New-York tribune., 1907-11-17
TOPICS OF THE STREET.

-~~eA
900 shares. In London consols were heavy ana 80
general market was inclined to sell Off Ths CO
per stocks were depressed Continued gold en-
gagements for American account and the unra-
tainty about assistance from Paris gave a sIoo
and depressed tone TO foreign sentiment at the
British capital. 1t IS expected New York MIN
large proportion Of the South Africa
gold which win be available in the London narks,
tomorrow. Call money in London fairly easv
at per cent, but discounts were strong az par
cent. The Paris Bourse was weak. especially FOR
Rio TintOs.
BROKERS' VIEWS-HenTy Clews & Co cav
Security values may go lower in OF further
financial difficulties but the shrinkage cannot no7x
be extreme. Wall Street has passed through tha
worst Of the cyclone badly crippled II Is true but
still able to weather the clearing squalls and ready
TO continue the voyage under close reefed sans
until fair weather again comes into sight Ths
next two weeks should bring much better banLr
statements. Interior banks have drawn heaviIv
on New York but this ought TO be largely offset Nv
big gold imports that must shortly give 80
stantia relief No more patriotic duty can now n.
undertaken by any citizen than TO do his best =,
restore confidence by rational means not BY tinis
cOncealment OF the facts. but by spirit OF heID
fulness. by consideration and patience. by quiet
recognition OF the situation and by calm accent
ance Of the inevitable process OF readtustmen,
which has already set in and must work out It's
/ own solution"
Carpenter. Baggot & Co say:
when again face fairly normal conditions
and the huge amount Of boarded money comes into
use. it will be found that We are In period OF in
f1ation by reason of the enormous amounts OF cir
culating medium provided by the government and
by importation and the decidedly lighter demand
for business purposes Good securities win then bs
In demand at higher and advancing figures
Marshall. Spader & Co. say:
"The weakness of the market may be attributed
! TO the continued strain the loans and the ne
cessity for liquidation wherever and whenever IL
/ can be safely accomplished"
/ Bartlett Frazier & Darlington say:
Purely in financial respect this centre is I'm
/ proving, but there is grave distress in general
/ commercial lines in the interior. Bank cearings
! coming down, and so are the various busi-
! nesses But all this will change the gold ar
back 0''--''
/ E. r. Chapman & Co. say:
Until the situation is further cleared up we stl
/ think best TO confne operations to an investment
! basis only"
| T. A Mcintyre & Co. say:
that sales Of stocks have simply been forced the
/ only means of raising funds and in this movement
there has been practically no ready market for the
! sale of anything but the best class Of stocks
Miller & Co say:
/ "Our opinion remains unchanged-that the
better class Of railroad stocks are intrinsicay
| cheap"
| Grannis & Lawrence say;
I'VE wish to call particular attention TO the many
4 bargains 10 be had in the bond market. There are
| long term savings bank bonds which can be bought
ten points or more under their prices OF last wear
| and 1t Is extremely probable that they will again
sell high next year, regardless OF any business
| depression"
While the financial situation IS somewhat i'm
I proved conditions would not warrant the purchase
OF stocks except for investment purposes"
/ Prince & Whitley say:
ITO those who have funds TO buy stocks Pna
bonds out and out We doubt If such an opportunity
! will offer itself again IN a long time"
| STEEL CORPORATION BUYS BONDS-Ths
| United States Steel Corporation has been heavy
| buyer Of its . per cent 1O-60 year bonds the
| last few days. It is figured that bonds valued at
| several million dollars have already been acquired
The bonds will be used for the purpose OF aCqutr
| ing Tennessee Coal and Iron common stock, as the
| $30e0.Oto already listed on the New York STOCK
| Exchange will not be sufficient 10 meet payments
| for the stock OF the Tennessee company turned in
! in exchange for the bonds The outstanding COM
I mon stock OF the Tennessee company, including
the So $4,000 recently underWritten. and upon which
the first payment OF % per cent has been made ap-
turned total OF 900 OF United States Steel
| bonds will have 10 be turned over to depositors.
The Steel Corporation had In lis treasury, subject
to sale. only S30oOoO0o 1000 year sonds SO that in
| order 70 acquire all the stock - the Te7IeSses
| company IL would have to pC-s So In tae oQea
! market $S6,5.Oo additional eond>N-~
/ INTEREST ON ST PAUL SUBSCRIPTION IN
/ STALNIENTS-In the Stock Exchange hsS Of divi-
dends and interest payable. made public yesterday.
1t Is indicated that dividend Of 2ia per cent viii
| be paid December on the % per cent install
/ r,ent rertidcates OF the chicago Milwaukee & St
| Paul Railway Company. This Is not really dlvt-
| dend but the semi-annual interest allowed by the
| company the instalnents paid on subscriptions
| TO the new stock emission When the stock issue
| was announced 1t was specified that the install
! ments would bear interest at the rate OF per
/ cent q year, but that the new stock would not
| carry dividends until after March, 1903
| \ FAIR BORROWING DEMAND FOR STOCKS
| There was a fair demand for stocks in the stock
| loan crowd yesterday. Final loan quotations Were
/ Amalgamated Copper Anaconda, American Loco
| motive common. AtchisOn common, Brooklyn Rapid
| Transit Baltimore & Ohio common Chesapeake s.
| Ohio Consolidated Gas. Colorado Fuel and Iron
| Chicago S. Northwestern. Delaware & Hudson. Erts
| common, Louisville * Nashville. Missouri Pacific.
| Norfolk & Western. Northern Pacific People
| Gas Reading. Rock Island, Southern Railway
| Southern Pacific Sugar. Union Pacific common
| United States Steel common, SmeIters common and
preferred Republic Steel common and preferred. 8
per cent: St. Paul. and per cent; United States
/ Steel preferred, and per cent Canadian pa
| cidc. 2 per cent; New York Central fiat 10 per
| cent: Pennsylvania fiat to I per cent
! MOVEMENT OF COTTON.-'"The Financial
Chronicle makes The total port receipts OF cotton
| for the week ended November 10 as S4S,oSJ bales
against S65sls bales IN the preceding week making
the total receipts since September I, 1s7 26155-l
bales. against S46S. .7S6 bales for the same period
of 1906. showing decrease since September ! ls0'
/ of S4S.2l6 bales. Reports by telegraph from the
| quite satisfactory during the week and the gather
/ ing OF the crop has made good headway- Tempera-
lures, however have been lower with killing trosts
reported in some sections The marketing OF cotton
continues somewhat restricted. due in part 10 the
money sriEgenCy, but also to the policy OF holding
! tor higher prices
| LANSTON MONOTYPE DIVIDEND DE-
| FERRED.-The directors Of the LanStOn MOnOtype
/ COMPANY have deferred action the semi nDual
/ dividend. The president of the company. J. Maury
! Dove SAYS: This action taken in view Of the
present serious financial conditions OF the country
/ and the unfavorabIe outlook for the next two or
( three months and not account OF the COM
pany's financial resources, for 1t has at present In
/ bank more than sufficient cash 10 meet the divi-
/ dend and never was in better hnanclaI condition
/ than to-day.
/ ALABAMA MINERAL LAND CONIPANY--The
I board Of directors of the Alabama Mineral Land
: Company have decided TO make a second dstrtbU-
tion to the stockholders out of the accumulated
/ cash assets arising from sales of property of an
/ amount equal TO 10 per cent on the capital stock
| BANK CLEARINGS-The total bank clearngs
of the United States for the week ended November