The Washington herald., 1906-10-19
ALL EYES ON COPPER
Little Trading Even When
Dividend Advance Is Made.
SMALL AMALGAMATED BOOM
Eight Per Cent Basis Anticipated,
So Announcement Has but Slight
Eject ON General Market-MOncy
Rates Tighten as Price of Cotton
Goes Up-Notes of Wall Street.


three-quarters of an hours business on
the stock exchange to-day, or before the
announcement was made that the Anal
gamated Copper Company's quarterly div
idend had been so advanced as to place
the stock in substance on an s per cent
basis. dealings in the security market
were hardly of a character 10 deserve any
comment whatever.
The professional speculative element
who seem to be about the only people
buying or selling stocks at present. were
all unwilling TO make commitments on
the market to any great extent until they
learned what the policy Of the Amalga-
mated directors in dividend questions was
to be- Fluctuations in the prices Of the
active stocks previous TO this promulga-
zion were, therefore, for the most part
within a range of less than ] per cent
Transactions in the market after the
news regarding the Amalgamated divi-
dend became public were as great, nearly.
as in the entire preceding portion Of the
day. and of the total volume of 655.000
shares Of stock traded in nearly one-third
were of Arlalsamated Copper.
Not Enough TO Stir Market.
The prevailing opinion appeared 10 be
after the close of business that the ad-
vance in the Amalgamated dividend rate
had not proved sufficient to stir the mar
ket out OF the rut in which it has so Ions
been travelling
The dividend was in the shape of a reg
ular quarterly dividend Of liz per cent and
L per cent extra. this extra dividend be
ing 4 per cent greater than the one de-
clared for the last quarter. This brings
the Amalgamated distribution W to n
level with the largest disbursements of
profits that the company has ever made,
the per cent dividend Of the company
paid in 1900 having been at the rate of a
per cent regular and . per cent extra.
There IS not the slightest doubt Of
course, that the Amalgamated could now
distribute dividends 10 its stockholders ~
q much larger rate than the directors to-
day ordered. since the profits Of the com
pany are Unquestionably far greater than
six years ago or at any time since the
organization Of the concern.
Nevertheless it seems rs if the dividend
policy as to-day fixed had been more or
less discounted in the price OF the stock
and. although after the announcing was
made the quotation for the Amalga-
mated shares rose rapidly ~ points from
the low level touched by them in the fore
noon. they lost half OF the advance later
in the proft-taking sales.
Money Rates Tighten.
Perhaps ono thing that held the stock
market in check go some extent were
further evidences OF slow hardening OF
money rates, which to-day included the
price Of tine funds as well as that of
the money lent on call. The local banks
have gained thus far from the subtreds-
ury IN the week mere than S3.Sf0.Uoo but
II iE known. however. lost "a great deal
through private transfers of funds to
Canada and To the South Shipments Of
money To Canada have taken place be-
cause. as is supposed, Of the recent bank
trouble in Toronto. and the rise i'm the
price Of cotton has naturally increased
demands from The Southern planters for
funds
On the other hand. sterling to-day fell
half cent on The pound further to a
point below the level reached By it last
Friday and. although il aftcrward re-
covered part IF this. fail quotations for
II are Stili such as 10 threaten "a resum0-
iion Of gold exports from Europe to This
side. To was said to-day To he question
able whether our bankers would NOT Sc
cure portion Of the gold that will be-
laii down in the open London murke.
carly next week
Ihe Bank OF England to-day did not
change IFS minimum rate OF discount aud
showed that its management had mad
fair progress toward Strengthening tue
position Of their Institution during tie
week The banks proportion of reserve
10 liabilities rose to $40 against -. Il
last week, but stilI stands ut relatively
low figure fer the time OF year
Local Stocks Are strong.
Features Of strength in the stock
market to-day were as they have been
for some time. the local street railway
and other stocks enjoying murictpal
franchises i'm This city. This movement
was again referred 20 the election pros
poets So far as could be observed TIN,
prosecution Of the Kew York Central
Railroad Company for robatinC as de-
taiied length in the morning news
papers nor the reduction Of the dividend
ON the preferred stock Of the Bethlehem
steel Company was OF ans market in
flUonce
II has been known for q long time that
a reduction i'm tho Bethlehem's dividend
was impending, but IT was realized that
this WIS due only to the difficulty of the
company with its government armor
plate contract and Was rs far removed
#s possible from any reflection Of cOndi-
TONS in the general steel trade
The result of the annual meeting Of
The Illinois Central Railway Company I'm
Chicago ycsteday was commonly taken
I'm Wall street as meaning that the com
pany would i'm the near future PASS under
% definite even If not a formally an
nOunccd Union Pacific control
NEW YORK. MONEY.