Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-11
BULLS AND BEARS

l NEW YORK, July 11.-WaIl street Is In
| clined to believe that the copper war; II
/ not at an end has passed Into a stage OF
| meaningless rivalry. The initial dividend
| of one-ha1f of one per cent and extra divf-
| dend of the same amount which has Just
been declared on the Heinze United Cop
| per Company's commons stock. payable on
July 80. the books closing on July %. are
regarded significant. not only of the
| strength Of the trade situation. but of more
| prosperous relations with the Amalgamated
| Copper Company. Something like truce
| to further hostilities added to the flourish
| ing state OF the metal market and to the
benefits derived from the cautious and eco
nomical policy pursued in the last year and
half would make a good basis for an ag-
gressive campaign in Amalgamated Copper
| stock. something that the speculative COM
| munity hopes and expects to see this sum-
| mer.
Ii there Is to be such a campaign-and
| there have been many-promises coming
| from important quarters and looking IN
| that directiOn-tt would seem that 1t should
/ be inaugurated this month about the time
OF the declaration of the next dividend on
| the stock. The dividend meeting should be
held on or about the Goth. and there Is
| much conjecture and no little gossip to
what the payment will be. Anything less
than an increase to per cent rate will
! be decided disappointment. although the
/ street would be satisfied to have the dec
| laration made in some such terms as per
| cent for the quarter and " of 1 per cent
| extra.
AS matter of fact. some important ru-
| mors have 1t that the distribution will be
very LIBERAL perhaps amounting to dis
| bursement at the rate Of per cent, but 1t
| should be said that such generosity as
| THIS might be construed as transparent
| stock Jobbing maneuver, and so fall Of the
desired effect. Suspicion alternates with
| credulty In Wall street, going to violent
| extremes at times, and it Is not always
enough to know that inside interests are
/ very builish on stock. for this bullishness
may be for publication and for purposes
Interior to a consideration that market ap-
| probation Is a property's rlghtful due.
| Amalgamated Copper has past to live
down. and 1T would seem as though this
| year good opportunity was offered to OBJ
literate something of its record.
| 4
The Philadelphia and Reading Railroad
Company. lessee. gives notice that it has
elected to buy the $1,5O0.0oO first mortgage
| and $500. 900 second mortgage bonds of the
Delaware and Bound Brook railroad, which
mature on August 1 next 1t offers the OF
ton of exchanging upon payment of 1 per
| cent premium into the first mortgage con-
|
Brook bonds of 1855 not later than July Is.
| The exchange will be made by Drexel &
| Co, Philadelphia. and bonds not exchanged
Will be paid by that firm on August /.
Some shrewd observers of transactions
| In the stock market conclude that even If
there has been no design to encourage and
increase the short interest lately. the daily
price movements and dealings have been
| calculated to bring about that result
Last summer and fall much Of the adj
vance was accomplished at the expense of
4 a real short interest that was being con-
stantly renewed, and was technically in
| creased by the London option dealers who
| were continually buying stock at advanc-
| ing prices against maturing calls sold to
| operators this side
| There Is every reason to believe that the
| large interest that existed last month and
| was indicated more by the private bor-
rowings than the supply of stocks in the
! after loan crowd, has not covered in the
| sense at least that there has been steady
| recruiting. The way in which the market
has acted in the last three weeks has been
| daily temptation to bearishly inclined
! traders to feel for the top and to cause
| many who are given to stubborn convic-
| tons to commit themselves to a specula-
| tive position that could be made uncom-
Portable.
| lHc IIochlHB Sdiley halfway Company
| announces that it has made an arrange
| ment with ]. P. Morgan & Co. to extend
the first mortgage per cent sinking fund
| bonds of the Columbus and Toledo Rail-
way Company. maturing August 1 next,
| until August l. 1855, with interest at the
| rate of 4 per cent. payable semi-annualIy
| on February L and August l in each wear
| me lien or the mortgage securing the ma
| turing bonds Is to continue unimpaired
| extend ri
| has been reserved to such holders as shall
| deposit their bonds with j. P. Morgan &
| Co. on or before August /.
| The six months interest due on August
| will be paid on surrender Of the coupons
| or upon assignment of the registered in
terest. Referring to this announcement.
| j. z. Morgan & Co. state that they are now
| ready to receive the maturing bonds for
| extension. and to make the cash payment
| indicated. They are also prepared to buy
| at par and accrued interest to August /.
less discount at the rate of 3 per cent a
| year, such bonds as holders may prefer to
sell rather than to extend.
|
| Granger, Farwell Co. are Offering
100000 OF an issue of 100000 of per
cent first mortgage sinking fund gold
| bonds of Price Bros. G. Co.. Limited.
| These bonds are in denomination of 81, 900
each. and mature on June l. 1925 They
| are subject to call at 105 and interest,
and are payable either at the Royal Trust
| Company in Montreal or at the agency of
| the Bank of Montreal in this city de-
| posit of per cent on the amount applied
/ for must accompany subscriptions The
balance will be payable on allotment
against issue Of temporary receipts. which
| will be exchanged for definite bonds when
| the bonds are ready for delivery.
An interesting phase Of the part which
| the Pennsylvania stocks are playing in the
| leadership of the market is a letter which
| has just been issued by>Chas. Minzesheimer