New-York tribune., 1908-01-12
TOPICS OF THE STREET.


~ STOCKS on a small scale in anticipation Of the
fortnigintiy settlement in London this week The
business in American stocks in London was not
large closing prices irregular with littis
, change from Friday The general market was
without feature.
Wall Street houses follow:
Henry CIews & Co say:
The tendency Of affairs in Wall Street is DIS
tinctly toward improvement. Confidence is re-
vfving and a much greater degree Of recovery has
already been established ihan could possibly have
been foretold a month six weeks ago This i'm
provement Is almost entirely due 20 favorable de-
velopments I'm the monetary situation Again, many
demands for capital which were postponed In
the last half Of 1901 will certainly be forthcoming
at the first opportunity Some OK the railroads
in serious need Of funds for the completion OK
improvements which cannot be delayed. and
siderable maturties and instalnents on subscrfp-
tions will have be provided for Finally. any
undue In money rates would be sure to start
an outward movement of gold and thus auto
matcaly check exceptional weakness In the money
market The monetary outlook, therefore. is de-
cidedy complex: and while the abnormal rates
which have prevailed during the last few months
will be a matter OF the past and be succeeded
by easier rates there is reason for expecting
any prompt return to excessively low rates. There
can be no question about the stimulating effect
which the change in the money market has had
upon securities. The prospects OF the latter. how
ever are also Influenced by other considerations
There has been important investment buying
this season. for well understood. and much
of the recent advance was. as might be expected.
assisted by manipulation II Is also recognized
that the railroad situation is in many respects
unsatisfactory Already there has been a shrink
n
ton is expected Expenses meanwhile run
ming unavoidably high and profits Of nearly all
of the railroads have suffered serious diminu-
ton This will be partly counteracted by a policy
of economy and retrenchment. but Wall Street IN
quite satisfied that are in for period OF dvt-
dend reductions and has apparently discounted
that contingency. to It's present satisfaction
Alfred Mestre & ca. say:
sR.fecting primarily the pronounced improve
mont which has already taken place in the money
situation and the promise Of further relaxation
in rates the world over. the stock market during
the last week displayed. IN the main decided
strength One Of the most gratifying indications
has been the revival Of demand for bonds ms is
the logical sequence Of return OF money 10 soma
thing like normal rates. accompanied Dy develop
ments foreshadowing positively easy condition Of
the money market by spring one OF the serious
difficulties with which Wall Street has mad 70 con-
tend for a year end half has been the extreme
apathy Of the investment market As noted aooVe-
however this week brought forth signs OF genu-
inc investment absorption Of bonds. which IL con-
tinued at the promised should go Iar
toward restoring the financial , eaulllorluIn- [
business falls off. the amount of money awaiting
Investment naturally increases and there now
seems to be quite decided disposition on 1he parr
of owners of such money to 1nd Iueraie ~ I
men. in investment securities OF tne cass
mentioned
THE stock market has made most cneerIui re-
MORT Of itself this week and If rising prices are an
evidence of returning confidence We are IaAhS
long steps ahead bringing about this mental az
titude the loss of which the one shattering
force which brought about the panic one Hhpor-
tant factor in bringing about present stock market
a5,,Ions has heen the signs Of returning easy
money; this is evidenced by offerings OF tme money
at per cent. not in huge volume out IN suDs
tiaI amount As soon this or lower rate De-
comes the ruling figure for large amounts the re-
tjreuent of Clearing House certincates VIII Oesin
In volume automatically. as per cent Is tne rate
paid by the banks for Cear1ng House certincaIes-
and the borrowing banks WILL Of course ind IL un-
profitable TO pay this when Only e"i0i
can realized
C,rannis & Lawrence say:
.aThe stock and bond markets this week have de-
x.lonsd a strength not seen before since September
I'M
due to the appointment CT receiver for 0he Chl-
&c q Great western Railway. and some disap-
80 ..,1 - because the Northern Pacific directors
did not declare an extra dividend. the market mas
closed at an advance every day since iast WeeS
Thursday To buy securities now IL Is nscessaIs
10 hid for them recent buying OF active stocks
has been largely to cover short contracts A Deter
indication OF permanent improvement mas ogel ,t t
active investment demand for bonds IN ANTICIPATION
of easy money.
E. F. Hutton & Co say:
.Fundamental conditions in trade in the United
states are being totally ignored in the present
stock market and the rise in securities can De
logically ascribed solely to recovery from a Sc
yers money panic to normal conditions Contrac-
ton of earnings and smaller dividend returns Is a
matter to be reckoned with in the not distant fu-
ture-"
Carpenter. Baggot & Co say:
I'VE feel more reassured as 10 eondltlons anu
believe that investors who have heretofore pur-
chased or who NAV now purchase first class Sc
curities cannot go far wrong. and while We @ shaA
have temporary setbaeks on account or business
failures or receivershps the market Is trendIhs
gradually TO a higher range OF values
Marshall. Spader & Co. say:
.7rbe situation is not broad enough 10 warrant
n full fedged advance. and. except with care IN
making selections. we should advise purchases 0niS
among the more active railway issues
E. r. Chapman & Co. say:
we are inclined 10 the behef that the maIAoI
Is entitled to further reaction. as recent PuF-
chasers of stocks may find difficulty IN marketing
the same in the absence of a heretofore over
extended short interest
Prince & Whitley say
THE most potent factor in bringing about the
improvement in values during the current WeeH
was the return to more natural conditions ana
comparative ease money here and abroad
DIVIDENDS DECLARED.-The directors OF the
Casualty Company Of America nave 0eciaIeu a
semi annual dividend of per cent. payable Janu-
ary Is The directors of the Rochester Railway and
Lighting Company have declared an initial dividend
of per cent (s5 share, par $780, $50 paid in) on
the common stock, payable January 10
THE MOVEMENT OF COTTON.-"The Financial
Chronicle makes the total port receipts of cotton
for the week ended January 10 as 2S4O11 bales.
34s 4e5 bales the week before that making the
total receipts since September l. 1907 9,39o.S5
bales agans. 6Ss2 bales for the same period Cf
1906 'O7 showing a decrease since September l.
1907 Of 9s7.5S7 bales
Steel. Rail. ORDERS FALLING OFF--The
New York. New Haven & Hartford Railroad Com
pany II is said. will purchase this year not more
than 5000 of steel rails, against about 4O,VVd
tons ordered by 1t last year
BANK CLEARINGS OF THE WEEK--The total
bank cIearings of the United States for the week
ended January II Zone day estimated) were S2S04-
sIO 2os against 81 567 in the preceding week
and S. 49, O9s 479 for the corresponding week OF
1907 Compared with last year. the total clearinss
have decreased 30 per New York shows a