The Washington herald., 1906-10-17
STOCK MARKET HEAVY
Volume of Dealings Falls
Much Below the Average.
COPPER SHARES SHOW GAINS
AmaIgamated Directors May In
crease DividcndS-POlificaI Outlook
More Favorable, and Foreign Mar
ket BuOXanf-Injuries to Cotton
Crop Forces Buying for Europeans.

Crop Forces Buying for Europeans.
New York, oct. I6.-The duIIness that
has been the salient characteristic Of
stock exchange dealings recently was
more pronounced than ever to-day. The
total volume OF dealings in stocks which
yesterday fell heavily below tho daily
average of the last fortnight was to-day
reduced by one-third, and had it not been
fer the relative animation displayed by
the market in the first and last half hours
of the session, one Of the smallest days
business since midsummer would have
been done
At one time during the day the hourly
record Of transactions was only at the
rate Of 100000 shares for the day as a
whole. and it goes without saying, that
under such conditions the interest dis
played in the market by large eonlnlis-
sion houses was almost at minimum.
ListIess and apathetic as the market
was, however. its extreme hardness and
resiliency was strongly impressed upon
the minds of all observers. Neither at the
low prices yesterday nor at the top OF
The recovering movement, which was
plainly enough in progress to-day, was
there any quantity Of stock to speak e
pressing for SALE and 1t was manifest
that spectators for the decline. who de-
sired to-day 70 get back the stocks thus
sold by them were not enabled easily TO
do SO
Copper shares Advance.
The advance in the Copper shares was
undoubtedly the one striking movement
in the days dealings. Both tie Amalga-
mated Copper and the Anaconda stocks
were steadily, although more or less
quietly. absorbed from the beginning Of
the market until the close Of business:
and the buying here derived some espe-
cial significance, naturally from the fact
that day after tomorrow the directors OF
Amalgamated Copper meet TO fix the
quarterly dividend on the stock. The
mind Of speculative Wall street has been
much mixed in recent weeks upon what
this dividend was likely to be.
1t is q matter of common knowledge, of
course, that the Copper mining trade is
now exceptionally prosperous. and that
cash profits are mounting uD in the
Amalgamated ComPany's treasury or IN
those of its subordinate organization at
rate never before known.
The general comment regarding the re-
cent cOurce OF 8malgamated stock in the
market, however. has been that the stock
was singularly backward, or al any rate
not such as to lead to any strong IN
1uence that any increase in the dividend
distribution upon it was impending. Il
has been we'll understood that the policy
Of Amalgamated management was to keep
The company strong in money, and not to
declare any dividends upon their stock
DO EOS,
Expect Increased Dividend.
There were no intimations, one way or
the other, to-day as TO what the deter
mination Of Amalgamated directors in the
matter was likely TO be. and ideas IN
Wall street upon the principal We're really
no more clarified than they have been fer
long time past. But should the Anal
gamated dividend be increased. it would
no doubt be factor of Importance in the
market IS testify not only TO the profit
able character Of great branch of the
cODntTys industry. but to the views en-
tertained concerning the general future of
the stock market by some of the largest
financial interests in the land.
Other strong stocks to-day were the
Union Pacific, st. Paul, Northern Pacific
Chicago and Northwestern, United States
Steel, in fact all the prominent Industrial
issues The Pressed Steel Car common
shares rose over 8 points in reflection of
a current idea that the revenues Of the
company. present and prospective, in COM
mon with those of all the concerns en-
gagged in the railway car and equipment
business are such as TO promise an early
resumption OF dividend on the compauy's
common stock.
In the bond market large dealings in
the Wabash debenture B's issued were
stimulated By the prevailing conviction
that the plan of the Wabash Company.
submitted some time ago TO its sjockhold-
ers, rearrangins the company's bonded in
debtedness would soon be adopted.
Reports Of movements OF cash between
banks ana the subtreasury showed that
the banks had gained up to the opening
of business this morning over Sl.O00.008,
although by reason Of private transfers OF
funds TO Canada it is doubtful if the
banks have SO far gained any money on
all accounts during the week.
Political Outlook Favorable.
Political influences bearing upon the
market to-day were mostly composed Of
favorable analysis Of the registration
figures in this city; and all developments
of strictly financial character were Of Il
nature 10 provoke optimism. An obviously
stronger tone was visible in the foreign
markets, the price of Russian securities
making a conspicuous advance every
where on account Of much more hopeful
advices regarding the state Of Russian
finances.
Sterling exchange here continued what
might appear on the face Of things to be
81 rather curious decline that set in since
last Friday. it would seem, specifically
as ii the great advance in the Bank of
England's discount rate last week would
have the effect OF forcing urgent remit
tances CT money from this side to Europe
and thus keeping sterling at q high
figure.
The fact is. however, that during the
fOTerart Of the present month our bank
ers RENTED money to England and Paris
on a far larger scale than was commonly |
understood IN payment OF their maturing
October obligations.
Right al this junctUre came the news
OF successive injuries to the cotton crop
which compelled buying of cotton for
foreign account The result was heavy
selling OF cotton bills in the Exchange
market at a time when pressure to send
money 20 Europe in the ordinary course
Of business had greatly slackened: and
exchange, therefore, has fallen to 4 point
which, If our bankers chose TO exercise /
their power. would once more cause ex-
ports OF gold from London TO New York