The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-07
QLlIESCENT PERIOD
REGARDED AS WISE
Halt ii, Speculation aid New.
Ventures, While Conditions
Being Studied.
GREAT DEMAND FOR MONEY
Treasury Departments Expected
Ito Continue Weekly Deposits
for the Present.

for the Present.
NEW YORK. October 6.--Last weeks
stock market gave. evidence of con.
tinue6 Discrimination 10 embark upon
~ that medium aud OF the desire 10 take
stock of conditions and to see more
dctinitely the shaping OF financial and
industrial events.
Tie neglected condition OF tile mar
kei opened the way for some attack
Ivy tile bear element amongst the
sBsinailcr class of professional operators,
but these operations induced little IL
Z HUMILIATION and an occasional turn upon
them served to administer reverscs In
individual stocks in which their ven
!, lures had been overbold. These pro-
fcssional manoeuvres made up the bulk
of the mar ket and We're of small sig
nfficance beyond the negative influences
Suggestive of the small impression
4 made on sentiment by developments OF
an uiifavorable character or the UNI
Willingness to be moved by more ia
yorable happenings to enter v-rn COM
4 tnitments on the long side.
Money Market TfEhtcns.
IA An important Impressive influence
was the condition VT the money mar
kct. which frightened under the sea-
sonable requirements made upon 1t.
The October settlements called for a
y large amount. the total dividend and
3 interest payable for the period being
estimated at as high as sl6o,O00, 900.
There were besides some special re-
uuirements. including payment OF SILL.
$4,000 for an instalinent of subscrip-
tons to Northern Pacific stock and
come large payments by the city OIL
New York. for which purpose the city
authorities drew on the proceeds of
s the recent bond issue on deposit with
the New York banks. At the same time
the Interior was drawing heavily on
New York for crop-moving purposes.
AS The margin of the surplus reserves
6of the New York banks was already
low, they were under the necessity OF
calling in some loans during the week.
and The call loan rate at the Stock EN-
change In consequence touched 10 per
cent on Wednesday tho highest rate
since the lst of July. Increasing later
as the October disbursements began to
return the channels OF the money mar
ket Tie money rate were rked up.
however, and inspired feeling of the
necessity of caution in conserving re-
sources for the further needs OF the
crop movement. which now holds the
interior movement OF currency i'll tull
tide.
The further purpose of the Treasury
Department iii continuing weekly de-
posits of government funds was n sub
ject of discussion, as the present
& weeks deposit completed the fifth week
originally defined as the limit decided
on for the movement.
1t was felt that continuance OF tho
plan would be necessary II stringcncy
were to be avoided, and there was n
general assumption of the probability
of further government deposits being
made with the banks in view of the
large free balance of cash still nvalla-
lille in the United States Treasury.
Anxiety was relieved by the success
with which tho October settlements
were met abroad. especially III Berlin,
where a critical condition for that date
has been feared for long time past.
The weekly statements OF the great
x foreign banks gave ample evidence of
the severity OF the needs which had to
II be covered.
81 Opinions are vague and confused as
81 to the extent to Jhich business reac-
ton has already run, and even more so
as to the additional recession which
III tile steel trade is admitted. and the
analogy of the violence to which the
reaction in copper las run. tempers
the sentimcnttxith which the course
Of the steel Trade is scrutinzed.
The continued instability Of the cop
per trade is an important factor in the
sa unsettlement of opinion. Reports OF
reduction of operating forces in manu-
featuring lines allied with these metal
industries although disputed in some
instances. have. received consideration
Bank clearinEs outside Of New Yorf
itself show rate OF busines.
activity still sustained above that o
y last year. The railroad traffic official
report their facilities fully employed
with n large merchandise movement
81 and heavy grain receipts. and the mer
camille agencies have adyiccs or activ.
3Ss fall buying. The corn crop is rcgardc,
rs made. with assurance of larg,
surplus over domestic requirements
and the government report on condi
~ ton OF cotton gives satisfactory prom
Sc for its total yield, barring the pos
5Ss etble reduction by frost damage I,
ssnle IL It's recognized that the force
5sSi sTc thus at work towards the recupcra
t{on which is necessary toEmakc up til
course of progress whercit was haltc,
Si by the excessive demands upon re
SsG sources.
The wisdom of q period of quicscenc
E In speculation and new venture whjr
this process OF rccuperaton Is work
a& ing out Is enjcincd by financial atl
Sisers Of authority. and explains tn
motive Of the small active interes
sssB manifested at present in tho rnarke
sssses8 FOR securities.
III,
sss JOHNSON NOT a CANDIDATE.
Go,crnor Of minnesota i'ns Na prcsj
Ns#s dental Ambitions.
~ fr,I,e