Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-28
Money Market Conditions
Continued Main Interest.
IN VERY UNSETTLED STATE
But No Such Uneasiness Prevailed
as Last Week.
FOREIGN BUYERS OF SHARES
Some Notable Reflections in Deal
ings Today-General London
Market Disturbed
IN VERY UNSETTLED STATE
FOREIGN BUYERS OF SHARES



NEW "CRk. October 2S-Attentton and
discussion were naturally again largely
taken up today with the same general
situation that was uppermost IN the pub
he mind last week. although, of course
~ revised and modified by the develop
ments ~ Saturday. yesterday and today.
The stock market on Saturday was not
IN possession Of definite information as
70 the decision of the Clearing House AS
ISOLATION 10 issue loan certificates. al
though there no doubt at all in we'll
informed quarters as to this action That
of course, coupled with the accompanying
details was the main subject of interest
over Sunday and today. 1t was learned
on Saturday afternoon that a mum Der
OF important cities In the interior would
take corresponding action to that fol-
lowed by the New York Clearing House
Association, and great many Instances
or this character were subsequently, re-
ported from all sections Of the country.
There were two striking incidents In
connection with the local issue of loan
certificates. The first and most in:por-
tant enect was the engagement of I'M
usually large SUMS of gold for import
from Europe Another indirect reflee-
ton was found in the general calling
In OF loans by the money syndicate
which came to the rescue of the Situa-
ton ON Thursday. Consequently. ii
Is hardly necessary TO say that money
market conditions remained In a very
unsettled state throughout the day.
sun, no such uneasiness prevailed in
that regard vas the case last week
rs II WIS recognized that, by reason
of the strengthened position of the as
ISOLATED banks, accommodations could
be arranged upon some terms.
Foreign Exchange Unsettled
The foreign exchange market was
likewise almost as unsettled as was
the case in last weeks closing dealings.
Foreign houses were buyers of about
10000 shares of stock in the local mar
ket. and banking houses reported that
these purchases would have been in
much greater volume but for the diff
ncultS experienced in conducting ne
gutlations in the foreign exchanges
IVfther reflection. in part at least.
OF the state OF the last-named market
was furnished by sensational break
IN grain prices upon all the weStern
boards of trade. Several of the latter
IN tact reached the conclusion early
III rfe day that the best course to fol-
low was 10 suspend business altogether.
and this. accordingly was done
IhA general London stock market was
disturbed to 10 little extent by the heavy
gold engagement for American account
which IL was feared would lead TO dis
tryssing conditions in the money market
and 10 A sharp advance in the Bank Of
England : rate of discount. The rates of
discount IN the open London market ad-
yanred In fact. we'll above the Bank of
EEgland's official minimum figures, and
that Institution declined to discount mar
ket bills under ) per cent
The continued money market relief
measures by the Secretary of the Treas
ury were reflected this morning in
gain by the banks from the local sub
treasury since Friday last of more than
tii.t-p,U0o
Reactions Significant
Notwithstanding the strongly treasured
sentiment and confidence with regard to
the financial and banking situation In
sptred by the action OF the associated
banks. it would only b. correct to add
that great deal of lingering uneasiness
as to the ultimate outcome of conditions
was still evident In fact, such reaction
occasions during the business session
were plainly enough attributable to the
spprehensions in this general direction
AS was to be expected. the dealings
throughout the day followed a highly tr-
regular course and were in greatly reduced
volume. Conservative commission houses
were commonly disposed to deprecate the
entering into new commitments by their
customers. and even the professional
traders on the floor seemed to think il the
to the closest limits. At the same time
there was much buying by investors for
cash In small, and also round lots and no
Ettie direct buying of the same nature