Evening star., 1914-07-29
SLUMP IN STOCKS
|SNOT CONTINUED
War Scare Sends Prices Down,
But Losses Are Largely
Recovered.
STAGNATION PREVAILS
ON BOURSES OF EUROPE
British Consols Drop to Lowest Point
Touched Since Early in the
Last Century.

NEW YORK, July 2S.-The local
stock market opened today with trad
ing feverish and in large volume.
Early losses ranged from 3a5 points,
in Amalgamated and Utah coppers.
Great Northern preferred. Reading,
Can. Smelling and some of the less
active issues.
Canadian Pacific. weakest Of yestere
days international stocks. sustained
only a slight loss. Steel and some OF
the other leaders were relatively hrn.
general rally followed the early
Generalization, some stocks. nolaniy
yesterdays close. The movement had
ali the Indications of substantial bank
ing support, together with extensive
Investment purchases by so-called
bargain hunters. Canadian Paeihe
rect buying by Berlin, where condi-
tions were 1fuch improved. Paris
sold our coppers here and London both
bought and sold. At the end OF the
tss IN tsta yfh of
over a score of issues had registered
complete recovery.
British Consols Very Weak.
LONDON, July 29.-The seriousness of
the European situation was reflected to-
day on the London Stock Exchange where
British consols dropped at once time to
69h the lowest point reached since the
early years Of the last century. They
opened at II, or y below yesterday. Soon
afterward they dropped to 7Ok, and then
lost a full point, bringing them down to
69h
A government broker came into the
market at this point and began buying
all $ho ha
Three small failures were reported early
in the morning session and two later on,
making the total five. None OF them was
of much importance, but 1t was feared
that more would occur later In the day.
Otherwise there was nothing doing on
the exchange and no other quotations
were available, the market being In con-
dition of animated suspension
Dealers on the stock exchange after
ward began to do a little business. but
sales were effected only aiter much ne ne
gotiation. The transactions in the
American section showed the quotation
Of Canadian Pacific at first to be 161. then
rising to 10 and afterward declining
again to 168, as compared with yester-
days closing price of 1IotA, southern
days closing price Of 1sA. and United
States Steel "a, as compared with 5o1s al
the close yesterday.
A rally in consols late in the after
helped a little to cheer the market.
Little Trading in Berlin.
BERLIN, July 29.-The Bankers As
ISOLATION met today and decided against
closing the bourse, but resolved to sus-
pend dealings in securities handled for
the settlement. This includes all the
principal stocks. Dealings in the cash
Ynarkat however. continue
The committee of the bourse was called
together, and. without taking formal ac-
ton on the recommendation of the
Bankers Association, sent instructions
that no quotations be registered Busi-
ness at once came to a standstill.
Bankers here display the most pessi-
mistic mood today. 1t is expected that
the committee Of the German Imp erial
Bank will meet tomorrow and raise the
discount rate from 4 to per cent
The bourse committee later announced
that dealings would be permitted to
limited degree andtthat settlement quo
tations would be issued this afternoon.
The bourses in Hamburg and Frank
fort also suspended dealings for the set
tlement today.