The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-18


of 3 or ( per cent does not represent true
conditions. They expected that the rates
would rule somewhat sitter for a time,
but that there would be no real strin-
gency-
Close observers of the market say a
great deal depends on the Amalgamated
dividend. and that any disappointment
over this would have a widespread effect.
Very little credence WAS given TO the rl-
NOR that Amalgamated Copper directors
at their meeting to-day would take such
action on the dividend question, as it
might serve as sharp reminder Of the
Union Pacific episode. The probability
that there viii be no melon and no abnOT-
mally large increase III the dividend-an
advance in the rate consistent with the
policy established nearly two years ago
of making disbursements keep pace with
the Improvement in the trade-apparentiy
is all that need be expected.
The original dividend OF Amalgamat2d
Copper was 6 per cent and . per cent ex-
S per cent a year-and the
rate is going back to that level, but when
next il gets through may be without the
extra feature.
Apparently the discoveries of new veins
who left the Butte hin for other sections
have not yet returned 10 tell Of new finds
in the Anaconda, and contiguous miners
and spectators are wondering if when
they went away they took with them the
ore bodies which they have discovered.
The fact in the case seems TO be that
no new ore bodies We're discovered at all.
but that investigation disclosed an in
creasing richness of yield. as known veins
were followed deeper. and that there was
nothing illusory in this showing is evi-
denced by the fact shat the output of the
mines has since steadily increased.
Every recent effort TO jolt the market
cut of its rut seems but to have forced i
deeper in. London has recently been
has been the curious feature about the
buying that it did not come from quar-
ters where any particularly good informa-
,ion I'm regard TO the company or its pros
poets might naturally be expected.
At first il was supposed that il repre-
sentcd the covering Of shorts. but invcs-
IigatiCn disclosed "a somewhat difc-a-lt
state Of affairs. 1t appears that a fra
Of private bankers, among the larges,
In England. has been a heavy buyer q
privileges, and that the sellers of these
have been buying the stock in order 10
protect themselves.
The really influential buying which was
done through the purchase of calls. has
not appeared in the New York market at
all, although reflected in the purchases
made 10y the sellers Of the privileges.
The buying Of calls. which run until the
end OF March. is believed 10 be i'm antici-
fffHn q. frpraac IN, Z
some further announcement in regard 10
the ore deal which will place this trans
action ia more favorable light from the
standpoint of advantage TO the Steel Cor
pOTati0n.
Opinion unanimously favors United
States Steel as the strongest stock on
the list. a good deal of liquidation has
taken place in the past week or two. but
all stock offered has been absorbed with
Put apparently lesscning the absorptive
capacity Of the interests which has taken
t. one operator says the price could now
be raised with less effort than was needed
10 raise il from a 60 80. and trat IN i
higher figure the public would pr-s...E Iv
show greater inclination 10 buy t.t
prevailing quotations. which seem ev-
press uncertainty as to the maintenance
81 present great earnings
Why asked a trader, If the betting
IS 3 to 1 on Hughes. should the stock
market say the election prospects are
4bOut even2'
The question discloses Il form of mfne
which is not uncommon in the street a.
present and which is only another form
'i supposition that another scare viii
occur before November.
w hat mas already been mentioned as
happy solution of the Pennsylvania divi-
lend declaration at the regular rate. with
the additional one 10 make the eo,Iiva-
.ent Of per cent "a year. will. in an prob
ability, Doe approved by the directors nj
-feir meeting on November !. The change
VIII be regarded as testimony To the
Dermanence of the present business .activ-
10y and an assurance that the company
has nearly satisfied its capital require
nents on account of enterprises under
way.
4 meeting of the directors Of the Bos-
ton and Montana Copper and Silver Min
nS Company was held this morning. AT
which "a dividend was declared. No Off
.iaI announcement as to the rate of the
dividend viii be made until after ne
meeting OF tho Amalgamated Copper
Company directors Thursday The pre-
eding dividend on Boston and Montana
was s. share and SO extra.
At meeting yesterday independent
of the Albany and Susquc-
hanna Railroad Company elected an en-
irely new board of directors. and sue
.eeded in getting control of the road
rom the Delaware and Hudson Com
7any. The revolt among the stockholders
had its Inception in the Delaware and
Hudson rcfUnding proposition. The Al
)any and Susquehanna is under lease 10
he Delaware and Hudson for period
IF 80 years from April Il. 1851. the con-
liberation being an annual dividend on
he capital stock until July, 1902. of :
per cent and thereafter of per cent
Rumors Of an additional New York
Central issue of 100000 capital stock
)ut of the $100CC0.0J0 authorized last spring
are heard. but nothing official in this con-
lcction is heard
Although the market is almost univer-
sally characterized by professionalism. it
S learned that significant buying Of Ger
tain securities is in progress. Il is un-
ierstoOd that practically all OF the large
Offering of Wabash debenturc r bonds
yesterday between 81 and s. were TAX "a
by interests friendly to the management
COTTON MARKET.
New York Oct. 1.-THE cotton market opened