New-York tribune., 1907-08-11
Topics OF THE STREET.

--opp1cS TRApING-Foreisn houses again
e --ocls in the local market In London me
t,-sl market was weak. cOnsols making ne"
- -ecord al q Lie 2l2 per cent securlty.
@a,,e- shares were weak under the LEAD OF no
.S--os and in all departments Of the market
80 we're recorded Paris weakness also
-, -erorted The break in consols indicaieS tne
-rsr,e nervousness Of the European markets over
trs general financial situation ana selHng lor IN
-. involved in -he financial troubles in Egypt
,T,~v vas in good demand abroad and. accord
80 70 cable dispatches higher rates VIII deVelop
a-s -. current week A large amount of gold
.all be available in the open London market 10
narrow. and the chances are the BANK OF Eng
snd will get most Of IL
MARKET oPINIoNS--opinions on the market
a. reading Wall Street houses follow:
Henry Clews & Co: The outlook for the stock
market is hardly promising. We can only con
a. getting into debt Stocks at these prlces
cannot be regarded as cheap so long as money
commands its present rates. with the prospects OF
going stin higher. There is no real cure for the
present congestion in the security markets, except
fCuidaton. which is a painful but necessary rem
sdy A considerable short interest has been de-
velope6, the covering OF which may at any time
cause sharp rallies. No permanent rise in the
market. however. can be expected until money
rates return TO the normal. This cannot be
corT7pfished until securities have touched lower
level TIE prospects, therefore, are for irregu
lar market. occasional rallies being followed by
stIu further dips downward. Much caution will
be necessary in stock market operations for the
] s Bache & Co: The announcement of the
imposition OF the twenty-nine million Standard
Oil fine came like the blow Of a sledge-hammer
upon the market Monday and prices began. slowly
first and then more rapidly. TO crurnble away
until the final effect more disastrous than
after the San Francisco earthquake fllces went
lower than then and even lower than the figures
Of the March panic. The underlying causes which
produced the March disaster and those OF this
week the same. viz. z breaking Of conf
6ence in all securities OF the GROUNDS OF rear OF
conhscaticn by Law. The existing railway troube
n the Carolnas Alabama and other states, tend
ing In the same direction OF t s
further fuel. The bonfires started in Washington
s-e extending all the country, and the po-
Uticsl mob is bowling for blood. This frenzy Will
psss: but 1t is well 10 be technically posted on
each phase Of fl The law should oe upheio Inc
commission OF crime should be visited with ap
rrcpriste punishment whether the criminal is pow
ertul not
Grann.s Lawrence-we think that those who
ca p-otec. their stocks should take advantage of
current prices the few days TO purchase the
rooe issues notably Southern Pacific Atchison,
Union Pacific, Great Northern, and. among the low
r-ced shares, Rock Island common and preferred,
Kansas City Southern and Chesapeake & Ohio
z r Chapman d Coat the moment we see
nothing 70 cause improvement other than tempo
-a-y. snd must, therefore. still give as cur opinion
that until conditions materially bettered Sc
curiries sale on bulges.
7. A Mcintyre & Co.-Any further outbursts OF
heavy selling apparently come only from more
pe-essize or,e-a4ions of the hear element or fur
fher forced liquidation OF the pools or larger mar
ket interests. From these conditions we are likely
70 have e two-sided market than lately and
rallies should be Of frequent occurrence
Marshall Spader & Co.-Whie IL is difficult 70
determine how far the decline in the market
has discounted the actual and sentimental inau-
ences al work future developments include
fair array Of possible developments a favorable
character which may find reflection in steadier
market, though do expect full support by
larger speculative interests.
Chandler Bros & Co.-As the market stands,
while stocks are very low. there are enough unset
tinc events programmed for the next two weeks 10
continued nervousness
MOVEMENTS OF COTTON-"The Financial
Chronicle gives the total port receipts Of cotton
for the week ended August 7.459 bales against
1881 bales last week and $3.50 bales the preceding
making the total receipts since September l,
Iass s6sasss haies against 7.75Sls2 bales for the
same period OF 1896 showing increase since
September / 1905. Of 1895 bales Weather re-
ports the South satisfactory in the ruain
= suffering for rain in many sections, and there
are some reports from Texas Of shedding and bolls
opening prernaturely. Elsewhere, a rule the
crop is doing well
BOND NOTES.-The Alabama Terminal Railroad
Company. controlled by the Atlanta. Birmingham &
Atlantic has given notice Of the issuance of
g ess0ao bonds. A mortgage securing issue OF
s5 0e00o3 ; per bonds been fled by the
Houston Belt and Terminal Railway, whose pro-
prietaTy companies the Gulf, Colorado d Santa
Brownsville & Mexico ana the Colorado Southern.
New Orleans & Pacific
DIVIDENDS DECLARED.-Dividends have been
declared as follows: The Railway Equipment Cor
poration regular monthly II per cent, payable on
AUGUST Il: Alabama Great Southern regular semi
gust g: Buffalo & Susquehsnna Railroad. regular
quarterly per the preferred, payable on
September 3
BANK CLEARINGS.-The total bank clearings
OF the United States for the week ended August 10
Zone Gay estimatedD were s26lS.Sl6.25S, against
g SIS preceding week and s257924Ss 500
for the corresponding week OF 1896.
S-