Arizona republican., 1901-09-28
NO EXTRA DIVIDEND
A Cause of Consternation in
 Copper Stock
Despite Heavy Accumulations the Amalgamated Has Maintained
 Prices Fairly Well-The Regular Dividend One and Half Per Cent.

New York. Sept. 21.-The directors of the Amalgamated Copper company met shortly before the close of business to- day and declared the regular quarterly dividend of IF per cent on the s155, 100000 capital stock but omitted the one-half per cent extra" dividend.
 Tha ''extra" dividend had been de- clared every quarter since the organi- zation of the company. and until re- gently Wall street has regarded it as permanent. A rumor has been cur rent for some time past that only Iis Der cent would be declared this quar- ter hut many of the stockholders rs- fused to share in this belief Mary reasons are advanced in explanation for the omission of the extra dividend. one of which is that the directors were prompted to take the action by the poor condition of the copper business
 The supplies now carried by the Amalgamated company are said to be exceedingly large and the demand light. In proof of this stateemnt the export figures for the seven months of the cur rent year as compared with the corre- spending periods of preceding years are given For example. the exports from the United States for the first seven months in this year in long tons amounted to 5s.S51; 1900. .91s: Is99. 63.e2O: 1898. S3 6SS.
 KEPT COPPER PRICES UP.
 The aforegoing figures show . rsduc- tion of 45.062 long tons for the first seven months of 1901 as compared with the corresponding period of last year. The shrinkage in the exports of copper to Europe is accounted for in the trade by the increase in European produc- tion of 5.515.000 long tons. and the fl- at@ faI f... f.,I prr.o T the continent. especially in Germany Although the consumption or copper in this country during the current year Is expected to show an increase of 25 to 50 per cent as compared with the pre- ce1ing year it will come far from of setting the contra ction in exports.
 When it is taken into consideration that the production of copper in the United States during the seven month of the calendar year 1900 from known sources was 157.5S9 long tons and ex- ports 10l. .913 long tons. the importance of the export branch of the copper in dustry becomes al once apparent. That The Arnalgamated Copper company nas the copper market well in hand is evl- dent from the fact that in spite of the unusually heavy accumulation or cop per it has maintained the price of the product around 17 cents per pound for months past In order to do this. it is said that they have been compelled to purchase large stocks of foreign copper. The Amaigamated Copper company produces about 50 per cent of the cop per in this country.
 LITIGATION POSSIBLE CAUSE.
 Another explanation given is that the litigation in which the Boston & Mon tana company, recently absorbed by the Amalgamated Copper company. Is i@- Nolved, has interfered with dividend disbursements on the stock of the for mer. and for that reason the directors of the Analgamated thought it woui1 be to the interests of shareholders D suspend disbursements pending the settlement of legal entanglements-
 Quite a number attribute the whole movement as a means of depressing the Amalgamated stock. In other words. they regard it as a stock jobbing affaic. but this belief is ridiculed by Amai- gamated Copper directors, who declare that their action was governed by the majority shareholders. It was said that Standard Oil interests were sell CTS around the highest prices reached by the stock and buyers around the low figures.
 Not long ago Amalgamated shares were selling around 130. The opening price today was IO6. A tieluge of sell ing orders sent the stock down 2 points. but on liberal buying. said to be for Standard oil interests. this downward movement was checked and the stock sold up Az points to 1OS1a. The clos ing sale was made at 1071s. a net gain as compared with yesterdays final sale of ? points.