The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-30
This Aloofness, and Withdrawal
Of Support Caused Lower
SOME RETAR IN G INFLUENCES
Money IS Tighter, and Treasury
Has Not Given Support
Anticipated.

r.
general attitude towards the stock mar
I. kct last week was one Of aloofness and
neglect, prompted apparently by a de-
sire to await a clearing of the sit,1a-
Z ton. and by uncertainties suggested
4 BY the developments OF the week.
s58S The neglected condition Of the mar
4 kct esultcd in a decline Of prices which
was supposed to be due principally to
4 operations of a professional origin.
The feeling Of encouragement which
\ had grown up previously was not re-
linquished. but the conviction was gem
eral in the financial world that the
p maintenance of the improved situa-
ton in the market would be depend
q ent on the conservation of resources
& for the needs to be met and upon re-
training from a diversion of these re-
N sources into speculative channels. .a
The approach of the October quar-
aterly8 ssettlanscnt period promised some
large special requirements, both here
Il und abroad, which served as a warn
n Ing of special conservatism through
that transition period. The occurrence
#Suf frosts in the West. extending into
70 the Northern corn belt, called atten-i
a ton to the remaining hazards to be,
y discussion, also, Of the coming tSip Of
crop, both unusually late in maturing,
although the movement Of prices Of
M those commodities proved reassuring
395 us to the amount of actual damage
ss done at the time. There was much
s discussion, also of the coming trip Of
4 the President and the tone that his
88 addresses might take on the policy Of
the government towards corporations
HSf a. subject on which speculative senti-
& nent in Il the securities market has
s% shown itself sensitive for long time
M past. x $5 5s58 u
Retnrtliny Influences.
8 e Tho 4receivership for the New York
aY surface car lines, although clearly fore
ss seen, had a disturbing effect, owing to
III the complexity from the financial
sS{i tangle involved. K, s3 r.. y
mi The poor reception accorded tie an
533 notuncementf Of the new stock issue BY
5$$S the New Y ork, New Haven and hart
9Fl ford, with subscription privileges III tc
s$ ockholders at 1885,, was a decided fac.
s tor in chilling the returning confidence
a3S In the Improvement Of the Investment
NV situation. n
The action Of the New York cit,
Il 3s q p per cent bonds gave some indi
cation Of a speculative origin for tn,
ssfs previous rapid advance in those Sc
eurities and went into the same cate
cory OF influence as the New Have
stock issue # ..
8 n it'll due weight given to these re
Y straints on the return 5of confidence
Ssss5 the Eundertone of the market still CAV
..5sss$3 ev violence ola hopeful feeling that til
III worst factors IN the outlook had Doe:
5g5$Sa forescen and1steps taken for discount
5f ing them. r n 7jtti ii y }5T
The interior demand for currenc
MI. Ia 81 become we'll defned, and the out
e ward: flow from New y ork set in wit
4S considerable force 5s35 e 81 72S RI
Money liz Tighter.
The money market has frightened i
iss consequence of this and OF the prepa
ID $straIions for the October list require
SSS me nts, but3the stringency has not bee
y3fSf severe, and compares moderately wit
SSA$S5S that in previous years at this periot
The measures of relief by the Treas
ury Department have not approache
ME- he resources in hand for that purpos
sSss tile amount Of deposits with nations
banks reflected by the Treasury state
S$S3s lnent being apparently about 900
its2l5 900, compared with estimates of a pc:
Ne sblc $4,000, oo6% or el:cn 1900, 900.
'5fSSS The banking position Of the who
I#F8 country. as shown by the reports I
lille comptroller Of August 22d. show
49, an Improvement over that of May got
MI notwithstanding the heavy loan expa1
sion throughout the West. and is r,
.aAas garded with reinsurance. Eli $S g
6 Changes In various items of the!
h 1eports are Interpreted by governmel
officials as indicating large scalir
slsSy$3aS down OF obligations between bank
dicatingG q reduction Of demand obi
stations, which&is, a further source
satisfaction. ii FL #
slsSS Opinions voiced by attendants upt
81 he American Bankers Association a
n ss585 nual meeting profess confidence in 81
sggss$s soundness Of the situation, while G
Joining the wisdom of conserva tism
credit expansion or Of contraction cor
1nensuratc with the slowing down
Trade.
s$ The foreign exchanges moved
|s1 8 favor of New York during the week,
response to supplies of exchange fl
ISs }f llshed by the grain and cotton NOV
HI Hi ment, and also, 1t is reported, by fc
llSlsa elgn purchases OF New York City a
lM & Union Pacific convertible bonds.
ssa s2 IN the bond department of the ms
#s lset there has been a moderate but d
5sss tinct Improvements t3
STOLE THE WASH