Show BETTER REPORT FROM NEW YORK Financial Situation Rapidly Clearing Since Copper Mar Market Market Market ket Struck the Bottom WORST THOUGHT TO BE OVE SURPLUS OF GRAIN FOR EXPORT THIS YEAR New York Sept 15 A number of dis distinctly distinctly distinctly conflicting influences in the fi financial financial situation made mad their effect felt feltin feltIn feltIn in the securities market last week the action of the market reflecting he domi dominance nance fiance first on one side and then on an another another another other The disturbing effect of the condi condition condition condition tion of the copper trade tr de and the candid acknowledgments by officials high In au authority authority authority upset the market m In time and over overthrew overthrew overthrew threw the benefits which had begun to be felt from the clearing money outlook the success of the New York City bond sale and the shaping of the final yield of the great staple crops The condi tion of the copper market Is said to be termed utterly demoralized Loans Called by Banks The demand for copper is said eald to be completely paralyzed with no point of stability in sight at which reawakened wakened re buying may arrest the declining tendency and with huge stocks of refined copper already accumulated by b the great pro I The financial burden of holding these thes vast accumulations is aggravated by b the closeness of the money market and amid credence is given to reports that banks were unwilling to extend loans Joans against copper and are in fact recalling them The indicated Intention to cut down pro therefore seemed to offer no oc oe occasion occasion casion caslon for surprise but came as a shock to sentiment nevertheless Situating Improving The relaxation has come cornejo Jo the money mone markets and which has been pro pronounced pronounced pronounced in all the time great centers was ac accepted accepted copied as a 3 reliable indication that one great factor in the strain had turned tha the corner to Improvement The success of the tIme New York City bond Issue also was accepted as pointing definitely Jy to a bet better better better ter investment situation The tranquil tranquillity tranquillity tranquillity lity with which the money market met the heavy requirement of ot the payment for forthe forthe forthe the New ew fork york ork bonds and Union Pacific convertible bonds on which an Install Installment meat ment of over Jell ehi II due on the same day was reassuring over oer the con condition condition condition of the money market The rede redeposit redeposit redeposit posit of or the proceeds of the Ute bond sale fur further further further ther deposits of government funds by the banks the redemption of the Japanese 6 S Sper per cent bonds of which the American holdings proved preyed to be unexpectedly larga large and the making of f exchange by the out outward outward outward ward flood of or merchandise exports ara are looked to for further replenishment of ot supplies In the money market Fears Subsiding Fear over the money mone has largely subsided In consequence of the develop developments developments developments ments The government crop report in spite of the deterioration in the grain crops leaves a feeling of confidence that thata a considerable surplus will be left avail available available available able for export at profitable figures The heavy outgo of cotton is evidence also of ot sufficient stocks of that important com corn commodity commodity to make its usual large showing In Ie the export trade Demand for older Issues of bonds was light lI ht but the outcome of ot the New York City bond Issue did not induce any great drastic price readjustment |