| Show TONE OF MARKET MUCH IMPROVED Wall Street in a Measure Free From the Stress of the Past Few Days DEALINGS ON SMALL SCALE IRREGULAR IRREGULAR BUT STRONG AT THE TH CLOSE New York Oct 26 Quiet conditions reigned throughout the two hours ses session session sion at the stock exchange today toda Ow Owing OwInG ing to the rule of ot procedure whereby the tho loans made on Friday lay tarry carry over un until until until til Monday of ot the following week w k the Immediate borrowing of money money m ulY was not nota a necessity and the direct Influence of ot the money position was to that extent In abeyance The market was w s not active and the Influence towards repression of or speculative s activity or dealings on margl mar margins marCilia gins Cilia gl da was asserted ass with undiminished force Tho The tone of ot the market was regarded nevertheless as a reliable Index of ot the prevailing sentiment over the tho financial situation The expression of ot Increased confidence nce through this medium was un unmistakable unmistakable unmistakable mistakable There were occasional reactions reactions reactions and some Individual stocks es especially especially especially the Inactive list were severely depressed The action of ot the market was clearly towards resistance to any ele elements elements elements ments of ot depression and the closing tone to no was waa still sUli strong The bank statement caused a momentary wavering a report of ot a deficit below the legal re reserve reserve serve erve exercising an Inevitable sentimental tal Influence Consideration of ot the state statement statement statement ment detracted from tram Its depressing influence Influence Influence ence In view of the extraordinary events of ot the week and the complicated cross crosscurrents crosscurrents currents In the situation the decrease of Jess ess eBS than In the reserve held was considered not Immoderate The necessities of ot the situation and the courageous measures of relief relict adopted were explanatory of ot the OO loan expansion It was fortunate under the circumstances that the clearing house bouse banks had started the week with so 50 con considerable considerable considerable a surplus reserve as the 11 so that the weeks heavy heay demands have carried the reserves only below the legal requirements a showing of greater strength than has haa been made In any former periods of only comparative comparative comparative tive stress It Is notable also that the United States deposits Included In the statement are only greater than thanin thanIn thanIn in last weeks statement whereas the actual addition of ot government deposits during the week Is known to have been much greater There Is a ruling in force torce at the treasury department never availed of by the clearing house banks permit permitting permitting ting government deposits to be segregated from tram those against which a cash reserve Is required owing to the high grade of ot the securities required as collateral against such deposits The principle involved In the maintenance maintenance maintenance I nance of a fixed proportion of cash rea reserves re reserves serves a by the banks Is that of ot readiness for tor a sudden emergency against which there is la no prohibition of ot the use of the reserve even down to the point of ex The bank statement was re regarded regarded regarded therefore ui as as showing a assur T ing degree delree of ot strength In the banking position For the conservation of ot this position po the clearing house decided to is 15 issue sue eue clearing house certificates which seems to offer entire security By I tance between the banks of these for settlement of ot debit balances the preservation of ot the cash deposits from depletion Is la assured The determination of the New York savings banks to avail themselves them elves of the permitted requirement of sixty days da S notice of ot withdrawals for another safeguard against a march of ot the unreasonable In the hoarding of t the coun credit basis away from use In the times of greatest necessity finally the Inauguration of ot gold Imports opens a channel of ot replenishment of ot the basis ol ot banking credits which promises effective relief fetter The Joint effort of ot these factors was the feeling of ot encouragement with which the week closed closet In Wall nU street Bonds were Irregular Total sales par v value United States registered have declined 54 8 the coupons i the registered and the coupons 4 per cent In the bid bli price on call during the week |
