Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-10-31
CHICAGO REPORTS THE
FINANCIAL SEA SMOOTH
ASIDE FROM THE UNSTEADY
STATE OF THE STOCK MARKET
THERE is NOTHING LEFT OF
LAST WEEKS SCARE

City today and the situation Is now
so well in hand that no further confer
ences of the bankers is anticipated.
The banks improved their position
yesterday by calling loans. This pro-
cess OF adjustment may be continued
today. The bankers declare the clear
ing house certificate plan is working
out smoothly and rapidly, bringing
about normal conditions.
Stock Market slumps.
The stock market was subjected to
a sharp selling pressure in the open
ing dealings today and prices ran off.
The fall reached in Canadian Pacific
was 311a, Reading 2, Great Northern
preferred 1A, st. Paul LIZ and many
of the principal railroad stocks and
specialties as much point. There
were isolated gains.
Recovery Before Closing.
There was temporary pause In IL
duidation which left prices steady at
the level of the opening declines, but
the selling was forcibIy renewed in n
short time, resulting in declines Of 9
to 25s In the Hartman and Hill
stocks, Pennsylvania, Reading and
Southern Railway preferred.
The enforced closing out Of some
Of the accounts caused severe de-
clines in the stocks which figured as
collateral in loans. With the compile
lion of this selling and the successful
passing of the clearing house sheets
through the stock exchange the
clearing house prices rallied, the re-
coyery runnig from | to ~ in Union
Pacific. Northern Pacific, Pennsyl-
yania and Reading.
Market Closes.
The stock market become quite
buoyant In tone late in the day. Buy
prices rose quite generally over last
night.
The market closed strong and the
buoyant rise in the price continued
in the last hour. Union Pacific rise
was conspicuous and was Influenced
by the news of the formation of q
plan for apportioning its assets in
the stocks of other corporations to its
stockholders.
Chicago in Sound Condition.
Chicago, Oct, 30.-The local finan-
cial situation showed today an i'm
provemeat over yesterday, matters
moving along smoothly in all direc
tons. The savings banks reported that
withdrawal notice had practically
ceased and that all uneasiness among
depositors had been allayed. The
crowds at the banks were no larger
tnan ordinary. Inability to obtain
money for speculation in margins
caused some weakness on the board
of trade many holders being unable
to carry lines for a longer time.
HOLIDAY in Washnuton.
Olympia, Wash. Oct, 3O.-Governor
Mead last night stated that he had
declared a legal holiday for the bal
ance of this week. The measure was
taken principally for the protection Of
the country banks. their requests for
money having been denied by the
banks in the clearing house cities.
Europe Gold Is Coming.
New York, Oct. 30.-The enormous
influence which American products
are exerting in building up a credit
balance abroad has been the most
signal development of the financial
situation today Reports from all
quarters show that the great Ameri.
can staples, wheat, cotton, copper, to-
bacco,, oil. meats, are on their way 10
Europe, this being the season of the
year when American products are
marketed abroad.
\ The immediate effect of these shio-
(ments is to give the United States
credit abroad, which can be speedily
converted INTO cash These natural
resources of the country promise to
! exert even greater innuence than the
sale of American securities abroad.
The latter have to some extent suf-
fered discredit under recent pressure,
but the intrinsic value of American
staples used abroad and their colossal
aggregate at this period of the year
is beyond the reach of financial dis
trast The foreign sales of millions
of pounds of American copper yester-
day were supplemented today by re-
ports of similar heavy exports in the
y metal, today's shipments a'one giv-
a lng a foreign credit of S14000,00
5 University Secretary D.ad