New-York tribune., 1907-12-15
TOPICS OF THE sTRrrr

active factors in the local market dealsnv not
: Ie" thousand shares evenly distributed ~ - rony
don the general market was duI AZ ,,.iu N Lon
price changes. except in the Rio T,..iportaRt
which were weak on selling induced by ~. ares ares
coming Paris settlement Money was in goo5 olln- %
ply AT tne British capital and rates yera sup-
easy. discounts ruling at 5sl per cent co,a'Nely
can gold to the amount of 81 $50 0oo viii - arr
aoie IN TIE London open market to-morrour dli-
part of which doubtless will be taken hv ~ sood
VIEWS OF THE BROKERS -yievs a.,
commission houses in their Weekend iefta-, sins
Henry Clews & Co say: ''The spec1,Iativ. sw; sow;
ton rs conflicting Our panic is unqrestiona..-
over. but the after effects are s.ill witt naoy
Is required to complete read lstmant 20 - inns
conditions. as well as to enable recovery new
tremendous losses suffered during the vea- h .Ge
undertone is certainly toward improvement. me
prolonged advances prevented bv an o. oul
position to take profits. and by the far, tLs u.s.
high level when reached is apt to invit. 80 80
liquidation in quarters where assistance 1sa
dered during the late panic Such conditions Ill
periodic short selling; hence. we find a ga .se
division of opinion the market and a Sf-af
bear party than has been for wears
bears. however. lack leadership and are -. me
aggressive. Even should dividends be radn., ery ny
is not improbable. that would be no raa.o, x as
further depreciation. Present prices fully dtsc..
such possibilities. and good securities purrho..
during the last few weeks sure u show go
some profits to those who hold them for a sufsoa.
length of time Business operations of an ss.
will have to be conducted with unusual consa-,,
tism during the coming month. but coneasr
should gradually revive. especially as the r,orasa
situation begins to right ITSELF
Alfred Mestre & Co say: As for the f,,
prospects. influences OF such A cons,cts
that II is difficult clearly define the rs
able trend of events. although the outlook is susn
as to make advisable the exercise of consar,,.,
in market commitments. Barring unforesee, A.
veIopments of an extraordinarily favorable na,rr.
it is doubtful If any sustained rise in prices vii,
take place in the near future. Some stocks .or
special reasons. will undoubtedly go Iowar 90
the general drift of the market is likely IN ~
governed to large extent by professional opera
ably heavy from until the end OF the wear :.
provide for the usual January 1 settlements Thi,
year requirements will doubtless be larger than js
ordinarily the By Of the fact that r,s,,
who were badly hurt during the panic will have ~
straighten up their affairs by January 1. This viii
mean either further heavy borrowings or the throw
ing Of securities to get cash. The power n,
absorption Is still limited. but good stocks will
probably find market ar figures not much below
the current levels In the absence OF concerted
support. however. which at the moment Is not IN
prospect. a saggng tendency In prices NAV hs
looked for. with fairly good rallies from time 70
time as the short interest becomes unwieldy'
Grannis & Lawrence say: Buying orders placed
a little under the market likely TO be filed and
to show a fair profit before the end of the year
regular bull market is impossible in the present
monetary situation. but the condition is slowly
improving. and it Is natural that the prices OF
securities should slowly improve at the time
The extraordinary dividend actions OF the Chicago
& Great Western Railway and Western Union
Telegraph companies bearish those stocks
The average price of active stocks Is now two
thirds OF what ii was one year ago, but under the
changed conditions some Of the stocks are not
worth one-half OF what they a year ago;
others. as measured by actual earnings. worth
more than they were then
j. s. Bache & Co. say: THE industrial outlook
is not encouraging Christmas trade serves 10 keep
up the spirits. but high priced goods are not being
sold The multitudes of shoppers. while as large
in volume ever, are confining themselves to lOw
priced remembrances- When prosperity Is abundant,
however, shrewd investors do not buy. Conssrva-
tive people make their purchases when money IS
tight and prospects anything but cheerful Times
like this furnish the best bargains and people who
buy good securities judiCiOUSly Of large
income and very much higher prices when normal
conditions prevail II is not well 10 wait
for the very lowest point IL Is send-specuative
TO do so. and wait too persstently for the bot
tom is TO run risk of missing the bargain mar
ket altogether
Marshall. Spader & Co. say: a discussion OF
the stock and its possibilities for the near
future must needs be almost entirely influenced by
the monetary conditions and while IL Is quite POS
sible that developments between now and January
will not prove more unfavorable than during the
recent past there is very little prospect OF .
change in the matter of surplus reserves which
could permit the local banks mora liberty OF se-
tion in stock market loans. We look 70 see dull
featureless market until some promise OF monetary
relief shall be definitely fulfilled"
A O. Brown x Co say There appears TO %
some liquidation OF L. & N. occasoned prob
ably because OF unfavorable Southern legislation
and the form OF the last A Y. dividend The trad-
ing to-day TO great extent professional ana
this to be temporarily oSarlS1 c"iis
TO the apparent lack of vigorous support on tn5
part of the more important interests
Carpenter & Baggot say: The great ouik oi
forced liquidation is undoubtedly over and wnl'
IL would not only impoitic but unwise from any
peInt OF view force prices TO too high leFei'
the reaction We have had since last week seems
TO be sufficient for the time being, and a ne"
short interest has been made on the decline, taas @
strengthening the technical position OF tns
market
Prince & Whitley say: Several attempts on ehe
part of professional traders and ranipulatOFs 10
convince the public that all that Is necessary :,
caster money for ca return OF confidence. so faf
have proved futile inasmuch as the OUTSIDE puDne
remains an Idle locker on. and in view or PRIV
able renewal OF hostile legislation. both state a1u
national. together with lessened earning capdcly
and probable reduction in dividends OF al Classes Gases
of corporations they are lOath TO become MOI
actively Interested and from the point OF view .,
,ake OF rho general situation We think they VIII
lose nothing by waiting and maintaining 'neH
present attitude"
AMERICAN SUGAR REFINING COMPAN1:-
Secretary Heike Of rle American sugar FSsiiAlss
Company says: The condition OF the sugar ~ unuo
and of the company is very good We are ooAas 50 =
normal business for this season OF the yea. e. -
the general business recession has not as yet
fected the sugar market The sugar crop j - -
short this year" In the sugar trade IL IS sea'o :,
that there is no apparent cause FOR the sellH7 -
sugar stock The American sugar relI1eAisS -
all running Its sugar Accommodations are sl,IS tr-
for thirty days. and of these $4,000 tons "ele -.
by Mr. Havemeyer shortly before MS de4un o. -. 49,
lowest prices current for sugar Tor the JSa s+.sd
rc baIoyy nrasent values which TRANSACTION not,.
a profit of 5000 000. II is said the hnancial les
for the present fiscal year are the best tne1 49,.
pany has yet experienced The prohts hsIs IN.
beet sugar industry alone are Said :"
creased fully - per cent
CHICAGO GREAT wESTERN--Ths stoSS Ss,.S, -
change has received official notice from tne -
Great Western that interest payments Oh - rbs
a,t 5ebanturs stock Will be deferred and tnal H as
books of the company will close on pecen ~. --,Ti
1897 TO prepare 1.-THE list OF stockhoiaeis ,ssr
he entitled 10 receive such interest," S. e.a-E
.hs ,srns ~ the contract pertaining to the stocs
interest when paid. must be paid 70 tne So 81 - Tha
ers Of record on the last day or Decetiue .,,,rn
renort of the Chicago Great Western ior ny. 0Is -
of October shows falling OF in gross ear - .]sS .