The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-28
THREE BOURSES ON
CONTINENT CLOSED
Paris Curb Market Suspended
for Time-Iondon Par
tally Paralyzed.
BERLIN MORE HOPEFUL
Bankers Vote to Give Credits
Under Special Terms
to Brokers.
Special cable p..patch,. 10 rHs sr,

"N'' WV 'N't FeSputCNDt 70 ihS NTN
LONDON, July 2T-A partial paralysis
seized the Stock Exchange to-day and all
securities fell heavily. There was a panic
stricken condition in the financial centres
on the Continent which resulted in the
closing OF the bourses al Vienna, Brussels
and Budapest and the decision OF tho
Paris Bankers Committee TO suspend short
selling
The prospect OF war was the main cause
or the depression in London. but the
ugly outlook in Ireland was partly re-
sponsible for the heavy feeling. consols
at one time sold down to II. which is the
lowest price since the bank panic in 1866.
but recovered later and closed AT 72n
several or the chief International favor.tes
also dropped 10 the Lowest points In years.
There was a partial recovery IN Oh.
afternoon, but there were serious fails
all round on the day.
The chief feature of the nark., ,o-
American securities was the fall in Irnio,
Pacihcs in the forenoon, when thew were
quoted at l5il5. They recovered IL
points later. Canadian Pacific securities
were feverishly excited throughout the
DAY and al one time touched l75. but
closed at i75l5
Argentine and Brazilian railroad stock.
were greatly depressed. French rentes
were almost unsuitable and closed at
77i9. Austrian, Russian and Servian
stocks tumbled severely
Runs on German Banks.
The runs on German savings banks and
the refusal OF one bank TO part with
gold caused concern. The banks here
showed reluctance to extend accommoda-
ton 10 borrowers in the face of possible
war Those who have pledged stocks as
security for loans may fnd themselves
In an awkward position during tho fort
nightly settlement which will conclude on
Wednesday. This Is awaited with anxi
ETY.. although hitherto there has been no
definite talk OF important difficulties
PARIS, July 27.-The Bourse was excited
during part of tho session to-day. bu,
the close was calm. The Bankers Asso-
citation committee which does a large
business In stocks for its customera de-
clded TO suspend short selling owing TO
the effervescence manifested at the
opening
"Enervescence" was no eXaggeration OF
the conditions. NJ Resemburg a banker
VINO has been often suspected OF being
well Informed as to what is going or at
Vienna, notably In 1912 on the eve Of the
declaration OF war by Montenegro against
! Turkey, and lately when selling orders
from Vienna created a panic on the
bourss before the political causes were
nj,
and clerks and the police had difficulty
in restoring order. Rosenberg finally
escaped by a side door.
The cash operations Of the ''coulisse'
were also suspended for an hour. but
were aftervsrd resumed but onlv
In small way. business was
equally quiet on the floor of the Bourse
| for cash operations while shorts were
only accepted In connection with previous
orders. Bank shares recovered Ranoue
de Paris ct des Pays Bias rose II points,
Credit Lyonnais and Union Parisienne
10.
Information says II suspects that the
action of Austria was financial more than
political. II recounts the difficulty which
that country had In placing It's last Treas.
to offer In the United States.
The new ~ per cent. rentes recovered
10 confines. The recent panic has hi,
these securities especially and they hay,
lost points, while Servian A. lost only
and advanced . points to-day.
German Bankers Aid situation.
BERLIN. July 27.-ierman bankers ar.
preparing to meet the stringent times b,
protective measures taken well in advance
The leading bankers in Berlin voted to-
day to give credhs under special term.
to brokers and 10 call for margins from
private buyers only when the value O
stocks has reached the lowest point con
s!Scnt with safety
Many German issues which dropped
away down on saturday Mere active to
day and got back part of their loss
peutsche Bank was the leader with a
point recovery. In other stocks, notabl,
Russian per cents, the conditions wer,
different. Shipping stocks were from