New-York tribune., 1907-11-10
TOPICS OF THE STREET.


FOREIGN TRADING.-Foreign houses al.
stocks in the local market. while in London fU.
ther sales of American securities repor-as
The general British market was heavy, thouvh
consOIs steady Copper shares We're A.
cidedly weak. The further engagement Of gold :,
the Bank of England for our account resno,
sible for the liquidation in London. especially =.
the per cent bank rate had failed TO check with
drawals of the yellow metal II was thought n
foreign financial circles that a still higher rata
would be declared In the current week Activa
selling for Continental account reported n
Paris Rio Tintos were heavy under liquidation
VIEWS OF BROKERS.-Henry Clews & Co sav.
THE effects of the financial disturbance are no,r
extending into the commercial world. For ssf
protection the banks are compelled to materially
restrict their credit operations. Many business
concerns will consequently have much difficulty In
renewing obligations. and business will naturally
be compelled to contract more or less IN accord
ance with the restriction of credit. How far tbis
contraction viii go and with what consequences
It is impossible to predict but the the fact
is recognized that general business must take its
share of the present depression which has fallen
upon Wall Street the better for all concerned
Everything possible should now be done TO rebuild
confidence and credit HOarded money should be
restored to the banks In order to enable them 10
better grant the accommodations which 1t Is their
business to furnish. 1t is sheer folly TO take
money out of the banks and hide it In stockings or
safe deposit boxes
Marshall. spader & Co say:
"As before stated in these advtces, return Of
confidence is now more necessary than any other
development. and 1t is hoped next week will bring
a realization of this hope"
Carpenter, BaggOt & Co. say:
I'VE advise the purchase by investors of first
class securities heretofore. believing that such
opportunities have been offered may not occur
again We do not look for important permanent
advances until money conditions have further i'm
proved"
Cirannis & Lawrence say:
This week the local banking situation is much
improved In some respects. and. although the
acute monetary stringency has spread all over the
country. such prompt measures have been taken
for its relief that We may expect continued i'm
provement until the normal condition IS restored"
T. \. Mcintyre x Co. say:
,~fy,rrs
erratic trading market is TO be expected for some
time to come. and think the tendency Of values
in the main will be toward a lower level until
the large amount of money boarded throughout
the country comes out and confidence in the gen.
eral financial situation has been restored"
J. s. Bache & Co. say:
THE foundations are solid the country is throb-
bing with healthfuI business life. and the recov-
cry. when IT comes. viii be splendid revival"
Bartlett. Frazier & Darlington say:
There IS Just one great market that has noe
been appreciabIy Hquidated. and that is the wage
scale market But instead of reductions in the
price 1t is liable to be a cutting down in the
number Of men EMPLOYED and then finally a shad-
ing Of the wage scale
NATIONAL GLASS PREFERRED DIVIDEND
PASSED-The directors OF the National Glass
Company at a meeting held recently decided 70
pass the dividend the S4I9.625 outstanding pre-
ferred stock The company has been paying quar-
terly dividends Of - per cent on the preferred
stock since January, 1896 The corporation is
very close one and transactions in either the stocks
bonds of the company are very rare The last
sale of the preferred stock was at pa. made in
July OF this year. The par value Of the stock is
$50. Although the company has been paying Il.
per cent every three months. the dividends were
never officially announced as quarterly payments.
HEAVY COPPER SALES-A leading copper pro-
ducer figured yesterday that total sales OF copper
by all companies and agencies over the last four
or five weeks aggregated between 2do.60O000 and
25O.OC00C0 pounds, most of which was purchased by
foreign dealers. OF the total amount the United
Metals Selling Company sold between l00OtOoo and
1250000 pounds II is because Of these large sales
that copper experts inclined to place the avail
able stocks of copper at the present time at lDS-
O0nC10 pounds. .-
BANK CLEARINGS.-The total bank cleariugs
of the United States for the week ended November
zone day estrndtedl were S2.5sl. 80 rs. against
S2S26 so 26' in the preceding week and S2SssSl64
for the corresponding week of lSod- Compared with
This week last year the total clearings show de-
crease Of 70 per cent New York clcarIuES show
decrease of g7> per cent Boston 314 per cent.
PhIsde phia lis per cent and New orleans lS1
per cent
MOVEMENT OF COTTON-.The Financial
Chronicle gives the total port receipts Of cotton
Ter the week ended November \ as 3S59lS bales
against SSs.06S bales in the preceding week making
tho total receipts since September l. lscl 20 -
bales against 3047.263 bales for the same period q
1850, showing decrease since September l. ls7. OF
1850 bales Reports by telegraph from me
South denote that the weather has been favor
able rule during the week While rain has
fallen in most sections it has been light m0deT-
in the main. and picking mas continued 20 make
good progress The marketing Of cotton has been
less liberal scale than year ago.
BALTIMORE < OHIO To REOPEN TRANS
FER BOOKS-The Baltimore < Ohio Railroad
Company announces that the transfer books OF the
company. which were closed November Tor
the purpose of the annual meeting TO be held on
Move nber Is, will be reOpened Monday next. m
stead of November Is. the date previously liked
This is afford facilities for the transfer OF recent
small lot investment purchases
GEORGIA RAILWAY NlD ELECTRIC con-
PANY COMMON DINIDEND.-DireCtO-S Of the
Georgia Railway and Electric Company have de-
cared the regular quarterly dividend OF IL per cent
the common stock, payable on November u
KANAWHA * MICHIGAN PLAN.-The direc-
the kanaw ha 4 Michigan Railway COM
pduN. 10 Is announced. nave completed plans Tor
In, fUndinS Of SlScoOoo OF floating debt by issuing
$. .UUu.UOC per cent second mortgage bonds, au-
thurized in June by the stockholders OF the debt
which mas been funded $I.600.00O was held oy the
Hooking Valley Railway Company and 100000 oy
the Toledo < Ohio Central. which the HockiHs
Valley controls.