The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-21
The Steel Dividend.

ne SlCCl OlNlOCQO.
TIE action ~ TIE directors Of the Anal
Famated copper Company in not increas-
irg the dividend can also be considered
AS an Indication tlat there will not De
an increase IN the dividend on the United
States steel common stock. Tor the mowers
that control Amalgamated Copper are
also powerful In the councils or the Steel
Trust TIE Steel Trust directors meet
January 18th. and unless a change o.
mlud should come over the steel mag
mates, the regular z per cent. quarterly
dividend will be declared. At that NEE;
ing. however. statement will be issued
showing an enormous business. tremen-
dous amount % untitled orders on hand.
and condition OF assets and earnings
of the most encouraging character. These
magnates feel that the market Is ~
present not ~ the right mood 20 appre-
ciate increased dividends but may do n
later. when the April meeting comes ana
the Industrial. monetary and political SIT
uation begins TO look more hopeful.
The Hartman Stocks.
Speculation will soon begin TO turn IS
attention 20 the next dividend OF Union
Pacific and Southern Pacific. which will
Ia decided upon about the middle OF Feb
ruary. Al present the impression pre-
walls that the 30 per cent dividend on
Union Pacific will be maintained. and
that or the Southern Pacific may be
raised 70 per cent. IN view OF the phe-
nomenal increase IN the net earnings OF
THIS road. A great deal. however. de-
ponds upon IN what mood Mr.. Hartman
and his associates may be at that time
for the Investigation OF his roads by the
interstate Commerce Commission will be
resumed at the beginning OF February
when very interesting results are ex-
pected by the public.
IN this connection there fs an interesting
piece OF gossip going around. u 10 said
that frequent meetings OF representative
or high finance are taking place 10 con
slider how further corporation batting"
as these interests call Investigations Of
tneir doing. could he stopped. Il s. said
mat plans are considered TO reach the
PRESIDENT by men. who enjoy his conf
deuce. 70 Induce him 10 let or" upon
the promise that these big interests will
reform and put into operation whatever
reasonable suggestions the President NAV
mako in the public interest so as 20
avoid further financial revelations that
must erect the security market wreck
prices. stop the prevailing prosperity ana
the possibility OF raising the necessary
means 20 place our railroads on the mos,
efficient basis. WhetSrr tho President viii
no accessible 20 such a proposition e
doubted
A. the same time the most conspic,,a,ts
mouhpiece ~ the big interest. the Me-
YORK sun, which IS said 10 express the
opinions % the house ~ T. p. Morgan
x Co. IN important financial matters
continues to attack tho President fercelv
70 tasten on him the responsibility fo- A
crash In the stock market and the col
lapse OF prosperity.
TO Take a Waiting Position.
In the meantime, or az least FOR q few
weeks. The big interest seem % Do In
cined to assume a waiting position and
20 extend their market operations To q
mild support OF the market. should The
temporary eactionary tendency continue
in their view urgent liquidation b. pools
has ceased.
A turn 70 the better can come onl,.
from the development Of new purcbaS-
ing forces. which may come a. soon
as the public begins 10 feel that the
prices have reached their bottom eno
u 10 ascertained that the bears ho,e
overreached themselves and hava sol6
more stocks than can be bought bsclf
at low prices. Then there wifi be ar
onslaught on the bears. who. II thev
md the market bare OF stock. win run
70 cover and bid prices up. This
eventually may be the signal OF the
usual spring bull movement
LOUIS GUENTHER
Editor OF the FfnancfaI Vvov-Id