The Washington herald., 1908-02-28
WALL STREET NOTES
New High Level Reached by
Amalgamated Copper.
STEEL COMMON GOES TO '2s
st. Paul Dividend to be Three and "A
Half Per Cent, as UsuaI-Possibility
of N Reduction in Union Pacific
Distribution Discussed by the
Traders-GeneraI Market News.

New York, Feb. 27.-AmaIgamated Cop
per rose TO a new high level for the pres
ent movement. selling higher than on any
day since February 3 but the active
traders, instead of covering. added to
their commitments on the short side.
There were many rumors to account for
the strength OF the stock. some of which
we're new, though many Of them were
otherwise.
Perhaps the most influential had refer
ence 10 the alleged intention to reopen
some Of the mines in the near future. and
according 10 a dispatch received from
Butte expectation of that kind was as
strongly entertained there as it is in Wall
street
There were many reports regarding
trade conditions. which it was eontended
were improving, and a story to the effect
that the Amalgamated interests were ne
gotiating for control of ex-senator ClGrk's
mines strayed in from Boston.
There was nothing particularly novel in
the stories which accompanied the ad-
vance in United States Steel TO g. the
same point that had previously been the
high mark for the present movement, and
one broker summed them all up IN one
short phrase: Favorable trade reports
and a small covering movement"
The old rumors of New York Centrars
alleged need OF financing were brought
out again TO the stocks disadvantage, and
very little attention was paid TO the
statement of gross earnings for the month
of December, which some brokers thought
was not bad, all things considered.
Prior 20 the declaration Of the St Paul
dividend, in August last year. there had
been rumors that the rate would be re-
duced When the time for action came
the directors ordered a S1s per cent dis
tribution. as usual. Then the bears said
that would be the last payment at the old
rate, but. as the declaration to-day proved
that was as wrong a guess as the other.
Possibly there viii be rumors presently
of cut next summer bu; the years
crops, which may have great bearing
on the matter, have not yet been put into
the ground, and. as one broker says:
There may be greater news from Chi
caEo and Denver than we now look for"
One Of the traders who took an active
part in the movement against Union
Pacific said his selling was due 20 IN
formation that some news OF 2 nature
unfavorable TO the stock would come
from Washington IN the near future This
started rumors Of an application by the
Department OF Justice for an injunction
10 restrain payment by Southern Pacific
Of dividends on proportion of/its capital
stock owned by Union Pacific. and the
various other possibilities which the
minds Of the traders could suggest It
was even said that the Union Pacific
dividends would be reduced TO per cent
a year and that Southern Pactfic would
drop its -ate from per cent to per
cent, but this prediction was regarded
as rather premature. since dividends al
ready declared on the stocks at the fun
rates have not yel been paid
Manufacturers of railroad supplies re-
port substantial improvement in their
business. and say that while the railroads
are not ordering new equipment. the fact
that they are evidently keeping up the
standard Of their present compliment is a
sign that they do not expect the depres-
sion 10 continue very long.