New-York tribune., 1907-10-02
TOPICS OF THE STREET.

IUflGS Uf IhE O1RGEI.
FOREIGN TRADING.-Foreign houses sold So
900 shares in the local market on balance In
London the general market was firm and outer
ConsoIs recovered their decline OF the precediny
day Copper stocks were better London was not
active and it not difficult to bid I'D stocks
there. II is hoped that money will work easier
abroad after the dividend disbursements return To
the market. This. however, is Offset by the Egvp-
tian demand for gold from London. which viii
make heavy drains in the coming month. and ths
needs of Eastern Europe for crop moving pur-
noses Paris also IS strengthening its resources
Foreign houses reported narrow market In Lon
don and which 1t not difficult TO nanipu-
late before the local opening The only disturbing
feature of the foreign market was apparently dis
position to sell stocks which hitherto have been
closely held in London. like United States SteeI.
Canadian Pacific and the Hin stocks.
DIVIDENDS DECLARED.-Dfvideuds have bee,
declared as follows: The Fl. B. Clafiin Company,
the regular quarterly per cent on the common
stock payable October Is: the New York Prod
nee Exchange Bank, semi-annual 3 per cent and ex
ira per cent. both payable on October Is; the Han
Signal Company. regular quarterly ia per cent on
the common. payable October l; the vulcan Detin-
ming Company. regular quarterly IL per cent on the
preferred. payable October 21i the international
SmokeIess Powder and Chemical Company, regular
semi annual per cent on the preferred. payable
November Is,
Steel. Rail. ORDERS.-The Carnegie Steel
Company has on it's books about 100000 tons o;
steel rail orders calling for delivery this and next
year. This represents about six months work.
JOHN c. BURNS AGAIN AT HIS DEsK-Johu
C. Burns, assistant secretary Of the New York
six months account Of i'll health. returned yss-
terday to active duty
MONEY FOR ST. LOUIS.-The Sub-Treasu-v
transferred yesterday for local banks 100000 to
St Louis
COTTON ExPORTS-The steadiness Of the for
eign exchange market indicates that exports OF cot
ton still falling behind those OF last year at
this time Since September up the close OF last
week exports Of cotton were 145,9Si bales less
than last year. At the present price for cotton
about f12 per bale. that amount OF cotton would
for abo
that amount of cotton bills have been offered IN A
single day in October November and December OF
the last three years and wheuever shipments OF
cotton abroad begin 10 assume their usual magni-
tude for the last quarter OF the year the usual de-
cline In exchange will follow. But before anv such
amount OF cotton can be exported a large amount
of money will have to be sent from New York TO
the South
DIRECTORS RE-ELECTED.-At the annual
meetings yesterday Of the stockholders of the
Hooking Valley Railway Company and the Mime
apOlis & St Louis Railway Company, the retiring
directors We're reelected.
NORTHERN PACIFIC MEETING ADJOURNED
The annual meeting of the stockholders Of the
Northern Pacific Railway Company. called for yes
terday, adjourned until October $ This
necessary owing 10 the fact that J. 2 Morgan. John
s Kennedy James N Hill and Howard Elliott,
members of the proxy committee were all absent
from town yesterday. D Willis James. the
naming member recently died
STRICKEN FROM LIST-The first raortgass
tvcnty-year AZ per cent bonds due 1917 OF the
Panama Railroad Company. have been stricken
from the list of the New York Stock Exchange.
HEAP OF TROUBLE. But MOST OF IT
NEVER CAME Fisk & Robinson. IN their buns-
tin for October, say, We are entering the last
quarter OF 1907. and during the last nine months
the way has been marked with unfuldled predic-
tiOns OF disasters Of various kinds Our experiences
has been very much ike that of the old man who
when dying. said TO his Your poor father has
had heap of trouble, but most OF it never came
We were TO have destructive panics-to be fol-
lowed by failures We we're to have bad crops
with resulting pecUniary losses to the farmers
and decreases in railroad earnings. We were TO
have such recession in all lines OF business would
produce StaEnatiOn The agitation against cOrpo-
rations was 70 proceed indefinitely. and
pandinS scale. There was to be continuation os
the money stringency which would prohibit tire
starting Of enterprises, IL not preventing the
completion Of those IN Drograss These and n1anv
lesser evils have been kept hanging over rs Ike
sword Of Damocles- Though largely imaginary and
born Of fears, thev have served the useful pur-
pose OF promoting conservatism. thus guarding
against possible disasters As matter OF fact ths
enormous liquidation in securities which has taken
pace HaS pTe'i oy IS4hlcs OF IaH-
ures- Broadly speaking crops are above the aver
age While oats are sCant. wheat IS up 10 the ten
year average and n large export will be possible
The We'd Is excellent. and the cotton crop has
been surpassed but once The railroads UP tss
present time show falling Off IN earnings The
readjustment of business in all lines. which has
been in progress for months. goes steadily. but
at safe pace, and II the index number OF prices
IS TO be trusted, the consumer Is getting the bene
nit Of a 80 per cent reduction since March / We
have previously called attention TO the fact that
Hquida ton Is not a solitary process COnuOdiries
and labor viii undoubtedly snare 20 some extent
the fate of securities. but as Il IS now conceded
on all sides that limited recession IS likely 70 be
wholesome. Il should cause no further concern
especially IN view of the generally sound under
lying conditions. The money stringency the world
over. and locally. has not increased On the con-
tra-y. every European monetary centre claims i'm
provenent and there are pronounced indications
that money IS accommodating both ar home and
abroad In own case though cotton moving
has hardly begun and the cereals are late. We are
in better financial condition than a year ago At
the close Of September the demands for money
from the West S.0o0. 600 less than AT the
period last year. We do not claim that the
present condition the slightest departure
from that intelligent ConServat tiSm in financial and
industrial circles which has characterized the
transition period through which We are passing and
done much to safeguard the situation. but we
do feel that there has been and is now every rea-
son for encouragement and confidence"