Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-11

the crisis. At the critical moment. how
ever. Mr.. Hartman Enthusiastically
withdrew his support from the scsng man.
subscribed to the Frick report. which con-
demned both factions. and then resigned.
along with Cornelius N. Bliss and H. c.
Frick. when the Hyde and Alexander fac
voted down the report. BY thus retiring
from the board in company with such men
as Messrs. Frick and Bliss. in whom the
public has confidence, Mr.. Hartman
and II he is as stong in his control OF the
up state machinery as he has been in the
, past 1t will doubtless be his policy from
now on to stand in the background and sic
the state insurance authorities on.
1t is significant fact that men repre-
senting those railroad interests which
have been antagonized by the Goulds both
east and west retired from the Equitable
board as if by Encouragement. George J.
Gould in his ambitious project of reach
ing tidewater on the Pacific coast by way
of the new Western Pacific railroad, and
tidewater on the Atlantic coast by extend
ing the Wabash system, has antagonized
the most powerful railroad interests of the
country. and he personally and his finan-
cial interests have become exposed to all
manner of subtle embarrassments. In his
Western Pacific project he runs counter to
the Union Pacific interests. which had
been represented on the Equitable board
both by E. H. Hartman and Jacob H.
Schiff, who have retired, their retirement
being speedily followed by that of A J.
Cassatt, president Of the Pennsylvania
The Pennsylvania interests are similarly
antagonized in the east by Mr.. Gould. At
the present time George j. Gould is the
only railroad man having been extensively
assisted in financial operations by the
Equitable who stands by Mr.. Hyde. The
Union Pacific interests have enjoyed as
great If not greater. assistance q
Equitable in their financial operations, but
they have now taken a high and lofty attf-
tudei toward practices within the society
which they had been only too willing to
encourage and by which they = nrofited
equally with any others. Apart from the
morals OF the case, which are another mat
ter entirely. the attitude Of Mr. Gould
seems to partake much more of fairness
than that Of Mr.. Hartman.
The Amalgamated Copper Company
throughout all of its existence has been
referred to as blind pool vouchsafing no
information whatever to its stockholders
During this week 1t labored and brought
forth very imperfect and disappointing
statement of its financial condition For
many weeks Wall street had been looking
forward TO this statement as something
tnat would entitle Amalgamated Conner
stock to sell In the neighborhood of par
and pay dividends at the rate of per cent
The stock has been the object of enthus
astic information of a speculative nature
emanating from the National City Bank
and from a Wall street house supposed to
represent the attitude of several of the
biggest insiders.
The stock market community had heen
expecting Amalgamated Copper to become
the leader Of the market 1t was hoped
that this report would be accompanied by
bull movement In the stock which would
"a tive gpta
eht the situation generally. The stock was
selling around "a when the report came out.
and within twentyfour hours 1t had de-
clined six points The report does not de-
serve any extended analysis. for it Is too
incomplete to be made a basis for positive
conclusions. Suffice 1t to say that it shows
total surplus and reserve amounting to
less than per cent of the capitalization.
ne past year has been one of the most
profitable periods In the copper industry
OF this country. There has been a big mar
ket Tor the metal and 1t has commanded
high prices. Within this year the dividend
rate on Amalgamated Copper stock has
been increased from 2 to 4 per cent, and
now Wall street is expected to believe that
1t Will shortly be put on per cent basis,
II the company can only show surplus and
reserve amounting to less than 6 per cent
after a very profitable year in the copper
business during which time it paid an aver
age OF only per cent in dividends the
prospect of the stock going on per cent
basis seems remote, indeed, and as a 4 per
cent stock 1t IS certainly selling for ali it
IS worth.
Why should anybody want to buy Anal
gamated Copper around so hoping 10 get
per cent out of 1t, when around 80 you
can buy Steel preferred, which has paid 7
per cent ever since the formation OF the
corporation? The Amalgamated Copper re-
port furnished Mr.. Lawson with some fresh
ammunition. who promised when his excite
ment had subsidized somewhat that he would
show why the stock was not worth over S45
a share.
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