New-York tribune., 1907-10-20

mar
ket was firm. mar
BANK CLEARINGS OF THE WEEK
bank clearings Of the United States for the ,..a
ended October 10 Zone day estimatedD were ssSSsA
S7S12s, against 50, sos $50 last week and
6S4.29S for the corresponding week OF 1906
LEHIGH VALLEY SELLS CAR TRUSTS
Lehigh Valley Railroad has sold to Brown Bro.h..s
& Co. and the First National Bank OF New Us
and Drexel * Co. OF Philadelphia. s2Oo00D1 m
per cent trusts dated September / 1oo-
maturing 500 600 each six months to ana . ana
September l. 1917. They are secured on stsa1 s
box cars. gondolas and steel coal cars upOn vbics
a cash payment of IS per cent has beer r,as.
Most Of the notes have been disposed az
MOVEMENT OF COTTON-.TbA zY,,,
Chronicle gives the total port receipts OF cotto1
for the week ended October IS as 2S7 s73 bsjss
against 455 bales for the preceding week anS
2l5siS bales the week before that making the
total receipts since September ! 1907 I9is IN
bales against 1.7037 1913 bales for the same ueriod
Of 1906. showing a decrease since September
1907. OF 455,2s2 bales
BANKERS LIFE TO INCREASE CAPITAL,
special meeting OF the stockholders OF the Bankers
Life Insurance Company, o; this city has besn
called for November I. 10 vote the proposition
100000 TO 100000.
DIVIDEND DECLARED-The directors ~ m,
Germania Bank have declared the regular semi
annual dividend OF 70 per cent payable on Novsn-
Der !.
NORTHERN PACIFTC's NEW MANAGER
has announced the acceptance Of the resignation
OF Harry ]. Horn as general manager Of the road
and the appointment OF George T Slade sOn-in-
law OF j. J. HilL 20 succeed him Alr Slads
formerly superintendent OF the Great Northern.
MARKET OPINIONs-1IarEet opinions Of som.
OF the leading Wall Street commission houses fol-
low.
Henry CIews * Co. say.
The week has been period u feverishHsSs and
unsettement in the stock market At times the
street fun Of disturbing rumors and The en-
barrassmeUt or one important operator in copper
added the prevailing decentralization THIS cen
rIrd liquidation was. ~ course. part OF ths
general reaction which began with contraction 70
the money market was accelerated BY various sx-
posures and legislative attacks and is now caus-
ing a wholesale and somewhat radical financial
house-cleauiuS- How far the decline viii 90 II is
beyond human knowledge 70 predict; but IL IS safe
20 say that many ot the rInors in circulation wers
gross eNaggeratons. and that there Is no need for
any repetition Of the financial hySNria which
marked the August break in the stock market.
Since January I We have had shrinkage in Sc
curities OF fully, If not more than. S3,5100oo0o0
1t is Yet too soon To take Very reassuring view
Of the future. for it IS by no means certain 'nAt
the housc-cleaniuS process IS complete Ihere are
stiU points of weakness in the market and no
permanent recovery can be anticipated until these
have been thoroughly eliminated
The question now of greatest moment 70 ousi-
ness men is. Are We entering q business reaction!
Every indication pOi0ts 70 an affirmative answer
Wall Street. being the financial nerve centre OF the
country. is the first 10 feel setback From hence
the of depression viii spread % every sectlon
OF the country with more or less severity
Prince X Whitley say;
portunity To- buy stocks which does not occur often
in mans lifetime, and that barring some new
UnftvOrable developments. conservative purchases
on scale downs from this level will pay oefoFs
many weeks over
Bartlett Frazier x Darlington say:
There undoubtedly have been many loans niaos
on copper collateral etc. that should not have 5eea
made at all These loans must be H4uidated ana
that is Just what IS happening.
Edward Sweet x Co say:
The liquidation OF the week should result IN a
decrease in loans OF at least S0oo000O and unless
this proves 10 be the case disappointment IN "AA
Street will be keen"
Grannis < Lawrence say.
The industrias have apparently discounted any
business recession we are uSey to have next year.
but some OF them will probably so stiA Io"sr-
E. r Chapman & Co. say:
In view of all conditions. We do not feei Jas
advising purchases; that is. not until We can ses
the proper evidence Of inside support and OuSHis
on the part OF substantial interests
we stin can see no good reason to buy stocks
We may. perhaps. set some rally next WseA' ON'
we do not look for any Saturday
Chandler Bros. & co. say;
',The fact still remains that stocks are selins =
absurdly low figures. and that purchases HiAI0 -
ruling prices must produce large profits
T. a. Mcintyre x Co say;
I'VE would rather continue to advise covering oi
shorts on further declines than put out fresh Gull
mitments on the bear side OF the market
Alfred Mestre & Co. say: -
'"The situation still appears very unsetGso A
confidence is badly shaken
J. 5. Bache * Co. say:
There has been no dearth OF Incidents durias .s
the week TO keep attention fixed upon wan oIIoe
But the reasons for decline were concentrated
and nothing that has taken place IS OF eIrsct on -
general situation. The connection with the OA-1AS
world which was involved somewhat In ths IL
dent. has afforded the Clearing House an ~ :,
tunity TO look carefully into the situation ana N W
arrive at the gratifying conclusion that all IS We
and that solvent institutions Will be taken C14e -
unitedly in any emergency. The atrcspheIo -
pears also to be clearing abroad and the 1850,
ing condition of the Bank OF England -
within the week has increased its reserve 70 .s.
ton under % per cent. adds confirmation 70 '-''
statement"
Carpenter. Baggot s CO. say; ,,..I
THE market for securities, outside or -.
and underlying railroad and convertible bonus, -. -
been absolutely deInOralized. New sore spO - I'M
brought 10 light and forced hluluauoI 1arq,
portant interests heretofore credited Win 80 I
financial resources has been constantly In eVluS 49,.
and as fast as the market would take soOly s,,ly
they We're supplied Banking interests ae a,,Ss =,
OnIOokers. occasionally buying few seeu.,rx seeuIIet
dispose OF them any advance lhus pIo.0IIad
conditions that might otherwise not % V.ssst
Unfortunate as these conditions may De- uio tar
"a gradually being sifted from the chan, ana 49,
on. when bankers satisfied that the So srsny
have been eliminated, shall see such 49, .i,,s
of action as will insure stability for lohs
TO come"
CHICAGO UNION TRACTION CONPS.>t. t,.av
bOndhOlders of the several Chicago street ~ "a
companies have been notified that the thle rfxa- -
posting securities under the pian oi O-ehsr 81.
tion has been extended TO and including Oo
DELAWARE & HUDSON COMPANY Bun BoSps ar
The Delaware & Hudson COMPANY mas ~ u - list
plication 20 the New York Stock EXchanse EXcs caat
he Il a ffr-f