New-York tribune., 1907-08-18
TOPICS OF THE STREET

InG SlhEEI
FOREIGN TRADING-Foreign houses were -.
active factors in the local market. selling on -
ance- In London the general market was heavv
with further selling of American securities for
London and Continental account. the heaviest saI.
being in the Hartman shares and United Stafas
Steel Discounts We're firm Owing 20 the recsr+
Egyptian financial troubles the large cotton cron
there is expected to require assistance from Lon
don in its gathering and marketing Paris urir.s
we're down, and according To- cable dispatches e.
forts will be made at that centre 20 secure mora
gold in the United States
MARKET OPINIONS-NIarket opiuions NJ so,,
of the leading Wall Street commission houses foT-
low:
Henry C1ews: The outlook for the market is stir
unsatisfactory- Prices are very low and there are
plenty of good stocks which are really very cheap
from the investors point of view. The monetary
situation, however, has not vet fully Tightei il
self. and further liquidation seems more than proh
able, with intervening rallies of less i'm
pOrtance- Such being the case. il is inadvsable
TO 90 too heavily into debt Saturdays bank
ment ought to show a considerable contraction Of
loans as result Of recent liquidation Should the
money situation become acute, Secretary CortsI-
you will no doubt aid the money market 70 the
tent of about &0.ut0d1o. but while call money
tinues as abundant and easy as at present there
is necessity for immediate action 4 cOnsidera-
BILE short interest will naturally ar times be Gre
ated and ths market in consequence will frequently
be in position for occasional sharp rallies when
ever conditions favor Quick IN and out turns ia
the market will prove very profitable TO aie-
traders in the immediate future
Grannis & Lawrence. Now that the great scare
has passed. the public inquIring whiCn stocks
the greatest bargains Among so many that
are selling far below their actual values is hard
70 choose the best bargain Stocks that have had
the greatest fall the last fortnight are likely 70
have the greatest rise the next fortnight. Great
Northern. Northern Pacific. Union Pacific. South
ern Pacific and AtchisOn may be particularly rec
commended for this reason. and also on their merits
Marshall. Spader & Co: We do not expect 70
see the market fer securities show a wider ranss
in the near future than justified by values calcu-
lated according to their interest and dividend re-
turns
Carpenter. Baggot & Co: we do not advise
selling at these prices stocks that are well pro-
tecLsd. On the contrary, the dividend payers can
be bought a scale down with ultimate salts
factory results if well margined- This is period
OF hysteria. and wise men act calmly and think
it while others act the fool and regret il
later. Investment buying has been much IN evI-
denCe throughout the week
A q. Brown & Co: There is some ground for
the belief that the most favorable Developments
within "A day two will he in the nature Of an
announcement OF plans for monetary relief by
the United States Treasury
T. a Mcintyre & Co: As We are ny no
out of the woods as vet the money stringenry
and as the administration al Washington cannsr
be consistently expected to change its policy we
would continue to advise purchases OF only the
best class OF dividend paying stocks on 1urtner
sharp breaks. and then only TO those who can taas
them up and paw for them for there IS nothing %
indicate we have Yet seen the bottom
MOVEMENTS OF COTTON-'"The Financial
Chronicle gives the total port receipts OF Gotten
week ended August Is as Sos bales AGAINST
74Sq bales in the preceding week making the total
receipts since September I. 1905, So's.al bales.
against 77s4 l6s bales for the same period OK 1856.
showing increase since Septeulhar l. 1870. OF
1884 SSS- Weather reports by telegraph from the
South show that a rule the weather mas peel
fairly favorable during the week In portions OF
Texas. however. and at few points elsewheIe
lack Of moisture is complained Of Damase S
claimed have resulted in Texas from extreme
heat drouth and boil weevtlS. bat from the re-
mainder of the belt. as a whole. reports are more
favorable.
ERIE APPLICATION FOR EQUIPMENT
NOTES-ApphCatiOn has been made 20 the Punne
Service Commission or the 2d District BY the Ere
Railroad Company for authority TO issue aoosi
SIS 100000 trust certificates They arc 70 % c-
vided into two classes one class covering passenger
equipment and to- run for five years. and the Otne
covering freight and locomotive equipment 20 IN IL
years The interest rate on both caSss. nsss
will be per cent No acton mas yet OeeA ~
by the Public Service board
MERCANTILE MARINE VOTING TRUST -. -.
TENSION.-FOrnaI announcement IS nld1S -
holders of majority of the voting , t.uSc ~ ,ss
for the preferred and common stock OI sas
International Mercantile Marine Company n
signified their desire that the voting trust oe -
tended for a period of five years. as specinsa !.
the circular issued to the voting trust csFIle"
holders under date Of June j
DIVIDENDS DECIAARED.-Directors Of the Cnn.
soIidated Cotton Duck Company have declared s1s
regular semi-annuaI dividend OF per cent psSaI''
ON October / Directors of the London NetropoN,
tan District Railway have declared diviaenu -
is per cent for the last six months on rs : -
cent guaranteed stock Up to 1899 the rnI -. ~
cent was regularly paid. but since that time y.
yearly rate lfas ranged from 2e per cent N I'u y
Isis per cent in 1905 In 1906 9-l6 per cent 80
paid, which Yields slightly under per cent on. on -
average market price Directors OF the Cincinnati
New Orleans q Texas Pacific Railway ConL", =,
have declared the regular quarterly dividend % - .
per cent on the preferred stock, payable on S's
tember 2
BANK CI.EARINGS.-The total bank clsarass
of the United States for the week ended Aususs
tone day estImated) 2.s08O5lSSS S,su asu
s2.6S2 o2f 36S In the preceding week ana s''sAs
for the corresponding week OF 1900