New-York tribune., 1907-12-29
TOPICS OF TIE STREET

III in er
few thousand shares evenly divided. In London
consos strong and the general market wa,
firm with particular strength in the copper shares
The weakening Of the premium on currency in thi,
market had material effect sentiment abroad
General money market conditions in Europe are
stronger and a substantial relaxation in rates n
looked for after the turn of the year. The Bank
of England bought S250.oo0 bar gold yesterday rep-
resenting metal engaged for New York. but can
celed
VIEWS OF THE BROKERs-views of the Lead
ing Wall Street houses on money and stocks fol.
low:
Henry CIews & Co say: Gradually the mon.v
market is rightirg itself The currency premium il
rapidly disappearing: bank reserves rising and
Clearing House certificates should soon be with
drawn While considerable difficulty may arise in
commercial circles within the next sixty days in
extending A large mass of maturties and some
failures may ensue. this contingency will Simply
prove to be beneficial cleansing process. wedding
out weak concerns and clearing the ground for a
fresh and clear recovery Before the spring funds
should be freely returned from the interior and
money may become a drug, bringing lower rates
than desirable owing to heavy increase in currency
and the impossibty of contracting when demand
So much for the effects of imitation Con-
gress owes the country a remedy for the present
defective condition of currency system without
further tinkerins or procrastinatOn- Failure to do
50 will be gross and damaging neglect OF duty
]. S. Bache &c Co. say: The banking position
as exhibited in the reports of national banks
throughout the country and in the reports state
banks and trust companies of this state Is shown
to be strong. and the conclusions reassuring
This applies to trust companies as well as to other
been acute. chronic. and the clearing up after
the attack reveals far less damage than feared
or to be expected from the violence of the panic
We now mending, and mending rapidly What
ever may happen TO the industrial situation. our
banking institutions are in splendid shape to
for it This is so different from 1893. when both
the banking and the industrial interests
seriously Frustrated. that we may reasonably hope
to forego long period of hard times"
Alfred Mestre & Co. say: Events of the last
week 1T must be admitted were not Of such
nature to inspire any great enthusiasm toward
the bull position though In some respects distinct
advancement was observed Thls was particularly
true of underlying money conditions AS might
have been expected, call money displayed greater
stringency rising % per cent incident 10 prepa
rations for the January disbursements. which will
absorb close 2O0000.O00. and fixed date accom-
mediation still remained at a prohibltfve rate An
encouraging feature. however, found in slight
revival OF interest in commercial paper For the
first time I'm many weeks there appeared signs Of
life i'm this important department. and out-of-toWn
banks as well as local customers came into
the market purchasers of prime mercantile bills
on an s per cent basis This is pretty stiff rate.
hut until recently it could be disposed Of at any
price II must be understood that many nercan-
tile have been put into sucn straits that
il is not so much question OF what rate they can
sell their paper for of obtaining accomnoda-
tions no matter what the price There Is a large
volume of commercial obligations maturing next
,,ontb u,uch of which cannot be paid off and FOR
which an extension of time will have 70 De obtained
If serious consequences TO the business world are
o q averted-
Marshall Spader & Co. say: We believe de-
velopments of the near future will demonstrate
mi iv wisdom
forts of large financial interests and or tne Secre-
tarv OF the Treasury in applying modern methods
TO a crisis which promised much more serious re-
suits than have yet transpired. and while con-
ditions have been materially aided by the
vellots resources of the country and the returns
from exports of farm products curing the tast
three months the conservative policy OF banking
interests and the notable preparations made BY
steel and metal corporations in curta1Iment OF
output may possibly De renected IN a stronger
economic situation later on in the non-accumula-
tion of basic and raw material and OF manu-
featured products.
A MCINTYRE & Co say: Liquidation has been
so extensive and so much of the water imitation
in values OF securities generally has been shaken
ont in the last years declines Of nearly 50 to so
per cent. that il has become a question with
us I'm our consideration of the market and its re-
Iation 10 existing conditions il the present range
of values does not discount 10 considerable ex-
tent present exigencies OF the financial and
commercial situation and also much of the talk
of the hard times now in the air and being dis
cussed freely in the mill and the workshop as IN
banking circles"
Carpenter. Baggot & Co. say: The situation is
encouraging considering the time of year. the
necessary accumulation of funds for the big Janu-
airy disbursements. the continued premium
renCy, the high money rates during December and
the elimination of large part of the short in
terest. There is noticeable satisfactory growing
demand for bonds of the first class
Prince < Whitley say: We see nothing
yet either financial commercial conditions
lead us to believe that the permanent turn for the
better has come. and while we believe values have
in many more than discounted existing
state legislation still believe il is a time for
conservatism, taking advantage Of distinctly weak
spots to buy the better class of stocks for turn.
STOCK EXCHANGE NEWS.-Nenberships
transferred Edward ID. WinsIow to Justus G.
Dettmer at j. NJ. Fiske & Co.'S. No. AZ Broadway:
Nathan NJ. Flower. deceased. to RAYMOND H.
Fiero. Briton & Fiero, No . Broad street. Charles
5. Bryan 10 w. Plunket Stewart. CaSsa;t & Co.
Philadelphia: John 5. jerks. jr. TO Osborn ".
Bright. Edward B. Smith & Co. No. Wall street
Memberships posted for transfer: Ralph N. Stuart
Wortley Chalmers Wood. jr. sponsor George
& Post. jrD: Bird s Coler TO Philip Lehman
sponsors. Isidor Wormser jr.. and p. = Goodharti
Change in firm: Edward &. Smith 4 Co. Osborn
w. Bright bOard member) admitted Charles r.
Bloomer admitted Branch office Estabrook &
Co. tnew) Baltimore; Arthur Sinclair jr-. manager.
DIVIDENDS Observation-Disclosures have been
declared follows: Eastern Pennsylvania Rail-
road regular semi-annual per cent. payable Janu-
airy 21; National Fuel Gas Company, regular quar-
teriy per cent and extra l. per cent: Rhode
Island Perkins Horseshoe Company quarterly "a
per cent payable January Is: American Glue corr
pany regular semi-annuaI per cent the pre-
ferred. payable February 1; Westchester and Bronx
Title and Mortgage Company semi-anrual 2is per
cent. payable January 9; Liberty NatioTAl Bank
regular quarterly per cent and per cent extra:
CoIwelI Lead Company regular seni-annual 81 per
the preferred. payable January >.
MOVEMENT OF COTTON.-"The Financial
Chronicle makes the total port receipts of cotton
for the week ended December y 425 bales
against 39l 1864 bales in the preceding week. making
total receipts since September 1. 1907. 4,I62GSs
bales. against 5.15So4S bales for the same perloa
1905. showing decrease since September 1901.
of 995.977 bales Weather reports from the South
denote that the temperature has been higher dur
ing the week with rain in most localities. The pre-
cipitation has been moderate. however. on the
whole The movement of the crop continues on
fairly liberal scale
BANK CLEARINGS-The total bank clearings
of the United States for the week ended December
Is tone day esttmated were SS2'sosso' asanSs 81
s. 3S $50 In the preceding week and S.'2S1SS's
the corresponding week of 1905 The to'ai
clearings for the week. compared with last year,
declined 3s9 per cent New York shows decrease
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