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Show London's Black Day Five Billion Dollars, it Is Figured, Would Have to be Drawn From World's Working Capital to Pay Cost of Conflict London, Aug. 7. With fifteen failures fail-ures on tho stock oxchango nnd gen- eral conditions tending to Justify the characterization of tho first day on which a general European war seemed seem-ed inevitable as tho blackest day the city had known In twenty years, with the Block oxchango committee con slderlng the necessity of taking tho gravesf steps to protect members, and with war rates at Lloyds rising by leaps and bounds, London financiers finan-ciers are In anything but a bellicose mood. The fact that ono steamer alone, the Kronprlnzessln Ceclllo, had $10,-000,0(o $10,-000,0(o In gold aboard, bound for h German port and mostly Insured with the London market, mado for peace until the steamer arrived. As to the possible loss that a European Euro-pean war would Impose on tho belligerent bellig-erent countries and the world, a correspondent cor-respondent was Informed by a high financial authority that tho cost could scarcely be less than $5,000,000,000, all ot which would have to be drawn from tho resources of Industry from the world's working capital. This authority points out that the South African war cost this country far nbovo $l,00O.G00,d00 and It a Euro pean war cost only two and ono half times as much tho total would be $2,500,000,000 which Is probably a very conservative estimate. Tho money publicly raised in London Lon-don overy twelve months Is about $1,-000,000,000 $1,-000,000,000 so a war on a $3,000,000,-000 $3,000,000,-000 scalo would bo draining tho capital cap-ital market directly of five years supplies sup-plies of tho greatest money capital In tho world. Hut when tho direct cost of the war has been calculated and tho bills paid to the lust cent tho world would only bo beginning to realize the waste, only touching tho edge of the actual loss. In overy part ot tho world to day capital Is in a difficult and strained strain-ed position. Tho supply Is not adequate ade-quate and tho amounts already ox-pended ox-pended In Industry nro Jeopardized because further amounts are not at hand to keep tho works moving. |