New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-25
TOPICS OF THE STREET..


LONDON MARKET CLOsED-The London
Stock Exchange was closed yesterday. as the dav
statutory holiday On the Paris and Berlin
bourses prices were weak at the opening but be-
came firm the news Of Secretary COrtelyOus
decision to relieve the money market
NORFOLK WESTERN SYNDICATE CALL
Brown Brothers & Co and the Guaranty Trust
Company. managers Of the syndicate which under
wrote the issue of S14457,OO0 convertible bonds OF
the Norfolk & Western Railway Company several
months ago. have called on the syndicate for the
final instament, about 141a per cent Of their sub
scriptions. payable August 80.
MARKET OPINIONS-Market opinions Of SOM.
of the leading Wall Street commission houses fol-
low.
Grannis & Lawrence: Many good stocks Weld
now as much as money does, and, unless interest
go still higher. these stocks should rise The
rails are more attractive as a class than the in
dustrlaIs, because they have had larger decline,
and also because they are more independent Of a
trade reaction such is impending. This
week Wednesday several Of the preferred indus
trials fell much points Some Of these
breaks have been due 20 discrimination by banks
Other recessions have probably been due to chang
ing trade conditions which Will affect earnings the
current year. Stockholders in these companies
have reason for alarm. but suggest watching
the market closely for favorable opportunities To
change investments from the industrial class 70
rails"
A o. Brown & Co: ~ P. Morgan has thus far
declined 20 express any opinion on the market and
bearishIy inclined traders disposed 70 interpret
this indicating lack Of pronounced buIlisa
sentiment for the present
Marshall Spader * Co: 1T Is by no means in
possible that the policy OF reducing dividends by
railroad corporations will be followed IN the not
remote future. IL would be particularly consistent
expect this where roads are borrowing money at
high interest rates TO sustain condition and equip
Tnent. say nothing OF the uncertainties surround
ing the net earning question, particularly OF East
roads for the coming year under existing con-
ditions- Recent suggestions concerning the condi-
tion Of rOadbed and equipment or many important
systems read rather unfavOTably. though We do
not regard the question applying generally 70
the great railway systems
Carpenter. Baggot < Co with time money
carce at IA per cent and call money plentiful az
q. per cent would seem IL the much feared
strngency OF the fall Is being well prepared for
that it might to considerable extent be averted,
or at least modified. The banks are surely keep
Ing their resources in as liquid form as possible
Viewing the varied and complex conditions. IL
might safely asserted that Wall Street has ger
erousv discounted all known bad features and In
dications and many that were not known and II
might also be said that prices are adjusted 10 ire
political situation Fair advances could and should
easily occur. but no bull market OF importanca IS
Henry CIews & Co: The monetary situation
though far from being satisfactory. IS gradually
improving No doubt liquidation has enforced SUI
fcieut contraction in loans materially strengthen
the banks and enable the latter 10 finance the crop
and the large business demands of the Interior All
accounts from the interior are encouraging As
result average crops and profitable prices there
every prospect OF good market this 1a4I for an
staple products. even If the stringeucy OF the
money market should enforce a Cgsrtailuleur OF new
enterprises and speculative operations There Is no
moderate recession IN general business 50 that
tension might be relieved and affairs return TO the
normal for Wall Street Is still the storm centre
and. while the end has apparently not yet come.
the financial situation has been much bettered ~
the decline to lower and safer level
T. \. Mcintyre * Co: We think the market -
more likely 70 drag lower before there IS fresh
upturn of Importance. and as consequence We
would continue 10 favor purchases OF only the best
class Of dividend paying stocks on further breaks
from this level and then only for moderate turns
owing TO the very stringent conditions prevailing
the money markets here and abroad
J. :. Bache & CO.. I'VE have such tenacious
business prosperity that eighteen months OF what.
whether intended or not. has been onSlausn,
against credit with breaks in the prices OF securf-
ties wiping thousands OF millions and a tense
money situation. long continued and spreading over
the whole world. have not been able 20 GlSSipate L
Here. then Is for cheer and these const1era-
tons should assure the investor that the country
is all right and that also are its securities; anu
this should bring him out OF the cellars 20 raKe
advantage OF the lowest prices for values II years
MOVEMENT OF COTToN-"Ths Financial
Chronicle gives the total port receipts Of cotton
for the week ended August IS as 1887 bales.
against S. 563 bales week ago and 1859 bales the
previous week making the total receipts since 80
TENDER l. 1906. 1892 AZ bales. against I.SS3SoS
bales for the same period OF l9O5-.e6 SHOWING an
increase since September 1. 1906. OF iS59lVS Dsle
NEXT MONTHS INCOME DISBURSEMENTS
Dividend and interest disbursements IN Septe1n,
ber as figured by 1.-The Wall Street Journal "ia
amount 10 about $50 900 600 StNty-four raiirOaD-
Industrial and public service corporations have DE-
gregate amount of $29.336.4S9. Interest pawn -
will be made by 257 companies which VIII can Ios
an expenditure of s29942.011- Tho total OF 80
dividend and interest payments. which are 49, -.
declared aggregate s59.27S,50O. and. aIeWins ~
the distributions which not Yet deciaII ,c 80
total for the month will be approximately So''''N
600.
CENTRAL OF GEORGIA D1VlDtiNI $500 $500
The directors Of the Central Of Georgia E.A1
Company have declared the full dvideId % -
cent on the first income bonds and diNiue -n.6
3729 per cent on the second Incomes Ihey p 49,.
the dividend on the third income hondS LO-
reason as set forth in the official annouli c.s
that il had not been earned In the conn., ~
held in this city recently between the oNhv -
the road and a committee OF the Hto"O ,atn
holders il was commended by the latter thAt se
changes in the cOmpany's bookkeeping sn0uIa,
made the effect OF which will be 20 show 'na
full dividend of , per cent on each on t1S -
classes of income bonds had been earned
ROADS NEW OWNERS TO MEET.-Ine o ossn,
holders protective committee which last aHg
at public sale property OF the Totet,o a.. ri,
Il Terminal Company will have meeths .as+rs
city tomorrow. when plans for the hilSA -
over of the property win be perfected -
DIVIDEND DECI4ARED.-The usual Ino IVA
dividend of 1 per cent regular and per Csn - ne
has been declared the common StoSN -
American Chlcle Company
CANADIAN COMPLAINTS STOCK SI-,-t-.o
The stockholders of the Canadian Generai $50
Company have approved the proposition 10 I'm"
the stock from 100000 70 sS.eo'"