The daily morning journal and courier., 1907-05-15
LATE FEATURES OF
 TIE STOCK MARKET  Prices React After Heavy Covering is Com
 pleted. HEAVY FOREIGN SALES Weakness at Close-Dela- ware & Hudson Meeting Graft Charges.
HEAVY FOREIGN SALES

Of went stocks and wheat yesterday in company just as the day before they rose together. 4 full telegraphic ac- count of the hubbub in the Chicago wheat pit appears in another column.
 The affinity of wheat and stock prices meant nothing except the work of the smaller professionals trying to secure the nimble dollar In other words as it has been well put, when the outside investor is absent from the market, and when even the professional has run breathlessly over to the Produce Exchange, 1t does not require great skill or power to move the hands of the clock either forward of backward from their proper place.
 It was quite apparent yesterday that the fellows who pushed wheat up to a dollar were to say the least rather premature, but at the drop of prices held well for the weather bureaus weekly report for the past seven days could hardly be described as favorable, and the days weather-map showed temperatures in the spring wheat states unpleasantly near the freezing point
 Much interest and inquiry centered in the Delaware & Hudson meeting yesterday afternoon. It was lively one, something different from the staid cut and dried meetings for years of this standard old road What was done is told in the press dispatch of last evening as follows;
 New York, May 14.-An attack upon tie management of the Delaware &s Eudson company because of it's recent purchase of street railway properties, purchase of coal lands and increase in dividends was made at to-day's meet ing of the stockholders of that com pany. The criticism followed request made by former Judge Cowing of this city for details of the purchase of the Hudson Valley railway. The chairman replied that the plans for the purchase of the railway were not consumated until after the close of the last fiscal wears and consequently that the de- tails do not appear in the report for that year. Judge Cowing asked who GuLllOI lAGl bllS PulNl]clOV clAlO NhO PIO~ fited by the purchase. He declared that the company had no business to go into fractions and that the whole deal was tinted with graft. The Hudson Valley property, which was purchased for $5,- 00000O be characterized as "a bankrupt road worth not $2,0O0, ,0OO' Chairman Loree replied that he was not familiar with the terms or details of the pur- chase of this property, as the deal was made before he became connected with the company.
 MT. Loree in reply to the criticism of increased dividends said he believes the company's earnings will be maintain ed sufficiently to meet the present rates. He also defended the purchase of coal lands by the company. The proposed Delaware & Western line he characterized an impracticable pro- position and said he does not believe it ever will be built.
 President Loree said that 1t would be impossible to say how much money the company will need to take care of it's financing.
 Another meeting of stockholders will be called to approve financing plan.
 J. Rogers Maxwell and Frank E. Smith were elected members of the board of managers of the Delaware & Hudson to succeed Alexander F. Orr and Frederick Cromwell.
 William s. Opdyke was also elected to the board of managers.
 The agreement modifying the Dela- ware & Hudson lease of Chateugay and Lake Placid railway was adopted.
 Canadian Pacific has until yester- day ignored the Manitoban crop sit- uation. It has ruled steady while re- ports from the northwest have all agreed that conditions were serious and that a shrinkage of 25,00O000 to 40,- COOL 900 bushels in yield was probable. Canadian Pacific can ill afford poor crops in Manitoba and Saskatchewan, for other traffic there is Gmall. There are not the diversified traffic conditions that obtain in the spring wheat sec tion across the border in the Northern Pacific and Great Northern territory.
 In the last hour stocks became ex- tremely dull and fluctuated within a narrow margin up and down, and at times the tape came to standstill for minutes at a time. It was midsum- mer market, with the heat thrown in.
 The foreign selling amounted to 25,00O shares. Gonsols were lower and rail- road stocks were down on the unrest among the employees. In Canadian Pa cific it was said that the liquidation preceded from Berlin. This stock has been 40 points above other I per cent diyident paying shares like St. Paul, Great Northern and Northern Pacific. An incident of the day was the heavy buying of Union Pacific, Reading Unit ed States Steel, and Amalagamated Copper by several firms, which were