Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-03
BULLS AND BEARS

NEW YORK, June 3.--Probably the Anal
gamated Copper Company's statement of
the condition will not be made public at the
stockholders meeting next Monday. 1t is
fact that there is a statement and 1t was
prepared some time ago. 1t is a further
fact, accepting authoritative assertions that
1t is a magnificent and impressive reveia-
ton of the strength of the company. When
1t is published 1t will be the first that has
been made, and that it will be published at
no distant day is believed to be true by
those who are in position to know the,
intentions of the controlling interests
1t Is expected. however to speak boldly,
that Its valuable ammunition will not be
wasted on stock market not likely TO
make satisfactory response. The state
ment may not come out before the direc-
tors meeting in July to declare the August
dividend and with regard to that dividend
1t is good information that there is more
than a probability that Ii will be declared
at the rate of per cent a year.
Concerning the Amalgamated Copper
Company, its financial statement and the
position of copper stock. Bartlett. Frazier
& Covinston say: The annual meeting of
the Amalgamated Copper Company will be
held on Monday next 1t has not been
decided yet whether report will be made
to the stockholders, but the facts in the
case are these: Such a report was com
piled last February and 1t was compiled
with the understanding that it should show
the exact condition of the company.
"All doubtful items that might be classed
as assets were carefully eliminated, and we
know from those who have seen the report
that it is absolutely astonishing, and re-
fleets the superior wisdom of the manage
ment. The condition of the company is a
perfect revela ion, and it may be taken for
granted, should 1t be made public. that 1t
is unoualifiedly accurate. Based on our
knowledge of the situation. we venture to
predict that Amalgamated Copper will, in
short time. be placed on q per cent
basis, and that the stock will sell well
above par.
Said former insurance man today: THE
call on Mr.. Hyde to divest himself of stock
control Of the Equitable call made APP
parently with the approval and consent OF
Mr. Hyde himself-was the one thing need
full. When Mr.. Hyde has complied the
Equitable affair will have been settled right
and in the only way that 1t could be really
settled, for 1 presume that 1t means that
Mr. Hydes stock will be put in the hands
of trustees who will be elected by the pol
icy holders, thus placing control forever
and beyond peradventure In the hands or
the policy holders themselves. beside whose
interests the interests of all others are IN
significant
\
clearings of all the clearing houses in the
United States for the week ending today
amount to 2,391 ,30I Jos, an Increase over
the same week last year of Sl62. l2o 10 or
46 6 per cent. So far as the individual cities
are concerned New York exhibits gain of
6.5 per cent, Philadelphia 44.5 per cent,
Boston % per cent. New Orleans 1874 per
cent, st. Louis 14.I per cent, Baltimore 20
per cent and Chicago SO per cent
x
The fuctuation in the foreign exchange
market for the week was confined WITHIN
very narrow limits, the extreme high ana
low levels for sterling having been less
than Ac. on the pound apart and the great
bulk of the business was done around
S4S7as4 81 O5 as the basis for demand ster-
ling. Last week Friday demand sterling
closed at s.. 87aS4. 81 TO- and sixty-day bills
at 81 S5aS4. $50. On Monday an advance
of ) points took place in sterling rates,
though the market dropped back to $4SIa-
$4s7.05 for demand sterling on Wednesday.
A further decline of 10 points was noted
Thursday and subsequently the market
again rose a shade to 81 for demand ster-
ling and 4.S:,a4. 81. 10 for sixty-day bills,
which were the quota tons at the close
The net change in sterling rates for the
week is therefore seen to have been com
paratively insignificant. Francs eased off
a shade onsthe advance in the rate of ster-
ling at Paris, while refchmarkS held
steady. Sooner or later the international
credit situation will be affected by the ne
cessity of further financing to carry on
the Russo-Japan war or to make peace.
+ c. Schumacher & Co. say: "As soon as
the supply of commercial bills diminishes
further or the demand for exchange be-
comes more brisk the deficiency in bills
will be made up by shipments of actual corn
abroad. The export movement has not COM
menced this year on account of the abnor-
NAL supply of cotton bills but 1t will prob
ably begin in due course and may not close
until late. unless the coming cotton crop
is ready for market abroad at unusually
early date"
It was reported today that construction
work would begin on Gould's Western Pa
cific railroad by the first of September next
and be completed by June l, 1907.