The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-09
Money Is Easier and September
Settlements Were Better
Than Anticipated.
BUT LITTLE BAD NEWS
Much Now Depends on the Sale
of the New York City
Bonds.

was distinct Improvement in senti-
ment over the financial outlook last
week, which was traceable to an i'm
portant extent to the failure OF some
lof the Representations OF trouble
which had been credited. In several
instances where the event justified the
approximations the market showed that
the bear party had more than snfll-
GENTLY anticipated the bad news and
the buying to cover shorts helped on
the recovery in prices. These condl-
tons in the market must be taken
account eft In estimating the extent of
the Improvement Indicated by the near
recovery In prices. There was mark
ed subsistence in the pressure Of SELL
ing and decrease in the feeling of
apprehension could be Inferred from
this as much as anything else. There
We're not lacking some positive devel-
opments of a favorable character, as
we'll.
Easier Money.
A principal item in the Frightening
prospect was the easier money market.
The strain of the Saptembr LIST set
Elements, which We're unusually large.
proved much less severe than was ex-
pected. The call money rate did not
get above four per cent at any time
and promptly relaxed, while in the
rates for time loans there was some
thing like collapse. This was con-
sidered as the widening effect of the
relief measures OF the United States
Treasury. the announcement of which
led to an almost immediate relaxation
in foreign money markets and in for
eign exchange rate here. Interior ex-
changes on New York rose also and
the conviction spread that feeling had
grown over-anxious about the imme-
date money situation. The violence
of the reaction suggested that some
thing akin to boarding of capital had
been going on In the process of hold
ing out for possibly better terms in
placing it.
Low Interest Rites.
The break in interest rates brought
out unexpected reserves and funds
that had been held in call loans es-
pecially sought lodging in time loans
with the evidence of easing conditions
there
The Immediate estimation of the gov
srnment deposits which have been
made Is not divulged. although the
grain centres and the banks which
are believed to have been most favored.
The effect on the whole money market
and the influence especially on senti-
ment in that market has been marked
Ono Failure.
The announcement of failure OF a
Stock Exchange house on Thursday
was the outcome of a long enduring
series of rumors of trouble of this
character, and led to covering of shorts
rather than to any renewed liquida tiou
in the market. The same was true
of the passing Of the dividend on the
Interborough-M Me tropolitan preferred
stock. This has long been an accepted
certainty, and the prices of securities
of the company had already fallen to
pected default. On the other hand, the
increase and extra disbursements on
the Chicago, Burlington and Quincy
dividend, and the time at which 1t was
announced, were very etticacious in
stimulating the recovery in stocks.
The profitable result OF this to the
treasures of the Great Northern and
the Northern Pacific, by reason of their
joint ownership of nearly all the Bur
rumors of proposed bonuses to stock
holders in those companies. These
| rumors We're a potent factor in the
considerable revival OF speculation
which occurred in the latter part oil
| the week.
Will Bonds Sclle
Great interest continues to attach
s40.000,000 of New York City 4 l.:
per cent. bonds. On the degree OF
success which attends that sale vii
hinge, it Is believed. the confirmation
of the revival of investment confidence
which has sprung up. Opinion is gen
eral that the bond sale will be a sue.
cess, and that a considerable foreign
participation in the Issue will be &
feature. Another item in the situation
which is taken account OF Is the heavy
return tide of foreign travel.
! 1t Is asserted by competent authori.
ties that the amount Of money spent
abroad this year by travellers is larger
/ than ever before and the influence OF
remittances on the foreign market has
been strong. This drain Is now sub.
1 siding and the outward movement OF
the crops is also at hand. Uneasiness
con- inues manifest over the stability
of the copper market. although the
reduction to is cents pound was
declared to recognize the basis OF
/ agreed price between the producers
and the largest consumers. The dead
lock in the foundry iron market Is
reported broken, although the new
buying is ~>ry moderate yet.
i Anti-corporation sentiment also has
been subject of consideration by rea'
son of the resumption Of proceeding:
y In some of the pending prosecutions