Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-21
Deep Relief the Dominant
Feeling in Wall Street.
SITUATION IS MUCH BETTER
Credit Given to Action of the Clear
ing House.
DAYS TRADING WAS ERRATIC
Bad Break on the Curb in Consoll-
dated Steamship securities--Cau
Money Was Strong.
SITUATION IS MUCH BETTER
DAYS TRADING WAS ERRATIC
sneclsl nlsnatch to The Star.

Special Dispatch to The star,
NEW YORK October 21.-The financial
community experienced a feeling Of deep
relief this morning when the developments
In the banking situation between the close
OF huSino IS Saturday and its resumption
TODAY wer. ascertained. Throughout the
whole Of last week the unsettled con-
ditlons In that direction were the direct
and underlying causes of the demoraltza-
tion in the stock market. and when busl
ness closed Saturday no such satisfac-
tory issue to the situation as occurred was
looked for.
All credit is due to the courageous and
resourceful members of the Clearing
House Association for the manner In
which they handled IL very delicate and
dangerous situation. Even today there
were recLrrent fits of uneasiness lest there
might b. remaining spots Of weakness.
and occasionally reports to this effect were
current and found quite general accept
anCe.
That. however, did not interfere with
an extremely sharp and quite general re-
covery IN ,--e stock market, which car
ried practically all of the more active
issues upward from one to six points
The market opened indeed at an extern
sive advance above Saturdays closing
IL
suffered a substantial reaction. So soon
as II became known. however. that the
stock exchange clearing house settlement
concerning which there had evidently
been some uneasiness, had been satisfac-
torily effected, prices advanced by leaps
and bounds. The recovery in prices
materially helped through the heavy pur-
chases which were Conductead here for
foreign account. These amounted in the
aggregate to about 50O00 shares and were
widely distributed throughout the list.
Call Money Strong.
Previous to the opening OF the local
market American stocks abroad were
shown to be quoted at advances above
parity with New York's closing figures Of
Saturday. ranging from small fractions to
two points. and the general London mar
ket was much stimulated by the better
= ment in the local banking position, with
which operators there were. of course,
earlier acquainted. So far as the dealings
in detail We're concerned there was little
OF interest TO be elected therefrom Cow
ering of short contracts played, of course,
a large part in many of the most extern
sive advances, and naturally the diminu-
ton of anxiety with regard to the bank
ing suituatfon resulted in lessened liquida-
ton. Some OF the less active stocks
again moved counter to the general drift
OF prices and for obvious reasons ice Sc
curities suffered a further sharp decline
On the curb market there also took
place a further severe break in the Sc
curities of the Consolidated Steamship
concern.
In the early part of the day New York
Central was exceptionally heavy. but that
stock subsequently participated in the
general rally.
Money call was strong and active
throughout the day. Undoubtedly in con-
nection with the arrangements made
necessary for the relief of the disturbed
banking situation.
AS was only natural, the trading was
characterized by rather feverish tone
throughout the business session, and this
must be said Notwithstanding the extent
of the advances made in nearly all of
the leading issues There was on hand
however. general appreciation of the
fact that the financial situation had final
ly been relieved of certain menacing ele-
ments which have long engaged the at
tention and concern OF serious banking
circles