The Washington herald., 1907-01-18
STOCK MARKET DULL
Amalgamated Fails to In
crease Dividends.
ERIE SHARES SHOW WEAKNESS
First and Second Preferred Suffer
More Than the OtheFs-GeneraI
Strength I'm Certain Lines, Such as
Hill Stocks, Union and Southern
Pacific, and st. Paul.

New York. Jan. I7.-There appeared TO
be no definite tendency in dealings to-day
IN the stock market. There was. how
ever, a decided relaxation of that pres
sure to sell stocks which characterized
the market yesterday and earlier in the
week. and if there was any trend in
values whatever, it was toward a dull
ness and steadiness which, in view Of the
movement hitherto, was properly re-
garded as a favorable symptom.
Interest during the day centered very
largely in the action of the directors of
the Amalgamated Copper Company taken
In the afternoon regarding the quarterly
dividend on the company's stock Up to
within little while ago expectation was
strong in the financial district that this
dividend would be so increased as to
put the stock upon a 10 per cent basis,
1t being a matter Of common knowledge
that the earnings of the company are
such as to justify even a much larger
distribution than the one suggested.
Lately. however, doubts as TO the likeli-
hood OF an advance in the dividend gained
ground. and the decision of the directors
as announced to-day to let the rate re-
main at the old figure was not at all
unexpected. Just previous to the an
nouncement of the dividend Amalga-
mated stock made a quick advance, based
on perturbed purchases by spectators
for the decline, who feared that after all
the dividend rate might be raised. When
the official statement regarding the mat
ter was published, the stock declined a
little, but closed only slightly below its
yesterday afternoons final price.
As a matter OF fact Amalgamated Cop
per stock, and nearly all the other promi-
mont stocks in the market to-day. fiuc-
tuate4 within a range of less than a
point. and but irregular fractional ad-
Nances and declines in quotations were.
as a rule, shown at the end OF business.
Erie shows Weakness.
There was in the forepart of the day
renewed weakness in all the Erie issue,
the first and second preferred Erie stocks
suffering mere than they did yesterday.
The ostensible reason for the liquidation
here was the news that the syndicate.
which a considerable time since purchased
the issue Of the series b convertible bonds.
had been dissolved with a distribution
among its members of large quantity OF
the bonds that remained Unsold
According 10 the general understanding
to-day this unsold portion constituted the
major part of the issue 1t is believed
nevertheless, that the fall in the last few
days in the Erie stocks has represented
speculative pressure for the decline more
than anything else. and that the attack
upon the first and second stocks of the
company was made for the purpose Cf
inducing liquidation in the company's
common stocks upon which the operations
for the fall have been focused.
y very favorable feature Of the general
situation to-day was renewed evidence
that in certain stocks the selling move
ment that has been in progress for sew
eral weeks had ceased. At any rate the
stocks which We're among the first securi-
ties In the market in the closing months
Of last year TO show declines. have for
several days past fallen little II any,
and transactions in them have been small.
Conspicuous in this group are the Hill
stocks, the Northern Pacific, and Great
Northern preferred shares, and the South
eTn Pacific, St Paul, and Union Pacific
stocks also rank in the same category.
All advices from London for d week
have been such As TO render it practically
certain that the Bank of England's dis
count rate would be reduced at a meeting
of the directors Of the bank today and
the event when 1t actually happened was
received with little surprise 1t IS. how
ever. a development OF greater general
financial Importance than has occurred at
raised its discount rate from 3 10 8 per
cent on October TO- and inasmuch as it
was based upon a splendid showing OF
reserve holdings by the bank against la
bilites. it WAS naturally regarded with
great satisfaction in financial centers
everywhere
Paris and Berlin Satisfactory.
To-day. TOO. the Bank of France made
a very satisfactory weekly exhibit, and
the Imperial Bank Of Germany an ex-
ceedingiy strong one. the statement of
the last named institution being such in
deed as to lead to hopes that the German
banks discount rate may be reduced to-
morrow from to 6 per cent. Of more
direct bearing upon financial concerns at
this center was, of course, the develop
ment OF further material ease in the local
money situation
Call money for stock exchange use did
not rise to-day above a 31k per cent rate
and the rates for time money quoted by
lending institutions, We're from 81 to
624 or per cent. 1t is the belief Of COM
petent authorities that lower rates than
these for time money are inevitable in the
near future. There is every indication
that a bank statement viii be made on
Saturday Of even more gratifying char
acter than the one made a week ago.
Up TO the close of business yesterday
the banks had gained from the subtreas-
ury over 100000 and made a further
gain from the government of 81 100,0 900 to-
day. Sterling exchange was not reduced
to-day as might have happened in view
of the lower money rates in London. The
entire movement Of sterling recently has
been such as to allay fears which are no
doubt still operative in London that there
may be a recurrence there in the ensuing
weeks Of demands for gold by our
J.,