The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-19
COPPER SCARS TO
DIZZY HEIGHTS
Arnalgamated Quoted Last Week
at the Highest Price 1t Has
81 Reached in Years.
RAPID RISE IN TIME MONEY
Situation Suddenly Jumps Into
Prominence Owing to Low
Condition of Surplus.
Especial to The Tlmes-Dlspatch.,

- tSpectal to Inc LINES Di3patcN.)
NEW YORK, February 1s.-Two things
which Wall Street had looked forward
to for n long while happaned last week.
Tho first one was the announcement
of the long talked-of copper deal be-
tween III. Fl. Rogers and Heinze, repre-
senting the Amalgamated Copper Com
pany and the United Copper Company,
respectively, and the other was the dec
laration OF a dividend on Union Pacific
at an increased rate.
The announcement of the copper deal
was made after the market had ci0sed,
and Anaconda and Amalgamated Coppers
were marked up to dizzy heights in Lon
don, while the bulk of New York oper-
ators had no chance to sell the stock.
The market hero opened Tuesday
.. morning in a whIrl of excltment, with
Amalsamated Copper quoted at the very
highest price 1t has touched In years.
AS soon as copper scored its advance
proflt-taking became evident. and as a
result that stock has declined almost
continually ever since.
Tho Union Raciic dividend was also
seized upon as good opportunity to
take profits on long stocks.
The entire professional element after
ward turned bearish on the ground that
all the good news was out, and that
there was nothing else left with which
to stimulate the market. The result is
that the whole weeks market has been
one of declining values and sagging
prices.
h. chr
continuation of the decline which set
in during the early part of the week.
After dull. sagging opening the mar.
ket developed weakness under continued
selling of long holdings and sharp re-
cessions were recorded in different quar-
ters of the list. Rallies were unimportant
until the appearance of the bank state
ment which was considerably better than
had been expected.
Some short covering at this time re-
suited in recoyeries OLA point in nu-
merous issues but heavy selling was again
In evidence and lowest prices were reach
ed In the last few minutes of trading
drs7 Bank Statement.
The decrease in loans of ss,6l6,ec shown
by the bank statement was anticipated
as result of the large loans made dur.
ing the week by foreign bankers The
decreasefin cash OF 1928, 100 in only about
half of the loss Indicated by the reported
movements of currency. The discrepancy,
OF course. is due to unreported receipts
from local sources.
The decrease in deposits of sl2,3l7, 500
is $4,000 less than the sum of the de-
creases in loans and cash, which is a
fairly good balance.
The reserve required is 1929, 45O less
than last week. Deducting this from
the loss in cash. the surplus is diinin-
ished by s153,650. The surplus now is
s5.7s9.s25. comparing with ss.2o4.425 in
1906. s27. 5o6.soO In 1904. s9041.675 In 1908.
$12,456.650 in 1902. s14.546675 in 1901,
s24,o15.6I5 in 1900. s34.373.s25 in 1899.
! Not counting reserve against United
States deposits the surplus is, s7,917,2oo.
| The money situation has suddenly
I jumped into prominence. owing to the
very. low condition of the surplus re-
serves of the associated banks and the
rapid rise in time money from 41-2 per
cont. to 51-2 per cent. Call mdfey so
far has failed to reflect this situation
as much as time funds. although the rate
in call rates has been fully one per
cent. Fears of coal strike have also
operated to check bull operations. al
| though in well-informed quarters such
a strike is not considered probable.
General business conditions continue
Las heretofore, most excellent-railroad
earnings. bank iclearngs. iron production
and consumption and all other signs by
which business prosperity Is usually
measured. continuing at the top notch
| General sentiment in Wall Street con-
tnues thoroughly favorable to the bull
side of the market for long pull, but
Commission houses, as rule, arc Sreach-
ling caution. feeling that the money Sit
iuation is such rs to admit of no rise of
Importance in the next few weeks.