New-York tribune., 1907-06-16
TOPICS OF THE STREET.

factors in the local market. dealing in only few
thousand shares. evenly divided In London con-
sols were lower. Russian bonds were depressed on
Paris selling and the general market was heavy,
especially the copper shares. Discounts were firm
Gold withdrawn for the account of Egypt
from the Bank Of England. There will be s5O00 600
South African gold in the London market to-mor-
and Il is expected Paris will bid for part
Of II. The Continental bourses were weak though
Paris closed firm.
MARKET oPINIoNs.-The leading commission
houses in Wall Street make the following comment
market conditions:
Henry Clews & Co.-The outlook for the mar
ket is uncertain Owing TO the unsatisfactory,
crop and monetary conditions already referred TO-
the tendency appears 10 be downward Liouida-
tion in soma quarters is stiI incomplete and the
immense supply Of securities and short term
notes issued during the first half the year weighs
heavily upon already overloaded security mar
ket- Stocks only a good purchase on pro-
nounced breaks, and may be considered good sales
on all pronounced rallies
H Z. Horton & Co-Lower prices caused by
foreign doubt and uncertainty are liable 10 CON
tnue as the feature here until the situation is
cleared by a willingness abroad 10 turn buyer. II
Europe must sell II certainly will be lower fig
Carpenter Baggot & Goa week ago strong
combination Of market leaders and financial inter
ests vas formed 10 make a bull market Of inpor-
tance. The initial effort successful, but the
movement stopped. Whether this cessation Of
tion is temporary the whole plan abandoned for
the present unable Just 10 ascertain.
E r Chapman Cove are still bearish.
Bartlett. Frazier 6, Carrington-Thus
told that the banks are discriminating against col
lateral: thai has been going on for some time and
one great house privately says that the market will
have another big break from this level. but this
house was long up al the top in many issues and
their present dependency can be accounted for.
Prince & Whitely-The prices of some issues and
their comparative interest return certainly look
inviting The trouble is that the public has little
confidence IN the maintenance OF the dividend rates
and besides the bonds and offering in the
market show almost equal investment return
Chandler Bros & Cove believe that real Iioui-
dation has ceased in the market and that declines
come the result OF heavy short selling against
the feeble buying power.
Alfred Mestre Cove still believe that stocks
a sale all rallies.
T A. Mcintyre & Cove still see no induce
nent to favor the bull side advise loading up
with stocks
bull canpsign is very poor and the general situa-
ton in opinion warrants sales on good rallies
especially Of industrial shares.
CHICAGO UNION TRACTION-The signed
agreement under which the minority holders Of
Chicago West Division and North Chicago City
Railway stock are willing to deposit their shares
for reorganization has reached New York. and
there is hardly any doubt that 1t will be signed by
the interests here Monday or Tuesday. The ne
gotiauons leading up TO the agreement were con-
Quoted mostly by telegraph. The agreement
then reduced 10 writing and signed in Chicago.
whereupon il forwarded 10 New York to be
signed by parties of the other part. This will close
the only serious controversy. Others of minor
porLance may arise, but il is considered that the
business q whole has been greatly expedited.
The next step will be TO formulate the plan of
organization.
CENTRAL FOUNDRY REORGANIZATION
PLAN-It was reported yesterday that the
tenplated reorganization plan Of the Central Foun-
dry Company viii be abandoned The plan as
originally outlined. called for scaling down in
the preferred stock Of the company by the ez-
change Of present outstanding preferred for
preferred and common shares That has been un-
der consideration for several months. but leading
interests IN the concern have concluded that owing
20 the largely increased earnings derived from its
iron properties. reduction the capital stock
IS not necessary. and. indeed. is inadvisable. II
IS understood that the directors viii in the near
future take formal action and announce the with
oraxal Of the reorganization scheme.
MOVEMENT OF COTTON.-'The Financial
Chronicle reports the total receipts of for
the week ending June i at 27,775 bales, against
80 29 bales in the preceding week making the total
receipts since September = 1906. 9.54s56s bales.
against 75l31Is bales for the period 1866.
showing an increase since September /. 1906, of
203 40 bales Telegraphic reports from the South
indicate that the weather has been favorable quite
generally the last week. Rain has fallen in most
sections but on the whole the precipitation has
been light. and in number of districts Of Texas
dry weather has prevailed. Advices denote that
the crop is improving Boil weeTils claimed to
hzve caused some damage in Texas.
CANADIAN PACIFIC's EXCELLENT CROP
oUTLOOK.-The Canadian Pacific Railway Com
panv's weekly crop report. covering over two hun
dred stations says: Wheat six eight inches
high and not complaint Crowd here don take
any stock in Jones's Dakota report. Reliable
ties here returned from Dakota say conditions
same as here. which are perfect We can give the
old country fifty loads OF wheat daily for severity
five consecutive days. then ship new wheat
GREAT WESTERN CEREAL COMPANY
CHANGEs-The board of directors of the Great
Western Cereal Company has been reduced in
number from fifteen 10 eleven. and numerous
changes have been made in the official staff S T
Butler formerly zice-president of the Glucose
Sugar Refining Company, has been elected secre-
tary and general manager Of the company to sue
ceed David Oliver, Jr.
APPLICATION TO LIST.-Applicaton has been
made 10 the Stock Exchange 10 list sl3A.o~ addi-
tional guaranteed special stock of the Ptttsburg'
Fort Wayne & Chicago Railway Company and
$4,000 additional refunding mortgage per cent
bonds Of the Peoples Gas Light and Coke Com
pany Of Chicago.
DIVIDENDS DECLARED.-Divid have been
declared as follows: Great Western Cereal Com
paay regular quarterly per cent on the preferred
stock payable July l. Mobile & Ohio. regular semi
annual 2lh per cent payable June "a the P, Lorii-
lard Company. regular quarterly per cent on the
preferred. payable July l; Rensselaer, & Saratoga.
regular serni-annual per cent payable July /
RAILROAD GROSS EARNINGS-The total
gross earnings Of thirty-eight railroads for the
first week of June aggregated sloyo34;SoS compared
with S3ss 9e4 in the corresponding week year ago.
an increase Of s. .3s5 .233 or 1sOl per cent
BANK CLEARINGS.-The total bank clearings
OF the United States for the week ended June Is
Zone day estimated) were s2.sl42s8,95s against