Show FEELING IN WALL MU STREET Improvement in Prices Fol Followed Followed Followed lowed Announcement of Plan of Secretary Cortelyou LIGHT DEMAND FOR STOCKS CRISIS SEEMS TO HAVE BEEN I SAFELY PASSED New York Sept 1 The feeling of anxiety anxIety Iet and apprehension which has been prevalent In financial circles for sei seral ral weeks past was perceptibly quieter last week and this was waz reflected In some Im Improvements Improvements Improvements of prices This was accorn accompanied accompanied without any very substantial re revival 1 Viral vival of demands for stocks the buying coming clearly tor for the most part from the covering of short contracts left lert open as a consequence of bear operations dur ing the prolonged declining On the sell ing side however there was a marked subsidence BU of ot the kind of ot pressure which has kept the market In disorder during the recent period The change in senti sentiment ment was easily discernible in the disregard disregard gard of the rumors of an alarming char character acter aeter which were circulated In the early part of the weeks we ks alleged I by stock and an bond houses and even cven by influential houses the bears soon per perceived PerI perceived that these devices were Ineffectual Ineffectual ual hal and they were ed led perforce to tc t buy bur In stocks on a rising scale to cover COler their th lr short contracts Rescued by Cortelyou Quite the most Influential factor in the situation was the tho announcement by the secretary of ot the treasury of his intention to make larg weekly deposits of govern government government ment funds with the national banks dur during durIng durIng ing the period of ot the crop movement de te demand mand Inand The Tho response was vas prompt and not nut only In the American money market but butIn butIn butin In the great centers as 11 aswell aswell well in London especially the discount rate ate declined It became quickly man manifest manifest that defensive measures In that mar ket against New Yorks supposed intentions Intentions lions to draw on foreign money resources were being abandoned aban As a matter of o fact the earnest purpose of the present recuperation amons amoo some of ot the great foreign banks was wa bases base largely largel on the th solicitude over the short supplies of ot food foodstuff stuff tutt Floated Back From Europe The treasury measures for supplying our currency needs n ds give promise of ot a tion of demand demaId on foreign money re resources resources resources sources for this purpose There Is gen general en eral agreement however that hat this coun position in lD the situation Is stronger than years ears past ast at this period of or the year ear For one thing foreign lend lenders ers of money have exercised a sharp dis die discrimination discrImination crimination against borrowers b so that outstanding bills In foreign I In n to maturity are mu m usual am also have seen Leen a very ver large largo return n turn of for foreign foreign eign holdings or of American securities tl ti the he home market This has hM been a amato mate material rial factor In addition to the burden of home stock stok sto l during the period of ot stress but the floating supply of or American se securities abroad has hill been correspondingly I reduced and a smaller supply left lert avail available able for sale salo to Influence nce the market 1 New York Bonds Not all nJ of the early rumors of forma tion of a bankers syndicate to big for the whole issue of New York bonds were confIrmed but the opinion was that the offering would prove proe a success and a goodly portion of the Issue would be placed with foreign Investors The fact tact that the rate of Interest on the New York Issue had been raised to 4 per cent compared with the previous 4 per cent rate lent a clear reference of a high pre prevailing rate for capital still existing and led to some readjustment of not only New York City ItO bonds but of other high grade Investments The prospect that would be placed however r Indicated the fixing of ot New Now York standard and of the breaking of ot deadlock which has existed between capital and Its employers Scrip Instead of Cash CashA Ca h hA A forcible reminder on the other hand of the difficulty which still remains was shown by the decision of ot Erie to offer scrip as a dividend instead of the regu regular regular lar Jar cash dividend This determination to conserve cash resources for tor outlay In re required reQuired betterments was regarded as so far for symptomatic of a general condition as to cause some renewed weakness In I stocks of companies known to be simi similarly similarly situated Evidence was at hand also of the continued reaction in n the Iron and copper industries but reports of the con conditions conditions conditions In general mercantile lines showed activity sustained |