The daily morning journal and courier., 1906-07-20

dend Unchanged--Gossip of the Day.
 It was another very still day in the stock market yesterday.
 The total transactions were about 340,000 shares. There were long periods when the business was at standstill.
 In the last hour it was announced that dividend at the old rate of per cent. a year had been declared on Amalganated Copper. The stock had been as high as 96 1-2 and was then around 96. It sold down to 94 7-8, and rallied above 95. There was well ad vertlsed tip than an increased dividend would mean a strong bear attack on it. Reports that the stock would be made a regular per cent. issue were not even fulfilled The dividend is 1-2 per cent regular and 1-4 of per cent ex- tra.
 It was thought that the St. Paul di- rectors would do something, also the U. P. directors, but after it was known that no St. Paul meeting had occurred and that nothing was done by Union Pacific directors the street had further excuse for idleness.
 The Boston and Montana Copper Co. Ca subsidiary of the Amalgamated) yesterday declared dividend of $2 a share, and $10 extra, the same as in April This is at the rate of 192 per cent for the year ton stock par value of which is $25) against 160 per cent. last year, 256 in 1904, 52 in 1903, "A in 1902, 140 in 1901, 172 in 1900, and IA in 1893.
 The business df the arbitrage houses was nil. Most American stocks were lower. This decline in consols and in Russian bonds reflected the acute Rus sian situation. The new Russian 5s, which were brought out at SS, sold at 5 1-2 per cent. discount. Paris was weak on liquidation there of Russian securities.
 The rise in Pacific Coast, some 9 points to 135, the last points being madeon two sales of 200 shares, brought up all of the old reports connected with the company. The most probable one is that at no distant date the dividend on the common stock may be increased. But nothing seems to be in sight at the moment. It was also al- legged that Messrs. Hill and Hartman are on the point of contesting for the control.
 The Southern Pacific management is being severely criticised for holding its reports. The May statement is not yet out.
 From the good demand for stocks in the loan crowd it looked as if there was a considerable outstanding short interest. This was most manifest in Copper, Union Pacific, Reading and Steel, the recognized leaders of the market, in which most persons throughout the country trade.
 Locomotive held at about the recent high price There was no evidence of farther attack on the shorts. At 70 the campaign seemed to have played o3ut. There were rumors around "Wednesday night of bear element be- itng cornered and facing bad squeeze, if they did not settle,
 Time money yesterday were offered at lower rates for short maturities, which, however, were not wanted be- cause of the ease in call loans and the present dullness on the stock ex- change. There was no evidence in any yielding nlong maturiities and over the year money held atthe stiff rates of 51-2@5 3-4 per cent. which have ruled for long time past. The actual situation is very well delineated in quotations of 1-2@4 per cent. for six ty days, 4 1-4@4 1-2 per cent. for sixty days, 4 1-4@4 1-2 per cent. for ninety days, 4 3-4 per cent. for four months, 5@5 1-4 per cent. for five months and 1905 3-4 per cent. for six and sev- en months.
 The bond market was sluggish. though 1t showed some increase in the volume of business as compared with Wednesday,. The only feature was the activity in the Pennsylvania Railroad convertibles, which supplied nearly one-half of the total transactions.
 From every quarter there are indica- tions of an enormous demand for steel products. particularly within the past ten days, or since the crop news be- came so favorable.
 The market for outside securities yesterday was very dull and without
 (Honftnfyad an Eighth PaRe)