New-York tribune., 1907-12-01
TOPICS OF THE STREET.

LoTIghf Shares baIance IOnd0n
stock market strong and at all the Erronean
capitals sentiment and prices better .forsy
was in good demand at the English centre on ar.
count of end of the month requirements. Call fuua,
were quoted ia per cent and bills were easisr
at 8 per cent 1t Is expected further relief to III.
british money market will be given by tina india
Council through the release of gold The metal \,
the amount 100000 win be available the oren
market tomorrow, and it is likely the Bank Of
England will large part of Ii, unless there
should be unexpected American demand
VIEWS OF THE BROKERS.-Views Of the lead.
ing brokers follow:
Henry CIews & Co say: 1T is not pretended
that the rlet will promptly or wholly recover
from the terrific shock which 1t received In Oc-
tober last For some time to irrex-
Mar markets must be expected with more or
less depression and inertia 1t must also be re-
rnembered that there is comparatively little money
available for investment The countrys liquid
capital has been practically exhausted. that
time will he required for the accumulation of a
fresh supply; and in view of the reactionary ten
dences which have developed in business, IL Ia
n1Iite probable that a longer period than usual
will be required for saving purposes; Another
factor which be overlooked is that in spite
of the large volume OF business profits are show
ing material shrinkage. owing to the immensely
augmented cost OF doing business Inis Is scrk-
ingly illustrated in the current returns OF rail-
road earnings In September the roads report
ing showed a gain of over s10.OO0OO0-"
Cirannis & Lawrence say: I'VE have increasing
reason think that we are near the end Of the
downward movement II we have not actually
passed il. We expect new low records VIII con-
tinue to appear during December from the forced
sale of such securities may be thrown on the
ful whether we see a lower aVeIase Ihdh we mad
a week ago. Since then there has been an average
gain of 212 points. and as monetary and other
conditions continue to- improve we expect the
rally to go further
Alfred Mestre & Co say: That the more acute
phases of the recent financial disturbances have
now passed Is reasonably certain and the outlook
for the stock market has accordingly improved
IT will doubtless be found, however, that further
I,;da tion will break ont intervals in connection
with the adjustment of the habit1es OF individuals
or firms and this viii probably De rejected IN an
p~0a rrfh al
ternate up and downward swings There are too
many difficulties still in the way TO permit OF
sustained upward movement In stocks from this
level although II seems improbable that the nnan-
caI community will witness such violent breaks in
the near future as have been seen In the recent
mast With the return OF better money conoluons
there should develop improved buying demand
for securities should be remembered. however.
that the public at large is still inclined TO hold
sloof from the market and operations by the pro-
fessionai and semi-professional element VIII b.
switched readily from one side Of the market to
another
steadily dropping TO lower levels, and with ths
500 O00 gold imports the SlUVoO0oo adGluonal
Govern m a,,t deposits which will be stil further In
creased from proceeds Of the Panama and GER
tifcate issues. the heavily augmented bank crcu-
Iation and tine progressing release or capital dus
~, crtafIment and stoppage of business operations.
w. should soon be swimming IN an ocean Oh un-
employed funds. With call money SJeadliy Wors1hs
e:sier time money viii soon be obtalnaDle az rea-
soma bla rates and there viii be a large pront N
b,1vfne good securities, bonds or stocks on when
here Is Likelihood
Purchase of these may even be made on borrowed
money as interest rates are 70 be low and m
vestors will certainly reap large ultimate proHls
Dick Brothers & Co. say: Although the resto-
ra+ioD ~ Normal conditions IN the financial situa-
,fon will warrant further improvement N slochs
we are inclined 20 discourage purchases on such
,t.I- od,a,ces "a have been made during the last
fau davs We think IL Will be wiser 10 Walt ior To-
cessions or least. to buy sparlnsy- II ! qu,7
likely that liquidation will reappear on ,ne ao-
,a1ces and II is also possible that. with Congress
In session and with the Presidential message about
To be published. Washington may Dc pF0'''''' %
some temporary disturbing news
A a brown & Co say: There IS an impression
that some large blocks of railroad bonds nave
been taken recently by foreign bankers and TINS
5is1osirio1 10 reinvest in American securities not
only implies a revival OF confidence. ous nCI ,.
"a res that much of The recently imported gGl
tu .,,.ir hera There is a feeling that the
Presidents message TO Congress VIII give ~
cause further anxiety a. it Is Thought Isf IY
advocate much less drastic methods
Marshall Spader & Co say with congress
meeting next week. and the Presidents nessasT.
which is expected TO deal exhaustvely and al great
length with problems CROWNS out OF the nnsn
to make conservative forecasts or the 'ull-z-l ss
future OF the market II must he rerleHl07rs'i-
| however. that depression had reached az ~ eHe ~
measured only by the extraordinary tuAU.s.,t tuAUe-e
work and that the reaction, or the possioll1
ties OF the reaction, should be measured accoEo-
ingly and therefore, inclined TO looh lc
Il iiste E!A''''' '''''''9'
INVESTMENT BUYING ON THE CoNsol.-
b
Ogden D. Budd s Co. Watson < APerS- dIt 49, q
eraI other Consolidated Exchange firms dong =
strictly commission business report more HNsS s5
rnent buying orders than al any 'l.,-s ,.+- - an
history Purchases OF stocks or this chaTscI-F OF on
the Consolidated Stock Exchange have since u'
recent panic aggregated several rllllon s.a- tsi
practically all OF which have been IN fractohAi
lots and now conditions in the financial "oEl
are on the mend brokers look for even q IA 81
business OF this description The manner II Whlcn
the little board through the panic W W
only one failure OF any consequence Wta'es
has inspired greater confidence In IT'S sI4ollltS ~
is calculated to bring 10 it much LI.a LarSeF WI
ume of business than II has ever enloSe4-
DIVIDENDS DECI.ARED-Dividends have bean
declared as follows: Second United CitleS hS'LsF
CORPORATION semi-annual Pa per Cenl on 'He -
ferrei r stock. payable January / CleEelahd ai,
Sand1,skv Rren-ine Company regular Guartsrif
I per cent the common and Ia per cert -
the preferred. payable December 10 "ni'r -
& Yukon Railway regular seu1i-annuai . -
cent uayabe January 10. Streets Western oOat
Car Line regular seni-annual 81 per cent on w
preferred. payable January l. Bordens Conuel> -
Milk Company regular quarterly Ia per en- +5s
the preferred and extra per cent on ms
common. payable December 10
MOVEMENT OF COTTON-''Ths FinaneIaI
Chronicle makes the total port receipts LOT ~
week ended November % 333.SlT bales. asA-lS u
35l 145 bales IN the preceding week. naAinS ~
total receipts since September l. 1884, Sss>3 oatS.
against 4.265,l9I bales in the same peFiod OF |e.
showing A decrease since September I. 1Hi oi
965 215 bales Weather reports by telegraph st
the South indicate that rain has fallen IL ~. ~
OF the localities during the week. and tnI.' ~
precipitation has been heavy in portions o. -
bama and Mississippi. Wet weather mas oeldyyoS
TO SOME extent the gathering Of the crop WIZ TN.
is nearing completion in some dis.Ilcts , = a
movement OF the crop 10 market continues GU
more liberal scale than last year
BANK CIEARINGS-The total bank cIeaTlns'
the United States for the week ended - Sso IS
Der tone day estimated were S1StA,S~S -
against e. Os97Ss last week. and S3SS.lo4so -,
the corresponding week OF 1896. Compareu -
last year the total clearinss toE @ Ins Serrsass