New-York tribune., 1907-12-22
TOPICS OF THE STREET.

active factors in the local market selling a few
thousand shares balance In London consol.
were strong and the general market was quiet ard
featureiess trading representing the evening up Of
traders contracts Money moderately firm
Rates for funds abroad likely to- rule strong in
the balance of the year and ease off materially in
the early part of 1908. with a reduction in III.
Bank of England's discount rate
VIEWS OF THE BROKERS-vfews OF lead,,~
Wall Street commission houses stocks and
money follow:
Henry Clews & Co say: More or less iner,,.
still prevails in the financial district because the
housecleaning process is evidently not VET corn,
plete confidence recovers slowly after So Violent
disturbance. and the purchasing power Of investing
classes has been greatly diminished The discour
aging influences in Wall Street have, however hoe,
thoroughly discounted that il is prudent to he
gin to look upon the more hopeful side There T.
no doubt but that prices are still abnormalIy low
and must in due reach a higher level Cor
Tective influences have been at work so long that
improving conditions must soon result; and saving
the temporary stringency usually experienced in
January the money market ought to gradually bs-
come easier and more pethoric with the approach
of spring The last bank call proved the br1rnt
of the panic fell upon the New York banks which
depleted their and expanded their loans 70
the limit in order to give help while the interto,
banks often drew their funds from New York ard
piled up unnecessarily big reserves. The interior
banks generally strong. and upon them should
chiefly fall the withdrawal of government deposits
which Secretary Corteyou is expected to shortly
announce
Alfred Mestre & Co. say: with the approach Of
the end of the year factors introduced into
the financial situation. the temporary effects Of
which the stock market difficult foresee.
Although for time past there has been a
gradual improvement in the money market, it must
he expected that preparations Cor the January 1
disbursements aggTegating approximately s1s0.000.-
600 will tend to materially restrict the offerings Of
loan accommodations by the banks In fact. many
of the banks have already advised their customers
that a curtailment OF present outstanding loans
will be necessary before the first of the year. Such
a step this seems essential to the speedy resto-
ration of local bank reserves to the legal standard
of
this would indicate the part of the banks,
eral weeks must yet elapse before the deficit Of
the Clearing House institutions Is wiped out. That
being the stock market can hardly display any
pronounced and sustained strength until clearing
up Of the money STATION is at least in sight
Marshall, Spader g. Co. say: In the main. while
many phases of the economic situation still
solved problems there is much cause for gratifca-
ton over the situation developing, and
much TO recommend the careful accumulation OF
bonds and stocks at about present levels. par
ticulary from investment standpoint In
speculative way. even with much reduced earnings
and the possibility of reduced dividends this class
of operations will largely influenced by the
records of the past the most active and favorits
issues and we believe that. with only moderate
resumption Of business activities and the treer use
of money the majority of those shares will show
liberal advances in the not remote future
Carpenter. Baggot & Co. say I'VE DO not look
for any extended advance pending the adjustment
of money conditions, and IL IS entirely probable
that this event will be somewhat discounted, and
thereafter the market viii react on realzatons, buI
reaction
aftermath Of the tempest many commercial failures
must be expected and mercantile and rnanufactur-
ing business must experience a period OF depres-
sion it's duration being the unknown Quanuty Let
,s hone that the wealth and recuperative powers
OF the country are entirely sufficient 10 cause
rapid convalescence-
C.rannis & Lawrence say: after a decline in the
average price Of active Stocks winch continued lot
nine consecutive days. and amounted 70 points
the market started TO rally the middle OF 'nls
Ireek There is a considerable short interest al
ff &c :J-olv
until the prices of two weeks have been recoy-
cred or passed. We likely 10 have an trTegu-
ro- market until after the Clearing House certd-
Gates are retired. and this is desirable for traders
and also for investors who are planning TO Duy az
the beginning of the year The bargains VIII nor
all be gone this month, although we expecr prices
will he somewhat higher after the first or the
year"
J. s Bache & Co say: The extent OF the de-
velopnent of business troubles aIter ule oalance
sheets January show actUaI col0ltloiS - a Nc
1e- of serious consideration among those VINO are
giving the situation careful thought II IS nor M
ossible that industrial collapse will follow but the
ease of money. which it is evident VIII exist al
that time should have much to do with ooviauns
anything of the kind and should make II p0sslote
to gradually let out or reorsanize %e4A o 80. oee,
extended firms and corporations strong interests
IN the mercantile world who have nothing them
selves t. fear can do much TO heIp the seheId
situation by pushing on with enterprises ~iiSn H
are of success not waiting '0O '''i9 ~
brighter prospects
Dick Bros & co. say: 1t Is not unAkeiy 'hat
the markets rally will continue next week out !.
sbouId be kept in mind that after the holiday wan
Street will begin feel the full effects or January
disbursement preparations FlurrieS in the money
market will be only logical and on this account II
will be unreasonable 70 expect 4 sustaIiieu Ho
vance IN prices :.
Prince Il Whitley say: The improvement n
prices toward the end OF the week may be ascriOed
principally the elimination or q snort lhleLes,
which in some positions had become overcounden1
and unwieldy. With the short interest under cove
and the technical position TO that extent WeaAeheu
We see nothing in the general situation or us OUT
Iook-nonetarv commercial industrial or leslS-
Iative-to warrant material enhancement II tIs
value Of securities. and strong perlocS SloIII
be avaied OF 10 accept prohls on sPeNU'
holdings.
DIVIDENDS DECLARED.-Dividendsh have oeen
declared as follows: Michigan Light company.
quarterly III per cent the common ana p
cent on the preferred. PAYABLE January = Grea'
Lakes Towing Company, regular quarterly 70 Pe'
cent on the preferred. payable January = Mass.
chuSetts BreweTies Company. extra yer O91S'
payable January 10; Utah-Idaho Sugar Conpans'
regular quarterly Ia per cent on the pleIslL p;
Merchants Exchange National Bank. regular sem, SEM"
annual 5 per cent, payable January = ->d'IO r1
Park Bank. regular quarterly per cent. paydoa'
January =. Importers and Traders Natlonal DsiliN.
regular semi annual 10 per cent, payable Janual,
. Mexican Telegraph. regular GuarterE - y
cent payable January Is; Pittsburg Piate 6lazs' ~
regular quarterly 1@t per cent on the common p@.
able December 81: United States Telepnone; res
lar quarterly 1l2 per cent on the preterreo ,,S p
able February Is: Merchants EXchange paIia'
regular semi-annuaI ; per cent. payable January +"
BALTIMORE & OHIO EARNINGS.-The state
merit of earnings and expenses of the Baltimore
Ohio Railroad for the month OF November -. -.
as compared with the corresponding month OF iae
year shows gross earnings of s69ssS0S an
of S7259S. expenses. A994097. increase OF s9l',.
net earnings. S2.(14.456 a decrease OF S4i4Sss
the ive months ended November 80 as coHpaI
with the same period of last year. the std'ehes
shows gross earnings of SS7 491, increase ..
81 2179 295: expenses. SIS 33.591. increase % =.
s2,S2.576; net earnings sl1.SsSSe. 4 oeC4easo V
s123.2H.
MOVEMENT OF COTTON.-"The Finan.a N.