New-York tribune., 1908-01-05
TOPICS OF THE STREET.

TOPICS OF THE STREET.
FOREIGN TRADING-Trsnsactions for foreign
account in this market did not exceed 5000 shares
mainly sales. American stocks in London closes
heavy and lower. There little business dons
on the Lendon Stock Exchange. and the price
changes unimportant The German boersef
depressed
VIEWS OF THE BRoKERS-visws Of the Lead
ing Wall Street houses money and stocks follow
Henry Clews e. Co say:
."The wear opens with our leading business men
in sober frame Of mind and generally
anticipating some trade reaction This is due
to recognition Of the fact that the liquidation ,
and readjustrnent which has taken place in the
stock market must to some degree be expected
mercantile Industrial affairs: and, while nobody
expects such severe reaction in the latter circles
as has taken place In Wall Street, stin 1t IS now
admitted that the mercantile credit situation 10
badly strained and that a lower level for conmodi-
ties mus. be attained before general business can
show any substantial tendency toward recovery.
That the process Of readjustr1ent IN mercantile
and Industrial affairs has begun IS very evident.
and how long 1t viii continue depends upon how
far corrective Influences are allowed 20 have frss
play. The most important fact In stimulating
covery Is the improved condition Of the money
ket The currency premium has practically disap-
peared Our bank reserves rising. and very
soon the money market will be working under
natural influences The strfngencv usually expert
enced in preparing for January disbursements did
not materiaIize this year Currency viii shortly
begin to from the interior. and the essened
activity In business together with declining priees
will quickly rebuild our bank reserves ana leave
us with a plethora OF cheap funds greatly aug
mented by the additions to. our currency supply
during the last few months
Marshall Spader & Co. say:
The strength of the market was a Developments
based on its technical strength as well as tins
growing confidence in security values
]. s. Bache & Co. say:
"rt Is onIy a question OF how long The basic
class the men the bottom OF the prosperity
pyramid-the farmers-are rich The value OK
farmers crops this year is S.f1,o0.O1- This -
ssi2 OOOO00 more than last year. Mineral and metal
products this year worth over 2ooeooo-
s9G OOOcO0 than last year The barking sltua-
ton IS sound; only sixteen banks rallec IN tne
crisis and two OF these have resumed There were
Ie0 bank failures in 1893 It costs million dollars
a day to feed the American public The clock mas
not stopped II IS only ticking little family We
have all the material thingS-tne one thing needed
to re-establish prosperity is mental Conhdence
must be restored. and upon the quick or SLOW
growth OF this CROP which In the United states
has been blasted depends the quick or slow return
of prosperity
Alfred Mestre & Co. say:
THAT confidence has made marked progress IN
the restoration process is plainly indicated by the
heavy return flow Of money to the banks which -
premium currency. maintained in New YORK
since the October panic, yesterday entirely dlsap-
peared. For the first time since last fall the locA
banks showed a substantial gain in cash from ehs
interior and in the case of many Of the leading
banks and companies deposits OF cash oy out
of-town correspondents. as wei as oy inoivlduaIs.
have reached larger proportions within the lass
week than at any time during the previous TWO
months Obviously. boarding Of money, both by
and by country banking nSJlt0tlohSs
has virtually ceased, and from now on II may oe
expected that the available supply OF funds
throughout the country will be released for en-
pIoyment in regular business channels Develop
ments of the favorable character mentioned IN
money affairs responsible for 4 revival or
bulIish operations the Stock Exchange durlnS
the last week. and the improvement in the banking
position is such 10 foster the belief tnac some
further Improvement may likewise be recorded IN
security quotations during the coming week There
are. Of course. many elements in the SITUATION
which are calculated TO discourage the hope OF a
general and prolonged rise in The stock market
Technical conditions however, are such as 10 make
possible a further moderate advance in general
market quotations, though il may be expected that
good deal Of realizing will be encountered should
stocks move up briskly in the Immediate future
T. A Mcintyre & Co say:
While the money situation is decidedly better
and the banks gradually getting back on a
cash basis and in fair way Of soon wiping out
all Clearing House certificates Of Indebtedness and
accommodating a fresh surplus reserve, II must bs
that good deal OF this improvement
the expense OF the drastic curtatlent OF pro-
duction in all lines OF industries and forced heavy
in general business; moreover. there
are still many weak spots in the general financial
and commercial situation. the uncovering OF which
may develop at any time and give the present
rather optimistic feeling in Wall Street circles
rather rude setback IL IS. perhaps. still all right
funds make further investments in the better
class the general railroad stocks OF tried divi-
dend merit for the purpose Of holding on to them
for the income they Will net but IL IS still very
uncertain market be buying into a purely
speculative proposition
Prince & Whitley say:
Certainly the manipulation OF the stock market
during the last week has been mastery. but
must confess fail to discover anything In either
railroad conditions yet to lead
believe the tide has turned in either earnings
volume OF business. True. the monetary crisis ap-
pears TO be past, but it. at BEST must be
time yet before normal conditions obtain. We
therefore still believe that there IS hurry to
buy stocks for the long pull
Grannis & Lawrence say:
With the prospect of growing IN money
rates there is good for the expectation that
the trend Of prices of good stocks and bonds Will
be upward for some weeks TO come"
E F. Hutton & Co say:
Now that money is becoming plentiful and
the heavy liquidation has its course, bankers
are giving attention to the support Of the
market, which il viii require under prevailing con-
dtions ANY decline in prices from the present
level will be slow and orderly
BANK CLEARINGS OF THE WEEK-The total
bank clearings of the United States for the week
ended January tone day estmated) s.. 1872
i7s 543. against 81 SO2 the preceding week
and s.. .160 for the corresponding week OF
1907.
DIVIDENDS DECLARED.-The directors CT the
Associated Merchants Company have declared the
regular quarterly dividend Il. Per cent with "a
per cent extra the first preferred stock, and
The regular quarterly dividend Of I1e per cent with
: per cent extra. the second preferred. the divi
lends on both classes being payable on January L.
The directors of the American Strawboard Company
have declared a dividend Of 1 per cent. payable
January 10. The directors of the Pneumatic Tran
sit Company have declared quarterly dividenis
II the annual rate of per cent each the pre-
'erred stock. both payable on January -. one %
stockholders OF record October I. 1907. and
other to stockholders Of record December 81 The
directors of the International Pneumatic Tube Com
pany have declared two quarterly dividends on ths
preferred stock similar amount and in rate 70
the dividends declared the Pneuma Tie Transit