The daily morning journal and courier., 1907-10-22
LATE FEATURES OF
 TIE STOCK MARKET Prices Improve on Better Bank
 Situation. HANDSOME, GAINS MADE London and the Continent Buy Fifty Thousand Shares
 of Stock.

AANAANSA oAA U4AO OV@ASAAAS " l
 Fifty Thousand Shares
 of Stock.
 The stock market looked happier yesterday and acted better This was due to relief over banking conditions in New York city The bears tried to knock stocks in the morning, but soon found that there was better feeling in the air and they started to cover The result was an advance of two or three points in the most active stocks and a general advance before the day was over of from one-half to three points.
 The work restoring confidence went on all day. both in banking circles and in the stock market In the case of the latter the protective measures un- dertaken over Sunday by the clearing house authorities gave Immediate re- assurance.
 The European markets were the first ? to reflect the change in banking condi- tons which had resulted from strong hands taking hold at a critical time. London cabled, before our market opened, long list of advances rang ing from 1-2 of point to points This was followed up by general buying of our stocks for London and continental account. The foreign purchases ap- proximated 10000 shares, a large pro portion being in the United States Steel issues
 Comprehension of the eradication of threatening bank situation came along with discovery, which Wall street did not appear to have made on Saturday that the New York bank position is extremely strong, and with the further news that foreign ex change was turning distinctly in our markets favor When all this hap pened with an over-extended "bear' account awaiting a chance to cover, the result which followed yesterday need have been no mystery.
 Call money went above per cent. !; this was once more attributable wholly to the disturbance of credit of certain individuals and institutions, which were compelled by the clearing house edict to readjust their accounts. Noth- ing in the general banking situation warranted such a rate.
 About the only stock that was affect ed at all seriously in the early drive was New York Central, which was early forced down under it's low price of Saturday to within 1-S of point of its August low record, on reports of a coming dividend reduction. But later this stock rallied with the rest of the list.
 Support was plainly in the market in a number of quarters It showed in the important stocks, and made the recent aggressive bears tinlorous about renewing operations.
 Sterling exchange suffered a heavy decline through European buying of stocks, the call money position and a large supply of commercial bills, es- pecially those drawn against cotton No further gold engagements were made and the special movement tC Germany is regarded as being over
 Not many look for decided bull ', movement to now ensue. Further liqui dation is expected to come upon tn, market as result of the recent trou bles. Although this selling is not likell to be of hurried character, it vii tend to press upon the market.
 The wheat market itself yesterda! alternated in violent rise and decline in obedience to the influence ofs larg export demand and the existing none, squeeze.
 That all the sheets had gone throug the Stock exchange clearing hous without trouble yesterday morning be came known shortly after Il oclocl This news brought about fresh rall in prices all along the line.
 
 Some uneasiness was created by tn announcement early in the day tha the Mercantile National bank had ha debt at the clearing house of $1,903 GOO, the National Bank of North Amer ica a debt of $S5OOO0 and the Meehar ics' and Traders bank debt of S43O GOO. This uneasiness passed away, how ever. when 1t was realized that tn heavy withdrawals reflected the UT settled conditions of Saturday befol the clearing house had adopted it's pr' tective measures.
 American IceN securities, which sol on Jan. at 8, and which for Tor time was virtually in a cornered stat opened yesterday at 20, and then fe to 15. On Saturday the stock broke points to 20 on a sale of but 100 share The market for 1t has offered lit opportunity for Hquidating sales volume.
 The early weakness of New Yol Central, Macxay and Toledo, St. Lou and Western was attributed to | selling of the stocks mentioned due the closing out of loans made to I dlviduals who had been weakened
 Ar. rs,a1-a