Daily Kennebec journal., 1901-12-20
DIVIDEND CUT.
Amalgamated Copper Votes a
| Per Cent. Dividend.
The Stock Goes Through Bewildering
Fluctuations on Exchange.
Over 222,OOO Shares Handled. Thursday. at
from 63 1.2 TO 50 1.2.

copper claimed and neld interest OF all
the list IN the street, today. ana went
through rapid series Of bew1iderihS
fluctuations. After the erratic market
had closed the directors of Amalgamat-
Cd met, voted dividend of per cent.
and issued a statement placing the
blame for declines upon shrinkage In
foreign consumption. In this contrac-
ton il was stated Amalgamatcd mad
been forced to bear the largest loss in
+ Effort to maintain prices. The state
ment placed the falling off in exports a I
| $1,000 tons and said that during the last
month the United Metals Selling Co.
had sold over i90.0 900 pounds for fu-
turc delivery.
Large blocks of the stock were un-
loaGed Immediately business began on
the Exchange, today, and about haii
| an hour after the opening the gain OF )
points made yesterday was wiped out.
| Transactions then became very modor-
ate. Efforts Of shorts to cover assisted
by what appeared to ne adroit manlpu-
lation ran it up to 66i. on a parity with
yesterdays close. The stock backed
and filled over range Of a point until
wen into the afternoon.
Trading became excited in the last
half hour of business and blocks of
from 1900 10 5000 shares changed hands
frequently on a rapid ris, to 69i.. An
equally rapid reaction followed e. 6i42.
changes OF u point being made between
sales. but the buying soon oVercamc Tho
declining tendency and tn" price bound
~ M again TO 6+i3. There was another
slump just before the close ana the last
sale vas at 657s.
The general movement Of the stock
throughout the day was Of an excep-
tional character and its dominance OF
the trading was represented in trans
actions Of 222. $40 out OF n total for all
stocks of i1f.oO0 shares.
The meeting of the directors at which
the reduced dividend was declared ana
the statement in behalf Of the company
made public commenced as the market
was CLOSING ana was attended hy WIN.
.fuckefelrr n. III. Rogers. James sum
man, Arson r. Flower ana VIM. MI.
Eockrfeller No announcement W.t,
.n@da for IN hour ana when 4 ,irlk np-
raarad At h- office ioor tyith au armi.l
.oi tNu"Wri1J'n Statements d" was in-
~tantly the r,ut,l. Of - sensational UI+h.
ialf ~ I'll" statements p-.rc torn aS VII,
clerk attempted 10 d.strihutr them n
IN" crowd Of mosso rg"rs. financial
bureau men and reporters. Announce.
ment was made that the diN idrnd Uas !
per cent. compared with H. declared
IN September The statement given u-lt
,-as as follows.
The conditions prevailing in TIL, pq-
Ter trade. UP To tho commencement of
the present Year were Very satisfactory
ana 50 FAR a. this country is cunc.ru"n
3rc StiN so. every copper Wire. nru-s
and electrical manufacturing courrlu
being run To its full capacity. \ large
proportion hoWcyer, of the copper pro-
ducrd in this country. hIs "a nina Il
market abroad The unsatisfactory
trad" conditions which have existed
during the present year IN Europe. t"-
@ether with the fact that the supplies
IF copper to Europe from sources out
side this country have increased. have.
Jointly caused d failing off in exports of
about $1,000 tons. This decrease has in
some degree been compensated FOR by
increased domestic consumption.
The officials OF the various compau-
les. after carefully considering the sit
uation in all its phases. decided that il
would be better. in the interests of the
companies they represented to refrain
from forcing upon the market moro
copper than was actually needed AS
such action would only have led to al
normally low prices.
During the present month tho Unit
- Metals Selling Go. the selling agents
for th" companies in which the Anal
cHWatcd copper -, H. Interested. has
Notwithstanding these conditions sold
considerably over 100 000. 600 pounas ri
copper for future delivery.
During the past two years the COM
panirs in which the Amalgamated Con-
Per 60. IS interested have equipped
their mines ana snclterS with the latest
improvements ana most modern labor
saving appliances and one OF these COM
panics has Quilt the largest and best
equipped Smcltcr in existence. The fu-
turc prosperity OF the copper business
dcp"n6N largely upon such u revival of
foreign trade as will bring the total
consumption of copper nearer 10 Tho
production than is tn" case at pres
cut"