New-York tribune., 1907-12-08
TOPICS OF THE STREET.

active factors In the local market seuIn, - mot
Ccnsols practically unchanged Morss.-1uus-
In fair demand abroad, but rates were unch.rwss
although cable dispatches reported the prohsLsns
OF an easier market in the current waeL LILY
fortnightly settlement viii begin Wetineadav ne
Is improbable.
VIEWS OF THE BROKERS-vierrs At
commission houses follow: oane
Henry Clews & Co. say: There has been a dr.
tinctly hopeful feeling in Stock Fx.I as-
circles. although, following the rapid advanra -,
week. more less realizing is about dpe s,a
,st opsrat'ons are. OF course restricted. s7d
normal level Thus far the revival ha. is Us
quicker and more complete than was antctna,s1n
Buying power Is OF necessity limited. and tira -.
he necessary for further recuperation Nov ~.
the disturbance has subsded In Wall Street -
eraI business is also recovering from tbs % %sea-
administered last October. Mills temporariIv 80
down owing TO the monetary stringency ara -
starting, and merchants conducting their ors-
ations extending into the future with vfsbIy 80.
er confidence than a month ago 1t is to Be er
pected that business will so back TO the Old 49,
of activity and profits. Nevertheless. busins-.
conditions are generally sound. and We now see ~.
reasons for serious apprehensons In this resuect
J. s. Bache & Co say: "The evidences OF r,end
ing this week are the dwindlins Of the cr,r-sn
premium, the reassuring recovery in the Banl< :,
England statement and the reflection OF comm.
restoration Of prosperity in the upward ten6enc,.
of prices for splendid industrial and railroad
enterprises as represented on the Stock EXCHANGE
This is not to say that these prices are not aided
in their upward progress by the covering Of short
commitments or are not buoyed up temporarily hv
a far look ahead into the countrys future Rn,
these, are always Incidents of the barometrc nrnv
nostcations of Wall Street They do mean thst
we shall have perpetual sInshine-shogers a,A
dark days must alternate with bright weather but
the bright weather is the way"
GraDnis & Lawrence say: The extraordinary
strength of the market this week, which has car
ried the average price of active stocks points
above the low level of November 25. Is similar ia
what was seen in the bear Denics' at the end OF
and md OT GTTzf
IL became generally evident that the lowest prices
had been passed This strong movement, following
a d.sa ppointing bank statement such IS we had on
last Saturday. and continuing In spite OF the fall
ure OF the largest bank west OF St Louis. confirms
the opinion indicated last week that the down.
ward movement ended in November The shorts
have apparently reached this conclusion. and per-
haps they are wise to cover as quickly as they can
but we see no reason why other buyers should
climb for the stocks which have had such sudden
rise. We would take profits now on the active
stocks which have had the largest advance and bug
some others equally good that have been quiet
Marshall. Spader & Co say: The end OF the
year preparations for interest and dividend pay
ments should logically have very small effect on
money rates in view of the heavy reserves held by
the hanks throughout the COUNTY,. and the large
additions to the circulating medium which will By
that time have fully developed IL is quite evident.
however that the large borrowings by the Bank
OF England from it's India fund Of gold and the
drain on Europe recently made necessary BY
American requirements will ind reflex during
the early months Of the coming year IN counter
demand from this side. as American fnancsrs
have by recent gold imports largely dlscounted
their resources in way OF commercial and credit
sterling That the Treasury Department vii re-
duce its deposit account with the banks after jan
uary would appear 10 be foregone eonciusion
Under existing conditions
rs-, tsros (, Co say: We have been pointing
out the danger of buying stocks after the rapid
and extensive recovery which tne market nas nsd
Neither the money market nor commercial and m
d,,s,rtaJ conditions through the country can ns
.sfaiv ignored even though the technical stock
FZxchange situation may seem TO warrant further
Tyra HfrL
Drove rs money conditions improve. our sc sdviss
purchases only on reacuons
Carpenter Baggot say: It IS not des.raole,u'
aeszance values too far while money conditions r.
main ss they sre present When Ve say tais We
wish IL understood that we are and nave oeen' as
optimistic for the future as any one. out 0rlcAs
-i,or15 not NJ. made without straw. neither can
,.,rtiued advance b maintained sUccessfully Win
ont additional banking facilities and return Cl
CONDITIONS that Arc more nearly normal LIOs.
urbo have purchased for investment can alord u
ignore fuctuatiols- and be assured that IN uns
thsy a i'll receive ample profits Those VINO opefats
on marquis should not cverextend themselves a.
,bers ar stilI financial and political bridges 70
-ros< many Of them not over strong
\ o Brown & Co say In the absence OF IN
favorable news over Sunday Il seems hHsF t'srs
viii further improvement
BALTIMORE & oHIO.-Wlthin the year the
European holders Of the Baltimore Ohio con-
r nv have increased 20 per cent those OF TINS ccun
try - per cent. those OF the city OF Baltimore .
nor cent and those Of the State OF Maryland out
side of the city OF Baltimore 80 per cent TINS m
crease is Of course. for the most part IN the COM
mon shares. OF the stock. IS per cent Is now nsa
in Europe as against % per cent year ago. a.
Notwithstanding the large increase IN tne n-unloe -
IS holders. actual holdings for tne Chi,-1
states have decreased. the total shares held IN tn
country having decreased BY f.lN shares. al q
which vas transferred to Coutinsn'al Euopea'
holders.
MOVEMENT OF COTION--"Ths Financial
Chronicle makes the total port receipts or cotton
for the week ended December SS1Sl bales.
y-e~ tn
the total receipts since September :, 1al Sco.As
bales against !SsSsss bales for the same period o.
1915 showing a decrease since September : 1s., 2.
.Oca. 80 bales Reports by telegraph from the SOUL
indi~5te that on the whole generally faNofsIt'
u.a her has prevailed during the week. ana picA,
ing where already completed. has made sot',
headWay. The movement of the crop 10 mara
has been on a liberal scale but less 1lee''
than last year.
BANK CLEARINCS.-Total bank cleaT1nss ..
the United States for the week ended Decenosr
DAY estimateGD were &.+osSsSSS @ss
81 sII $50 SO in the same week last year and 49,
ioS 975 for the corresponding week ar so 80. -
rared with last year the total cies3Inss o vorx
week have decreased 81 per cent New ioL
shows a decrease of SIS per cent, Boston IS F
cent. New Orleans c33 Per cent and Chicaso
per cent.
DIVIDENDS Observation-Disclosures have oes
declared ss follows: Union Traction OF Pnla9sL
phia regular semi-anuuaI @I9 per cent payaDle
January l. New York. Lackawanna & Nes. -y
regular quarterly II. per cent payaoie "r s snv
. Equitable Illuminating Gas Light Conipa
regular serni-annusI per cent payable on OeNstI
Der 10: Columbus Gas and Fuel Coup1ry' IN
January I: Boston & Maine regular quarterly :.
per cent on the common. payable on Jdnoa-sn
Kansas City Southern Railway. regular qua-.t,
per cent the preferred. payable on 11t e nav
New York & Harlem seuni-aunuaI per cent pN'
able on January =
THE NEW ORLEANS RAILWAY Dlsiprxxr
PASSED.-The executive committee OF ue
Orleans Railway and Light Company has -e ~s.r-
mended that the directors vote To pass INC
terly dividend the preferred stock Iho nc ,nFv
rate a IL per cent but three months ago ~