Show GREAT STRAIN ON STOCK MARKET Only Powerful and Persistent Support Saved Wall Street From Demoralization RICES STILL GOING DOWN CONFIDENCE WEAKENED BY SUCCESSIVE SHOCKS New York Oct 22 The market In New ew York has hasP not been subjected to 0 greater strain In many man years ears than was the case today loa a Only the tile most powerful and persistent support it from run running running ning fling into absolute demoralization am and with the best that could be done the re results MuttS were sufficiently serious as is abundantly abundantly abundantly dantly testified by the list price changes arid and by the volume of trading By the dealings recorded a greater proportion than in former times must be allowed for genuine transactions owing to the many withdrawals following the plunging class of C f operators from the market in recent months The storm of liquidation raged in vary ary varying ing lug degrees at different tins tim S of the tho day Jay and with varying force in different quarters quarters quarters of the market Questions affecting Individual properties gave gae no explanation for these variations the banking am and trust companies situation and the Ule question of its ramifications and of Its bearing on the general financial position absorbing attention to the entire exclusion of al alother all other subjects Another shock was caused by the an announcement announcement announcement of the refusal of the National Dank Bank of Commerce to extend exl nd clearing house facilities to the Knickerbocker Trust company The rhe debit lebit bal balance balance balance ance of or the National Bank of Commerce at the clearing house today toda was ascribed ascribe to clearings for Cor yesterday esterday for the Knick Knickerbocker Trust company compan and gave a measure of the burden which the bank t was refusing to assume further The run on the Knickerbocker company was al almost almost almost most a matter of course in view of the revelations over ot r night and the announce announcement announcement ment mont of the suspension of this company caused the stock slack market to stagger and sent a tremor of apprehension through the whole financial fabric This convulsive period of the days liquidation run ran conditions lo the verge o of panic After that it righted itself to some extent and became Tills This was part pari ly h due to hopes that the trust company would be able to resume with its supply of currency replenished The survey p of If the situation however extended far be beyond beyond yond ond the affairs of at the single le Institution immediately involved and embraced the whole banking and money position The feeling of distrust amongst depos flora seemed to be restricted to a narrow field In the city of ot New York itself and apparently did not seriously affect affett even the trust companies generally Advices from the country at large lare were reassuring and indicated comparatively little disturb ance of sentiment on account of the New York ork situation These facts were gratify Ing ng to the high financial authorities who were on guard and had much to do with will keeping down demoralization p That holders of at funds on deposit were strengthening their position for tor possible demands was evident and constituted the tile active motive force Corce in the days clays events Credit were recalled on a large scale and ahi the call loan rate ran up to TO iO per cen cenat cent at the stock exchange There was its a wide ide discrepancy In this respect the National City bank pursuing its usual policy when operating to break a L 1 stringency enc of putting out fixed sums a aper at i 6 per cent It was reported that funds were available at rates rat s far below the market rate which in fact fluctuated vio yb Jent Some Inactive stocks were sold I out at sensational declines in consequence of ot this state of oC affairs Westinghouse Electric declined 31 U l and Knickerbocker Ice 31 points The lack of a sufficient market and forced selling describes the general condition and accounts for the general severe seere declines In prices Advices from Washington gave ground for confidence that deposits of at rovern nent ment funds were being added to In ih New Ne NewYork ev York on a liberal scale The stock mar market market market ket gave fae indication in the final hour of ot the Mie day that the spasm of liquidation there had spent Its immediate force the late considerable rallies being well weli held to the closing The feeling in the finan financial financial cial district is one of at open question 01 of I how far the contraction of credit Inci mci Incident dent to the tho distrust now aroused ma mahave mahave may have to go and how ho far it will necessitate necessitate tate further business contraction to fill the tho resources available Bonds were weak eak Total sales par value call caU States bonds were unchanged on |