Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-10-19
new YORK STOCKS ANDBONDS
Speculative Spirit il at q Low Lbb
Throughout the Session.
AMAleAMATED COPPER ONLY FEATURE
Placing the stock on an Eieht
Per Cent Dividend Basis
Causes n sharp Upward
Movement.

NEW YORK, Oct. ls.-Speculative spirit
was AZ low ebb In the stock Market to-
gay. The board room traders ha0 Increas-
mig dlTnculty In scalping a fractional pIUut
out OF the movement of prices as their own
limited operations were about AL there was
IN the market. The increasing siusgisnns SIS
OF prices deferred even this ciass u opera
tors from acting and the market satk at
one time nearer to actual stagnatiOn than
mas been witnessed at the stock exchange
for many months. Had II not been tor tue
SURFING OF interest In Amalgamated Cop
per the business woulu have been even
more inconsplcuous. The placing of Anal
gamated copper on an per cent dividend
basis by distribution of $50 regular diVi-
demo, 30 cents extra per share Tor the quar-
Ter, mas been so confidently acclaimed that
that action should seem to leave little
occasion tor surprise. The way in wnlcn
the STOCK jumped on the announcement
however. indicated a surprise on the part
OF some OF the specializing element. Inc
resistance encountered by the stoc. on
every upward movement for some time
past was the basis for some fears that the
dividend was not to be increased, In spite
of the demand for copper and the extraor-
olharlly profitable prices at which the
} metal Is selling.
The backward action of Amalgamated
copper in face of the profitable condition
of the trade and the general belief that the
dividend was to be increased has formed
the principal ground for a belief now preva-
lent that the leading financial powers OF
the country are doing what they can to
discourage active speculation In stocks,
while protecting prices IRON any serious
I
market Speculative comment generally
assigns the election as the probable period
for the termination of this restraint upon
| the stock market. This attitude Is believed
to be due largely to the fact that the stock
market is made subject to survey and COM
ment In political discussions in a way that
might make Its activities an influence on
the campaign. There has been a total
| subsistence of discussion OF number of
| financial projects which were subjects OF
| rumors and which were looked to as a
stimulating, influence on the speculation, \
is supposed that these also may be held
/ up with the desire to await the passing OF
| the political contest. This prospect OF lack
Of ammunition may have It's part In the
encouragement of speculation.
1t Is also evident that the money market
| Is playing its part in restraining stock
| market activity. Call loans went to per
cent early today, and held well above per
days furry was due only to temporary
| stock market exigencies. The time money
market gave a still more decisive demon
stration Of the narrowing OF resources. the
| ing markedly less. A downward plunge In
| foreign exchange TO near the gold import
point was an incident of this development,
although rates for exchange subsequently
The weekly statement Of the Bank OF
| England shows but a meager recuperation
of the bullion supply, the Improvement In
/ ing down of outstanding credits. But this
is raising the open market discounts and
thus establishing the bank S rate In the open
1 market. Discounts also hardened at Paris
today. The effect of the 2% point rise i1
| Amalgamated Copper after the dividend
announced soon passed and the market
closed easy at the reaction. -H
vsS oeoS s, s2t t Tnited states rs and the
new is advanced a per cent on cau.
i The following was the range OF prices or
the New York Stock exchange: