The Birmingham age-herald., 1914-07-30
Gives Little Heed to Alarm ing Conditions Abroad and Takes Foreign
 Offerings
OTHER MARKETS OF
 THE WORLD ATTEMPT
 TO RESTRICT TRADE
Berlin Almost Only Foreign Center Where Anything Like Normal Con- ditions Prevail = Chicago Con
 fines Wheat Fluctuation to Bad
 Half Hour at the Start

New York, July s9,--rhe New York stock exchange today moved in di- rection contrary to that of most other financial markets of the world. It gave no heed to the alarming conditions prevalent al over Europe. where se- curtes of all classes. including gov ernment funds. fell to lowed level because of the Servian situation.
 The local market not only took fur ther foreign offerings in large volume but bought heavily for it's own acconnt much of the buying representing in- vcstment purchases of a more suhstan- tial character than had been witnessed for years
 The bargain hunter was much In evi- dence and with the aid of leading financial interests caused d hurried serambling to cover an aggressive short interest.
 Berlin Chief Factor
 Reversal from recent pesimistic con- ditions was largely due to the moro favorable advices received from abroad.
 
 Pacific the source Of great woakkess 9retently and a prime Berlin favokae. vas taken in large amounts at almost uninterrupted advances The German capital also bought extensively of other Ameriean shares. while Paris and Lon- don continued to unload here. 1 Berlin was almost the only foreign center where anything like normal con ldttlons prevailed. London and Paris doing ther utmost to restrict trading. while other foreign exchanges suspend ed operations Of the days total busi- uess which aggregated about S0o0oO shares Berlin probably took 25.oo0. while Paris. London, Vienna. Amster- dam and some less important centers were said to have sold fully twice that amount on balance.
 A wave ring tendency was shown here at the outset with declines of to | , per cent. After the first offerings were absorbed the influence of the in vestment demand became effective and an all around rally ensued, which held to the close
 Short Interest Reduced The end of the da, found the short interest much reduced and the tech nical condition of the market corres- pcndingly stronger Further gold en- agreements to London and Paris were negotiated with sharp rise in call | loans to per cent and some stiffen- 1 ing of long time accommodations. | It is possible that the gold engage ments might have assumed larger pro- portions. but for the high rates of in- | Y I.xst The war risk" was fixed at 5000 per si .ooo,ooo as against sl25o on the pre- vious day
 Chicago July 99.--partly through relief from the stronger houses on change and partly because of u glimpse | Of reace if the Emperors of Russia and 1 Germany agree, the wheat trade today eluded any instance of failure and con | fined wild fluctuations to bad half hour at the start and to conditions ap- preaching collapse at the finish. | Stringent calls for margins to a degree. not permitted by the rules held the vol- ume of trading to less than n quarter of | yesterdays gigantic total and largely was the cause of fls per cent extreme | decline compared with last nights wild advance of 9h per cent. Transfers of trades from concerns in danger of not passing the clearing house furnished the safety valve. according to | statements tonight from well informer | sources. No prominent firm, however. was said to have needed any such aid the only cripples being minor establish- ments which felt the suddenness of yes terdays tremendous wrench Prepared for Any Shock l Breathing time allowed by todays set ] back in prices has apparently given ample | opportunity to prepare for any new shock Whereas this morning the board of trade directors anxlously considered | the advisability of acceding to numer- l oilsly signed petition to close the exchange l to avoid possible ruin to dealers, the same 1 directors tonight had to deal with formal l complaints that emergency measures to I Insure safety should not be tolerated | longer
 The complaints were that calls for Oc | a bushel margins were n violation of the | exchange code. and that 10c was the only lauthorized limit. Action on the complaints was deferred on the ground that no fur 1 ther call for such unusual margins would be thought of after tonight
 Sales Light at Close | Scenes at the close of the market today | were in the sharpest contrast with yestor- l day, when the wheat pit was crowded i With perspiring brokers franticaliy shout | ing in an effort to buy at the highest point | of the day When the hour to stop trad- | ing arrived today the price of wheat was at the lowest level of the session and sales | were light
 | Spectators crowded the visitors gallery throughout the day and long lines ot l men and women outside awaited admin sion. The brokers offices near the board <Contisusd .. Page N,ns9