New-York tribune., 1907-10-06
TOPICS OF THE STREET.

-,oprIcN NEUTRALITY-SUSPICIOUS. in this mar
sor foreign account were small in volume and
Inaost al on the selling siae American stocks In
s5on we're fractionally lower, and the general
Don1Ie+ was rather depressed account of the
nla n-T Withdrawals of gold for Egypt and Italy
nesols however, were strong, advancing another
4 per cent.
"-,,roI,ND DECLARED-The directors of the
..i,lo,ri Kansas & Texas Railway Company have
SsoIare5 the regular semi-annual dividend of
o. cent on the preferred stock payable No
veurber 3
U.>-4y CIEARINGS OF THE wEEK.-The total
~ clearings of the United States for the week
sa5 october Zone day estimated) S3,O1S-
cS 7ao against S2499 l0S44S for the preceding week
e. aAs g9a 9l6 for the corresponding week of 1906.
Snn-,nsred with last year total clearings for the
Tsek Just ended have decreased 123 per cent.
,-r-y NATIONAL BANK SOON TO OPEN-The
c--r,sn National Bank, recently Incorporated will
e. for business in the Astor Court, West 34th
treet about November ]. The bank will have
80 apa capital stock and surplus of $4,000 Its
S%-ssident is TO be Edward c. Smith, a former Gov
ss-nor o. Vermont; VIce-president, William II.
scIav: cashier. Charles G. Colyer, until recently
.scrstary and treasurer of the City Trust Com
,any of Newark
MOVEMENT OF COTTON.-'The Financial
cs-oric'' gives the total port receipts of cotton
ta- the week ended October 2594S bales.
gsjnst I1l2 bales in the preceding week 152
: bales the week before that making the total
.,sipts since September l 7S0123 bales, against
ormS bales for the same period of 1905, showing a
5sc-ease since September of 256,S90 bales.
PIG IRON CERTIFTCATES.-Pig iron certif-
.tes AT the New York Produce Exchange were
steady and unchanged. There were sales Prices
tor standard foundry follow: Cash. October and
November, SIS 10 bid
MARKET OPINIONS.-Market views of some Of
,be leading Wall Street houses follow:
Henry Clews & Co. say:
'lOnce more the stock market has fallen under
the domination of a stringent money market. Busi-
ness in the interior is active crop demands
serting themselves and the autumnal demand for
currency has set in with ITS usual vigor. Coming
al tine when our bank reserves low, and
,rSsn our credit facilities abroad have been cur
tailed the natural result is high rates for money.
With consequent depressing effect upon securities
An Indications point 10 high rates for money
during The balance Of the year. Credit is still
much extended and bankers show a general incli-
nation toward contraction.
"The business situation is now becoming more
NJ factor in the stock market No one anticipates
auy serious reaction. yet day by day It becomes
rnnre and evident that commodity prices have
reached an almost prohibitive level, and any fur
ther rise must result in decreased consumption.
Outside Of metals there has been no decline of con-
se0uence IN the commodity markets Whether we
are on the eve Of recession in prices or not. it
is early 10 predict; certainly the business situa
ton would be vastly improved by a return to a
more normal level.
''The stock market has received its worst shocks
from liquidation and doubtless some of the better
class Of railroad securities have now about reached
point where they are selling below their intrinsic
value. II remains to be seen. however how the
industrials will stand any business reaction
Grannis & Lawrence say: Our stock market re-
mains very professionaI-which means a narrow
and rapidly fuctuating market. II is a good
traders market with plenty of chances TO take
small profits. The large profits will be made by
buying the best stocks and holding them for
eral months We do not look for regular bull
market before next spring. and do not know of
any who does The five conditions of such
market all lacking, except the low level of
prices The other conditions Cheap money,
with large bank reserves and excess of deposits
loans; large increases in net earnings: gen
eral public interest in speculation. and consolida
ions deals or buying for control TO make the
market spectacular. as well as speculative"
Prince & Whitley say: There is nothing in the
immediate situation which leads to change our
views 50 persistently expressed of late. that there
is no hurry TO buy stocks and that they should be
sold On strong places"
Carpenter BaEgot & Co. say: ''As we view it. the
market is gradually assuming a position where
very few good stocks can be forced on the market
except IN where business conditions affecting
industrials still unknown"
J. s Bache q Co. say: The stock market during
these days OF uncertain trend either way reflects
merely the operations Of speculative clans banded
actual business from the public except such as is
hstlessIy drawn In by interest in watching the
play. The proceedings Of these nomadc bands OF
spectators give TO each days movements the only
character which they seem TO have"
H. L. Horton & Co. say: with crops assured
and the return soon to a gold importing point, we
regard the short side as dangerous, preferring to
consider the purchase Of stocks as full of greater
promise of profits from this level"
Dick Brothers & Co. say: The market may con-
tinue dull and uncertain for a time. In opinion,
however. the combination of dulness and frmness
is rather encouraging sign
Chandler Brothers & Co. say: Progress toward
lower prices seems very slow, considering the
tendency sell. and 1t suggests the idea that
stocks thus sold are going TO good people"
Bartlett, Frazier & Darlington say: The stock
market proper presented nothing but professional
Ism and dulness; the figures meant little if any
thing"
A. @. Brown & Co say: "Unfavorabls features
seem to have been fully discounted and purchases
On declines should prove profitable"