Show STOCK MARKET MARUI I RIGHT SIDE UP Prices Better All Trough the he thel heist l List and Some of Last i I Weeks Losses Retrieved ATMOSPHERE AGAIN CLEAR CLEARA 41 t r A PP ACTION OF CLEARING CLEARINGHOUSE r HOUSE EFFECTIVE New York ark Oct 21 The diligent labors of ot the Clearing House association during the closed period of ot busy bus activities over I Sunday bore fruit today toda in a prompt and I decisive e accession of ot confidence The stock Block market righted itself like a ship over which a q squall had h d passed and prices all aU through the list started up upward upward upward ward and in n some ome instances retrieved many mall points of ot last weeks decline Thu field of oC the troubles In the New York banks was generally understood last week but ut the force that this exerted was waa caused by the fear that the troubles must run rim to a culmination and threaten the in involvement involvement of oC the general banking situa tion Lion A conviction was lacking of the pow power power er of the clearing house to right the dif lt The trouble US recognized to be lie one principally of ot personal methods and with the elimination of or the persons ob to tf e objectionable methods were believed to be effectively done one away with The authoritative pronouncement of the clearing house committee that the banks under inder criticism had hen ben found solvent after examination and that assistance a would be rendered them th to meet their de deposits deposits posits removed the principal fears of or Im 1111 consequences Solid satisfaction was nas as felt Celt over oer the polio followed by the thu clearing house in its wider willer scope as well The lack of conservative banking meth nieth methods methods and the tile rapid extension of ot banking control by the new element which has hus been curbed has been ben a n t subject of oC dis die disquiet disqUiet quiet for Cor a long time past lat By thy a process equivalent to what stock operators call cull pyramiding and by use of oC one banks stock as collateral for securing control of oC another a rate of ot extension was threat threatened threatened ened sued which would involve wide conse consequences consequences consequences in time of ot financial stress The Tho United Copper episode last week involving clumsy clums attempts at market ma lIIa manipulation and employment of banking re resources sources In futile speculative maneuvers proved the danger signal The necessity of oC appeal for assistance e to the clearing house grew out of oC the tile distrust aroused by that hat t discreditable episode threw power into the hands of ot the clear clearIng clearIng Ing lag house to dictate terms The outcome is Js regarded with a II satisfaction I which was unmistakably registered In the days events Including the buoyant rebound in prices tf t t t securities in iii the stock market The of the financial world was of ofa a n perU peri averted and of ot wisdom and au authority authority authority asserted for the betterment of ot abuses The Th rebound in prices of ot stocks was w at attributable attributable in large degree to the necessity of an uncovered short Interest which op operated prated crated boldly lust lest week on the assumption that events were running to a catas catastrophe Demand beyond this was under some Iome reserve There was the recognition that fiat the course marked out for the cor correction correction of the banking situation here salutary though it is 15 recognized to be bema may ma involve some further cutting out pro process cess ress which will make for further pressure on the stock market In the call money moner market was discern discernible discernIble ible Ibis the effects of oC further purging of oC credits placed to the lenders dissatisfaction tion ton There was attention given to re se reports report ports port of ot reduction of ot working forces In manufacturing concerns and the subject of ot business recession was under consider at atm n There was offered for discussion also aso the unexpected engagement on Sat Saturday Saturday Saturday after stock exchange hours of fl 1 Xh of gold old for tor shipment to Germany Although described as a special transaction transaction tion Uon the fact that this gold was going out was an indication that similar call money niney rates in New York at present are arc areIS BS IS much a question of the character ot of the borrowers and as of ot scar scarcity scarcity city dt of ot money morey Foreign buyers buers were active In this stock market today and this was a factor in the sharp demand in foreign exchange rates The slimmest reaction in prices of stocks late in the day was due to And was not regarded as reflecting any impairment of the restored confidence The closing tone was strong Bonds were irregular Total sales par value States bonds were unchanged on call |