matter how much Of an ad-
vance is recorded in the English market,
Il can be Of no help here for the present.
The Atlantic is swept bare of ordinary
commerce. especially grain cargoes be-
cause nobody knows where q cargo will
land after It is once started from this
side. Millions OF bushels of wheat are
1t Buffalo, Montreal and the seaboard
headed for European ports, can get no
ocean tonnage at present Prices here
will be based on the late reports from
he spring wheat country and any new
developments in the outlook for foreign
shipments which may be revived under
protection Of British fleet. There was a
ytrang ond higher closing In coarse
grains Saturday for very good reasons.
rhe East was again an active buyer OF
both corn and oats. In the latter market
cash houses were again taking off recent
hedging sales. Cash corn situation strong
for the early contracts and dry weather
nap a bull feature for the late months.