Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-06

s'SSAiA W tiidt III the opinion OF these
houses cotton speculation promises better
results at the present time than speculation
in stocks with prices where they are and
the money market very firm.
One thing seems probable that the bull
campaign in cotton will not be protracted
if the spinners' supplies are as scanty as
they appear to be and if southern planters
STICK to their agreements to hold cotton
for ID cents with the determination and
enthusiasm that they are showing.
A recent calculation as to the present
earning power of the Amalgamated Copper
Company is as follows:
''Amalgamated produced 2O2 600 600 pounds
of copper last year. AS the product CT the
Butte district has increased about % per
cent this year. that of the Amaigama ted
company must have been swelled in like
ratio. 1t is, therefore, conservative to es-
innate its 1905 production at 2J0 900, 900
pounds. The cost of algamateds output
is approximately 10 cents per pound. Its
average selling price this year will I'M
doubtedly be from 10 TO 151a cents per
pound and should, as result show a
profit of about S13, 100000, or more than
$3.50 per share. on its capital stock With
copper selling at II cents, the company is
earning between s11.5o and So per share.
This years operations will add fully S. O0l,-
GEO to Amalgamated's treasury surplus. me
company is therefore in better shape now
than at any previous time In its career to
pay per cent dividends on its stock 1t
is not believed. however, that the dividend
rate will be raised above G per cent until
after the company has accumulated treas
ury surplus of at least $4,000 co.,
1t is generally believed in Wall street
that at the next dividend meeting the di-
rectors will Increase the rate to per cent
Yesterday was a banner day for the SUBJ
way and elevated lines in this city The
Manhattan carried $3.50 MESSENGERS and
the subway $1,000, making a total of
l,3So.O0O passengers carried by the Inter
borough system.
ii. " Jones figures the eXportable surplus
of wheat at 1T5.000O00 bushels; that is
100000 bushels from the Atlantic coast.
1oG0OO0 bushels from Canada and % oto-
eco from the Pacific coast
The announcement is made that the Pitts
burg Coal Company has absorbed the
wholesale deposits of four of the largest
companies in the northwest. including the
Youghiogheny and Lehigh Coal Company
the Pioneer Fuel Company. the Ohio Coal
Company and the Jones and Adams Coal
Company.
1t Is said that in view of the general
agitation on the subject Of legislation on
railroad rates and the abolition of all forms
of rebates and concessions it has been de-
cfded by the Pennsylvania Railroad Com
pany that all forms of free transportation
will be discontinued after the end of the
present year.
The American Telephone and Telegraph
Company, in order to obtain additional cap
ital necessary in the expansion of its busi-
ness contemplates the issue of $780, coo 900
convertible bonds, such bonds to be sold
from time to time as the needs of the CON
Germ may require. special meeting OF the
stockholders has been called for December
Fl, at which they will be requested to vote
upon the issue.
IT. is proposed to give the bondhoIders the
right to convert the principal thereof. aft
er two and not more than twenty wears
from the date Of such bonds, into stock of
the corporation at such rate, not less than
par, as the directors may fix and under
such regulations they may ADOPT
The amount of issued capital upon which
dividends are paid at the present time is
$l3l, sol, 400, and the amount of 4 per cent
collateral bonds Including bonds of the
American Bell Telephone Company to the
amount of $40 900, 900, due in 1905 which
lateral bonds is SSS00o 900. of which bonds
to the amount of $25, 100000 which under
lie the $4,000 600 per cent debsnture notes.
will be returned to the treasury of the COM
pany when the debentures are paid May /,
1907.
lspatch from Firminshan A,o -.