New-York tribune., 1907-06-30
TOPICS OF THE STREET.


FOREIGN TRApING.-Foreign houses were not
active factors in the local market transactions
amounting 70 nothing beyond evening operations.
In London the general market was firm. At Paris
prices were strong but on the Berlin Bourse quo
tations were weak Money was In strong demand
at the British capital and 90 per was paid for
loans over Monday. a large business was dons
with the Bank Of England In seven day loans. It
IS believed that money will remain relatively stir
at all the foreign capitals throughout the summer
MARKET OPINIONS.-Henry Clews & Co. sayT
The outlook IS for quiet market until after the
Independence holidays. There are many prOmt-
nent absentees and this contributes to inactivity.
Should We continue free OF unfavorable develop
nents. confidence ought to gradually recover. Tns
future depends largely upon the course OF money
and the crops; favorable developments IN these
quarters being likely to be followed By better
prices for securities. and vice versa
GrannIs & Lawrence say: The bull manipulation
OF the week-for OF course such 1t is-has had the
effect OF broadening the market and creating 8
good interest. Prices, viewed from every stand
point, are still low. and while an opportunity may
arrive 10 buy stocks on some fair recession to-
the rise and much higher prices for July, and
tinue 20 recommend. as We have for some weeks
past. the purchase OF the good active stocks We
do not consider the lack OF bids for city bonds as
anything bearish in a permanent way.
T. a. Mcintyre S Co. say: The money market
and other underlying conditions have been against
this bull movement. and we have felt that when
the manipulators come 20 sell out their stocks
there will be practically LEFT 10 buy aftsr
the shorts have been driven In.
Marshall. spader & Co. say: We expect nothing
TO develop which Will prove permanent and many
things point to much better demand for high
grade bonds and stocks by investors.
II. L Horton & Co. say: We consider the drive a.
the market on the failure TO sell the city bonds
and the temporary high rate for money as giving
an opportunity to buyers We look for SIN fur
ther gains to be made the early part OF next week
RAILROADS AND THE GovERNlIENT-F4sk
& Robinson IN their monthly bulletin say: There
FyrIa ffrere
present relations with the government. The wide
discussion OF the Interstate Commerce act was
highly educational to all interests concerned. and
1t grows more certain that this law VIII be benea-
cent IN protecting the roads from the exactions
OF shippers and from much destructive inter-ratI-
road strife. Railroad securities will be placed on
soundsr and hrTner basis than ever before thers-
by increasing the credit OF the transportation lines
It WI! be possible. also. for the roads to secure
the cooperation OF the representatives OF the na-
tional government IN the enactment from time to
time OF necessary measures OF relief II there -
9ouot on thls point note the openly expressed and
proad-inlnded attitude OF Interstate Connercs
Commissioner Knapp the subject Of pooling
through traffic associations. The Interstate Com
merce law, instead OF being the drastic measure
It was first thought 10 be- IS more OF the nature
OF protectOrate established by the governments
over the railroads. and may prove buIvars
against the encroachments OS state IegisIa lures.
The time may come when the United States gov
ernment will say 10 the states: You shall not by
arbitrary legislation. impair the efficiency Of rail-
roadS supervised by the United States govern
ment and carrying the United States mails II YOU
your citizens have COMPLAINTS auves1 p, rrs
Interstate Commerce Commission for redress
From the standpoint OF prosperity the railroads
generally have their fun share. Both i'm sraSs ana
net they are likely 10 make new high records Tor
the year closing June 50. 1907. Should there La
less congestion IN tonnage during the next twelve
months II Will enable the roads to operate mora
eoohohuca4Iys with consequent increase In earn
ihgs aValaoIe Tor Improvements and bette-ueuts-
ST. PAUL AND PACIFIC COAsT-T7le CHICAGO.
Miwaukes ~ st. Paul has. Il is understood de-
cided TO begin active operations at once in building
from Seattle eastward. and IN order 70 carry out
Its plans has made an arrangement with the Pacific
Coast Company. which owns valuable terminals in
Seattle to twenty miles OF the Iatter's track
IN the operation. In return the s. Paul psvs 70
the Pacific Coast Company Sl.0l1Coo. AS Is geuer-
ally known the st. Paul is building westward 10
the Pacific Coast, and under it's present plans e
Will work IN both directions big saving Of time
Inc 81 PauI' 1t Is learned. has all the money
hand and promised that II will need 10 ger into
Seattle and its entrance at that point viii be an
important factor in increasing the business OF the
Pacific Coast Company.
THE MOVEMENT OF COTTON-.eThe Finan-
cial Chronicle reports the total receipts OF cotton
for the week ended June IS, at 21O5O bales against
20SSS bales In the preceding week. making the total
receipts since September I. 1905. 9.59S5S5 bales
against L575,S2s bales for the same period Of l5S
showing increase since September ! 1908 o.
2 PSI bales Weather reports bv teIeersrh from
the South indicate that a rule the weather has
been satisfactory during the week. Many corre-
spondentS report Improvement in the crop II Is
claimed that In Texas while the weather has been
favorable for the cultivating and chopping. rain
would be beneficial TO the plant Boil wseyils ara
stated 70 be increasing.
SOUTHERN RAILWAY EARNINGS -Farninrs
OF the Southern Railway are showing marked i'm
provement over this time a year aSO. and results
are much better than reported early IN the year
For the third week IN June gross earnings show a
gain OF SO9.lsS making total gross earnings from
July S5511S,742 which compares with So .159 in
the same time in the preceding year and $i6927159
IN 1905. For the month OF May gross earnings IN
creased s29 sos, while net earnings increased S9O
s11
NEVADA-UTAH.-The NevaGa-Utah Company
has an option upon the consolidated Arizona
Smelling Company. This company has issued
], 5.i7S shares out OF authorized capital OF
10000 shares par value S0. 1t owns controlling
interest In the Blue Bell and De Soto mines in
Arizona, which producing about 500 tons OF
ore day. averaging per cent copper and So 80
a ton In precious metals In addition. the COM
pany owns q smelter at Humboldt. which was COM
pleted In October, 1906 with capacity OF 90
a day. Thomas W. Lawson purchased q 10000
Interest In the company some months ago. and at
the same time secured an option controlling
interest.
DIVIDENDS Observation-Disclosures have been
declared follows; United States Telephone regu-
lar quarterly 3. of per cent the common and
- OF Fer cent on the preferred payable July 70.
Havana Electric quarterly 1ia per cent the pre-
ferred. Nova Scotia Steel and Coal Company reg
ular quarterly H. per cent on the common and
per cent on the preferred payable July Is. Ameri.
can Seeding Machine regular quarterly per cent
on the common and IL per cent on the preferred,
payable July 10
CHICAGO & EASTERN ILLINOIS BOND
SAIE-Speyer & Co. have entered into agree
ment to underwrite $SOS5.000 general consolidated
cago & Eastern Illinois Railroad Company, dus
November l, 1881. which to be issued 20 reure
S2,9SO go first mortgage per cent bonds maturins
December l. 1901 and S5OC0O first mortgage PEI