The daily morning journal and courier., 1907-09-09
4 GENERAL SURVEY MADE OF STOCKS AND FINANCES The Improved Sentiment and the Causes Returning
 Confidence.

New York, Sept S.--There was a dis tinct improvement in sentiment over the financial outlook last week which
 was traceable to an important extent to the failure of some of the prognosti-
 cations of trouble which had been cred
 tied. In several instances where the
 event justified the apprehensions the market showed that the bear party had more than sufficiently anticipated the
 bad news and the buying to cover
 shorts helped on the recovery in prices.
 These conditions in the market must be taken account of in estimating tho
 extent of the improvement indicated by
 the near recovery in prices. There was
 a marked subsistence in the pressure of
 selling, and q decrease in the feeling
 of apprehension could be inferred from
 this as much as anything else. There
 were not lacking some positive devel-
 opments of a favorable character as
 well!
 A principal item in the brightening
 prospect was the easier money market.
 The strain of the September 1 settle
 ments, which. were 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 a collapse This was consid-
 cred as the widening effect of the relief
 measures of the U B. treasury, the
 announcement of which led to an al-
 most immediate relaxation in foreign
 money markets and in foreign ex-
 change rates here. Interior exchanges
 on New York rose also and the convic-
 tion spread that feeling had grown
 over-anxious about the immediate money situation. The violence of the reaction. suggested that something akin to hoaYing of capital had been going on in the process of holding out for , possibly better terms in placing it. The , break in the rates brought out unex- pected reserves and funds that had been held in call loans, especially sought lodgment in time loans, with !, evldenece of easing conditions there { The immediate estimation of the gov ernment deposits which have been s made has not been divulged, although the grain centers and Sne banks which make a speciality of commercial loans are believed to have been most favor ed. The effect on the whole money s market and the influence especially on \ sentiment in that market have been s marked.
 Great interest continues to attach to the outcome of the coming sale of $40 ! 900 of New York city 1-2 per cent < bonds On the degree of success which attends that sale will hinge it is be- q lieved, the confirmation of the revival 7 of investment confidence which has = sprung up. Opinion is general that the
 bond sale will be a success and that a A considerable foreign participation in V the issue will be a feature. Another
 item in the situation which is taken '- account of is the heavy return tide O
 foreign travel. It Is asserted by com
 potent authorities that the amount oi
 money spent abroad this year by trav,
 elers Is larger than ever before and tn
 influence of remittance on the foreign
 exchange market has been strong 1T This drain is now subsiding and the d outward movement of the crops is alst
 at hand. Uneasiness continues mani ,r fest over the stability of the copper II market, although the reduction to 1S st cents a pound was declared to recog k nize the basis of agreed price between f the producers and the largest consum. W CTS, Tho deadlock in the foundry iron e market is reported broken, although > the new buying Is very moderate yet
 Anti-corporaton sentiment also has ,r been subject of consideration by req. 10 son of the resumption of proceedings Il in some of the pending prosecutions. u The extent to which new investmen i by small holders has gone in the re d cent market is a subject of some vari < ance in the opinions expressed. Com f, mission houses which make a special 1; ty of dealings in small lots of stock u report an active and sustained demanC !; for outright purchase of small lots o
 stocks. Officials of the great railroad " companies are not in agreement as tt |; the reflection on their transfer hool' d. of this kind of investment In some '. cases small evidence IS reported O
 such absorption. In others there i 1T an admitted tendency towards concen IF tration of holdings rather than dis
 persion amongst smaller holders. Re
 ports of large numbers of trainsfers tt
 small holders are not entirely lacking " w but are exceptional, That stocks hay, E. been bought, however, follows as '- corollary from the enormous sale il which have been effected in recen
 months.