The daily morning journal and courier., 1907-09-30
A GENERAL GLANCE
At Stock Market ConditiQns-Good
 and Bad Symptoms.

and Bad Symptoms.
 New York, Sept. 29-The. general at-
 titude towards the stock market last
 week was one of aloofness and neglect, prompted apparently by a desire to
 await a curing of the situation and by
 uncertainties suggested by some of the
 developments of the week, The ne-
 glected condition of the market re-
 suited in decline of prices which was
 supposed to be due principally to op- erations of a professional origin. The feeling of encouragement which had grown up previously was not relin- 1 quished, but the conviction was gen. eral in the financial world that the maintenance of the improved situation in the money market would be depen- dent on the conservation of resources into speculative channels. The ap- proaeh of the October quarterly settle ment period promised some large spe- cial requirements, both here and abroad, which served as warning of special conservatism through that transition period. The occurrence of frosts In the west, extending into the northerly corn belt, called attention to the remaining hazard to be passed by that crop and the cotton crop, both usually late in maturing, although the movement of prices of those commodi- ties proved reassuring as to the amount of actual damage done at the time. There was much discussion, also, of the coming trip of the president and the tone that his coming addresses might take on the policy of the gov ernment towards corporations, a sub- ject on which speculative sentiment in the securities market has shown itself sensitive for a long time past. The re- ceivership for the New York City sur face car lines, although clearly fore seen, had disturbing effect, owing to the complexity of the financial tangle involved, The poor reception accorded the annoupcement of the new stock issue by the New York, New Haven & Hartford with subscription privileges to stockholders at 125 was a decided factor in chilling the returning conf- dence in the improvement of the in- vestment situation. The action of the New York city 4 1-2 bonds gave some indication of @ speculative origin for the previous rapid advance in those securities and went into the same cate gory of influences as the New Haven stock issue.
 With the weight given to these be- stralnts on the return of confidence, the undertone of the market still gave evil dence of a hopeful feeling that the worst factors in the, outlook had been foreseen, and steps taken for discount ing them The interior demand for cur rency has become well defined, and the outward foW from New York set in with considerable force The money marker has frightened in consequence of this, and of the preparations for the October 1 rSquirements. but the strin- gency has not been severe and com- pares moderately with that in previous years at this period. The measures of relief by the treasury department hava not approached the resources in hand for that purpose, the amount of depos- its with national banks reflected by the treasury statement being apparently about S12000,000 compared with esti- mates of a'possible S4),000 or even S50.- 000000. The banking position of the whole country as revealed by the re-