The Birmingham age-herald., 1907-10-07
STOCK MARKET IS SLOW ID VENTURE. Desires to Take Stock of Gen.
 eral Conditions THE BEARS GROW ACTIVE Important Impressive Influence Is Tightening of the Money Market Under Seasonable Require
 n1ents.
THE BEARS GROW ACTIVE

New York, October 6.-Last week $ stock market gave evidence of continuous disinclination to embark upon that me1- ium and of the desire to take stock of conditions and to see more definitely the shaping of financial and industrial events. The neglected condition of the market opened the way for some attack by the bear element amongst the smaller classes of professional operators. but these opera tions induced little liquidation, and all occasional turn upon them served to ad- minister reverses in individual stocks in which their ventures had been overbold. These professional maneuvers made up the bulk of the market, and were of small significance beyond the negative infer ences suggested of the small impression made on sentiment by developments of an unfavorable character or the unwill- ingness to be moved by more favorable happenings to enter upon commitment by the long side.
 An important impressive influence was the condition of the money market, which frightened under the seasonable require- ments made upon it. The October settle ments called for large amount, the total dividend and interest payable for the period being estimated at as much as S160,000,00O. There were, besides, some special requirements, including payment of $11, ,625,000 for installment of sub- scriptions to Northern Pacific stock and some large payments by the city of New York, for which purposes the city au- nil l,-a.x l. A.. 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.
 Surplus Reserve.
 AS the margin of the surplus reserves of the New York banks was already tow, they were under the necessity of calling in some loans during the week, and the call loan rate at the stock exchange n consequence touched 10 per cent on Wednesday, the highest rate since the first week in July. There was some cas- ing later as the October disbursements began to return to the channels of the money market.
 Time money rates were marked up. however, and inspired a feeling the neces- sily of caution in conserving resources roI the further needs of the crop-moving de- mand, which now holds the interior move ment of currency in full tide
 The further purpose of the treasury de- partment in continuing weekly deposits of government funds was a subject of dis cussion, as the present weeks deposits completed the fifth week originally de- fined as the limit decided on for the move ment. It was felt that continuance of the plan would be necessary if stringency were to be avoided, and there was a gen. Gral assumption of the probability of fur ther government deposits being made with the banks in view of the large free bal ance of cash still available in the United States treasury.
 Anxiety was relieved by the success with which the October settlements were met abroad, especially in Berlin, where a critical condition for that date had been feared for a long time past The weekly statements of the great foreign banks gave ample evidence of the severity of the needs which had to be covered. Opinions are vague and confused as to the extent to which business reaction has already run, and even more so as to the additional recession which must be faced.
 The Steel Trade.
 A failing off of orders in the steel trade is admitted as analogy of the violence to which the reaction in copper has run. tcmpers the sentiment with which the course of the steel trade is scrutinized
 The continued instability of the copper trade is an important factor in the un- settlement of opinion.
 Reports of reduction of operating forces and manufacturing lines allied with these metal industries. although disputed in some instances. have received considera- tion.
 Bank clearings outside of New York City itself show a rate of business ac- tivity still sustained above that of last year. The railroad traffic officials report their facilities fully employed with I large merchandise movement and heavy grain receipts, and the mercantile agen- cles have advices of active fall buying.
 The corn crop is regarded as made, with assurance of a large surplus over do- inestic requirements. and the government report on condition of cotton gives satls- factory promise for it's total yield, barring the possible reduction by frost damage to come.
 It is recognized that the forces are thus is necessary to make up the course of progress where 1t was halted by the ex cessive demands upon resources. The wis., dom of a period of quiesence in specula- ton and new ventures, while this process of recuperation is working out, is en- joined by financial advisers of authority, and explains the motive of the small ac- tive interest manifested at present in the market for securities.