Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-17
Underlying Strength Despite
Furry in Prices.
DISTURBING INFLUENCES
London and Continental Markets
Seriously Depressed.
MANY RUMoRs OF FAILURES
Small and Irregular Price Changes
at Opening Gave Way to Rallies.
Money Strong.

6peCal I'lsphtCn 10 Inc SthI-
NEW YORK, October 17.-Everythins
considered. today's stock market gave an
actually remarkable demonstration of UNI
derlying strength. 1t was true that the
larger part OF the buying appeared to rep
resent the retirement OF short contracts,
but the mornings situation might have
been readily seized upon as affordlng q
favorable opportunity for the putting out
OF fresh contracts for the short account.
Sentiment and confidence were much
disturbed by the developments in the
banking situation. as they always are by
such occurrences, although 1t was ad-
mitted that in a measure the financial at
mosphere had been materially cleared In
consequence. On the other hand. 1t was
perhaps inevitable that rumors and sug-
gsstions OF additional complications along
the same general lines should have at
tanned currency.
Then. again. the snarl in the curb
market operations. which today result
ed In the suspension of another stock
exchange house. has a disturbing eff
feet as deranging. to some extent the
mechanism of the market.
Foreign Markets Depressed.
The London and continental stock
markets were serious depressed, largely
because OF the fall In prices in New
York. and many rumors were current
abroad of further impending financial
troubles on this side of the water. The
failure of an old and important firm in
Hamburg was announced Foreign
houses were sellers here upon quite
large scale. The Bank of highlands
str
ment. but the showing had little or no
effect upon the course of prices on the
London stock exchange
At the opening Of business small and
Irregular price changes were shown, but
subs equently a general rise took place.
Before the close of the first hour this
movement was succeeded by quite vlo-
lent and general reaction, which resulted
from a fresh outburst of liquidation and
which carried down the prices OF Amalga-
mated Copper and American Smelling
with particular rapidly. number OF the
less active industrial issues also broke
badly, noteworthy examples being Ameri-
can Tobacco preferred, Virginia Coal
Coke and Iron, North American and
Western Union. The United States Steel
shares declined also. but these reflected
certain measure Of support
Rallies and Reactions.
Throughout the remainder Of the bust
ness session rallies and reactions fol-
lowed upon each other, but in view of
all the circumstances in which the deal
ings were conducted the markets rallytng
power upon occasions was one of its most
striking features.
Keen interest was expressed In the ex-
position by the New York Sun this morn
Ing Of the real purpose OF the transfer
OF our battleship feet TO the Pacific. and
the apprehension excited in consequence
undoubtedly served to check q greater
degree of animation than the market
displayed.
No real news and little gossip ex-
cept that of technical character accom-
panied the transactions in the railway
list. Brooklyn Rapid Transit was ex-
oeptionally firm. and rumors were again
current of an early dividend declaration
on the stock. Today's dealings were upon
a very large scale and covered an I'M
usually great number OF securities.
Money call was again strong and
active. circumstances which were doubt
less in some part due TO the uneasiness
with respect TO the banking situation.