The Washington herald., 1907-06-26
WALL STREET NOTES
Investors Will Get DiSburSe-
ments of S185, 100000.
SITUATION ABROAD IMPROVES


Union Pacific and Reading Continue
as Leaders, Although Trading in
Other shares shows Heavy In
crease over Monday-TrOubIe in
Copper Concerns Over Dividend.
New York. June 25.-All the textbooks
on stock market operations dwell on the
semi-annual anticipatory demand as one
Of the fundamental elements OF the game.
When the young plunger is learning his
A B C's he is told that professional oper-
ators invariably buy stocks in the last /
weeks Of June and December for the pur |
pose Of selling them at high prices TO in |
vestors who receive funds in the heavy /
July and January interest dividend dis /
bursements.
Such disbursements next Monday will /
amounb to S1S5OooO00 the largest amount |
ever paid out on July l. The cynical /
would have Il that the sudden revival of /
activity in the market. the extension OF /
the market range, and the sharp ad |
vance in prices were all due 20 efforts Of /
professionals 10 get he public's money /
Not even the most cynical however /
could deny that the day brought favor /
able developments, of themselves sufii- /
cient to stimulate, without professional
help, q increase Of interest in the /
market
II was generally considered that the
most important was an abrupt decline OF
20 points in demand sterling. following
the engagement Of but 100000 additional
gold for export In many quarters the
conclusion was reached that the change
in rates meant an end 10 the gold eX
port movement, and while some promi- |
nent bankers cautioned against too great
! positiveness in this conclusion. it was
| everywhere granted that the change in
rates would produce a great abatement
/ i'm the outflow
The market was also helped by de-
cidcd Improvement in the situation abroad
The improvement was particularly
marked in London. where there was
sharp advance in consols. Measuring ad-
vices were also received from Paris. 50
| that investors who have latteyly been de
/ TERED from the purchase OF securities
I by the international monetary situation
| took confidence and entered the market
Public buying on the account it was
/ believed IN banking circles, had much To
/ do with the renewal Of activity and the
/ advance I'm prices.
/ Total sales were about $4,000 shares,
against about 10000 shares on Monday.
/ Transactions in Union Pacific and Read
/ ing continued to be the heaviest. but
/ dealings were large also in Steel COM
/ mon. Copper Shelters, Pennsylvania
1 New York Central and many others of
/ the stocks active until recently. The
/ activity extended to many OF the low
| priced stocks. and I'm some Of them, Rock
| Island. for instance. bull tips again made
/ an appearance in the street.
/ Much of the general strength was inn
parted TO the Steel shares. and their
advance was also furthered by a report
/ that the dividend on Steel common was 20
/ be advanced TO 3 per cent M the quarterly
! dividend meeting in July.
/ Imagination over many stocks besides
. the Steel was quiCkened by the activity
/ I'm the market. and many stories OF the
sort that invariably accompany a brisk
rally were put into circulation. one Of
them had a strong pool organized iE
/ Colorado Fuel and Iron, and there was
/ no doubt that a concerted effort 90 in
/ duce purchase Of the stock was under
/ way A report that a prominent operator
. was short 10000 shares Of stock and that
/ the rally was a drive 1T his expense pro-
duced only a Iangrjid interest and vas
generally considered without foundation.
The advance in the big copper stocks,
Amalgamated and Anaconda, followed
report from Boston that one OF the few
minority stockholders Of Boston and Mon
tana was likely 10 bring an action FOR an
accounting The stakeholder was repre-
sented as dissatisfied with the reduction
I'm the Boston and Montana dividend from
SGl a share in 1894 70 Sf> a share i'm the
past year, and as inclined to associate
the dividend reduction with the increase
in the United Metal Selling Companys
dividend from SO a share i'm 1894 to $50
share at present
} The inference that the selling company
was securing an exorbitantly high profit
az the expense Of the producing company
seemed so obvious to this stakeholder
! that he was not content with the vague
} and indirect explanations from various
sources. but wanted TO be shown by oath
( and by the books just what the selling
company was doing TO the producing com
, pany.
Since the United Metals Selling Com
: E
produced not only by Boston and Maine
but by Butte and Boston. Boston and
Montana. and other subsidiaries Of Anal
, gamated Copper, the street was generally
Of the opinion that the suit. if brought
would be potentially of great benefit to
S stockholders Of Anaconda and Amalga-
mated as well as Boston and Montana.
An action for an accounting of profits it
g was argued. might very we'll lead 10 in
creased dividends by Amalgamated sub
salaries and, therefore, by the parent
. company as well, and was therefore to
. be welcomed as the strongest bull card
2 that has come out in months on these
o copper stocks. Some persons went farther,
3 and said that such an action might pro-
0 duce system of fun and complete re-
ports on the part Of Amalgamated and its
subsidiaries. Amagamated closed with an
advance of ga points, and Anaconda with
, an advance of 2as.
e The directors Of Anaconda declared the
regular dividend at the annual rate of 2S
per cent. This compares with 80 per cent
/ paid by the United Metals Selling Com
pany. and prompted a broker to remark
that it pro1teth little to have ownership
in one Of the richest copper mines of the
! world if he has not also ownership in the