The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-28
FINANCIAL NEWS
4 AND COMMENT
Stock Market Resists the Influ-
ences Of a Panic Day
Abroad.
RALLIES TOWARD CLOSE
arrangement Of Foreign En-
change--S7.OO 900 More
Gold Exports.
RALLIES TOWARD CLOSE

riety OF trying circumstances There was
not only the reflection OF foreign stock
marlSc; upheaval to contend with. but
foreign exchange was thrown into con-
ditlon or extreme arrangement and ex-
change rates rose to - level at which
gold could be proftably exported to any
part OF the world. AS II was $1,000. 900
more gold was engaged on the new move
ment. making a total OF S12O00.000 since
exports were renewed last week and
bringing the total for tho year up to
almost sa3. 1000. 900.
Nevertheless, and despite n total lack
OF believable information from the other
side, the primary American stock market
gave every indication that values were
too strongly based now In sound condl-
tons TO be seriously impaired by the Eu-
ropean war portents. The test of the
actual outbreak Of hostillties abroad on n
colossal scale IL something wnich cannot
be comprehendcd by the ina glnation but
In face of the menace of such a war
American finance has 10 far given an
excellent account OF itself. Tire dealings
in stocks swellcd TO an aggregate OF al
most a half million shares and there was
undoubtedly some liquidation OF local orr
gin. but good deal more OF speculative
pressure accompanying the heavy foreign
offerings OF American stocks here
The signs Of the session were. however
that there was not much domestic selling
to come into the market ne this level o.
prices. and judging from the tenor Of
comment In various quarters there Is a
large amount OF buying power in reserve
to take advantage of purchasing oppor
tunities which may be afforded by what
ever sacrifice OF its holdings OF American
securities Europe is compelled 20 make
This is not to say that the Wall Street
atay ~ faV fhaY off tad a
versciy by the threatening aspect Of Eu-
ropean affairs. II was. hut the losses
sustained were not serious and tho tone
OF the market in the late dealings was
good
All accounts agreed that financial Eu-
rope had had a terrio'e day. which was
practically completed when the Wall
Street week opened The closing Of the
bourses at Vienna, brussels and Budapest
and the suspension of business on the
Paris curb. together with action taken by
bankers at Berlin. St Petersburg and
elsewhere to protect the markets for Sc
curities. were proof OF the convuisiye OK
perience through which Europe was pass
ing on the fearful threat OF an awful
clash Of arms.
Great declines In values were reported
from the Continent and Generalization
was heavily reflected in London. British
consols at one stage We're carried down
to II. the lowest price since 1921. ire
spective of the interest rate. In all quar-
tiers OF the London market severe losses
were sustained, although declines We're
effected on limited dealings. which tcstl-
Ned TO the thorough extent OF the liqui-
dation OF the past two years, process
which has helped Wall Street TO with
stand so well the new strain put upon IL
As IL happened, the spread Of the Euro
pean war scare COinyidel awkwarlly with
a dinirult forfpightlN spttlaupnt I'm Linn
don. and the unfortunate encounter be-
tween British troops and the Irish Ma
tionalist Volunteers in Dublin gave such a
malien turn to the Irish home rule crisis
as must Of itself have dealt the London
stock market a hard blow Consideration
Of this particular development was OBJ
secured by the matter of vaster conse-
quence overshadowing all civilized coun-
tries. hut ii cannot he dismissed from the
reckoning.
Before the Wall Street opening a fur
Their postponement OF decision in the
Eastern rate case was announced, but
little or no attention was paid 10 this
matter. although 1t could not be ac-
counted as favorable to the constructive
side OF securities. The prices which
we're made In London for American
stocks showed declines OF 2h points
and more for such leading Issues as Union
Pacific. Southern Pacific and Great North
ern DTerNrTNn Sdf1buLAn fdClIC WAS
down more than points. but there was
q little upturn abroad Just before the
resumption Of business here and In thu
early trading prices were maintained well
above Iondon's lowest.
During the forenoon there was 4 rush
OF foreign sales which carried the whole
Wall Street list down. but In tho early
afternoon ira nsactions were In diminished
volume and stocks steadled. In the last
hour when IL was seen that there was
no significant recurrence OF foreign liqui-
dation rallying tendencies were dis
played and a considerable scarcity OF
stocks was disclosed as traders endeav
ored to retire short commitments. The
close was firm, and although there was
an extensive array OF fairly substantial
losses these were much less than had
been noted in the morning.
Declines were principally made In the
! International list. but some specialties
| suffered conspcuously. Bonds were rather
weak, and in general securities devoid
! of speculative short interest did not dis
| play as much underlying frmness ne
| those I'm which \ hear account had been
accumulated. Throughout the day the
resistance offered 20 pressure by United
! States Steel which IL widely held In Flu
| rope. was great supporting inf1uence
| 10 other descriptions, A striking feature
| of the day was the marked hrmness ~
New Haven
There was OF course a great ventilation
| of opinion, conjecture and prophecy as
| to the outcome OF the imbroglio preclp-
itated by Austrla's demands on Servia
There was also "a copious circulation OF
| more or less dubious and unauthenticated
| advices mainly optimistic which pur'
ported to have emanated from more oil
less Informed circles at European centres
The local financial community refused u
surrender the conclusions OF reason every
one OF which was against the probability
OF a general war abroad, although 1t wal
admitted that such a war would be th'
denial OF reason and not anensble e
processes OF logical analysis.
At the same time faith was placed N
the fact tina: tho longer actual hostilit'e'
were delayed the less likely they were q
occur because OF the increasing influence
for peace which would he eNerted by tn
forces Of public opinion and by statesman
I, like deliberation. Hope was especially re
posed in the efforts of Sir Edward Gre!
: 10 arrange a conference OF the Power
for the purpose of maintaining peace or a
= the worst to limit the scope OF hostllitie
5 IL that is conceivably possible.
) The commodity markets were less eN
cited than might have been expected
: There was another sharp bulge In wheat
5 but part ~ the advance was lost hefor
/. the end OF the day. II WAS in the interna
9 ttoual money ma rket that interest outsid