New-York tribune., 1909-11-22
FINANCIAL MARKET
CONTROL OF TRUSTS.
Money Situation EasiRg-Thc
Bank Statement.

n Nffh tudlhFu ~ 90
number OF news developments having
stock market bearing, should have oper-
ated 20 cause an instant and severe
break in prices; for. II the Circuit Courts
findings shall he sustained by the SUI
preme Court Of the United States on the
appeal which the Standard oil Company
will undoubtedly take. the outcome must
be a widespread readjustment Of cor
porate relations in the industrial field,
and the possible bearing OF the decision
upon the reported copper merger aroused
much interest
The copper shares were the feature Of
the last weeks stock market. but al
though they were active at rising prices
no authoritative statement from any
source has been made Of the combina-
ton plans upon the supposed formation
OF which the market movement in the
issues affected has been based Rumor
has been exceedingly busy with the prof.
ect and describes 81 as a corporation
with several hundred millions capitaliza-
ton. which viii merge the Amalgamated
and Cole Ryan producing properties ana
the mines now controlled by the Ameri-
can Smelling and Refining Company. the
plan including also some arrangement
through which the differences between
the latter company and the Amalgamst-
ed-Cole- Ryan interests VIII be harmo-
nized. Such combination. Il is not un-
reasonable to suppose, il large enough 10
work restriction of output 20 substan-
tial extent and control 81 prices. might
come within the limits Of the latest
STANDARD oil decision: although COM
plete control Of production would not be
possible without the inclusion of the
Calumet and Hecla and Phelps. Dodge
& Co. which is nowhere expected. and
satisfactory control of prices would
hardly be possible under any arrange
nnent or agreement not embracing one or
both of these great independent pro-
ducers. Although permanent control Of
the production and prices of copper could
not be maintained by any combination.
even supposing il 10 be a monopolyat the
outset. the combination now being formed
may be strong enough and large enough
20 exercise A steadying influence on the
market. acting I'm an understanding with
the big independents. as the United
States steel Corporation and the steel
Independents now cooperate 10 discour-
age price cutting: and expectation Of
some such development has caused
strength I'm tho copper market. where
consumers have been making extensive
purchases as a measure of precaution.
With the purchase. announced last
-
IN the Western Union Telegraph Com
pany 10y the American Telephone and
Telegraph Company the Western Union
passes under a control which should i'm
prove the position Of the property, as
the Western Union will in future be op-
Grated I'm harmony with the telephone
company. which In recent years has been
making large inroads upon the business
OF the telegraph companies. The Mackay
Companies announces that. although *
is the largest single stockholder I'm the
American Telephone and Telegraph
Company, its competition with the West
ern Union viii be as active ever. The
two telegraph companies, however. al
though competitors for business. have in
the past shown no antagonism on the
question 81 rates. and under the new
INTERROGATION a harmonious operation Of
the telegraph and telephone business Of
the country appears probable. The
American Telephone and Telegraph
Company announces that it has acquired
a substantial minority interest in the
Western Union, and thus viii probably
escape molestation by the federal eu-
thorities, although in practice ownership
OF large minority interest in a property
is commonly equivalent 10 control. on
the day following the news of the West
ern Union sale-and perhaps connected
with H. since the Goulds are said TO have
received cash for their holdings-came
the long deferred announcement Of the
Missouri Pac!fic's financing. in the form
Of a convertible bond issue Of s175,O00,-
600. Of which about $4,000, 600, under
written by Kuhn. Loeb x Co, is 20 be
issued at once. Closely following that
announcement was George j. Gould's
statement that Cornelius Vanderbilt. a
director of the Illinois Central and a sup
porter of the late F. II. Hartman in his
contest with Stuyvesant Fish. and there
fore allied with the financial interests
with which Kuhn Loeb &, co. are most
prominently identified. would enter the
Missouri Pacific board and executive
committee: and Wall Street saw in the
two announcements signs OF better day
for Missouri Pacific, which. with it's new
alliance, VIII more readily than in the
past command needed capital. and the
directorate Of which. now composed. with
practically no exception. of members OF
the Gould family and officials Of Gould
railways, viii, IL is expected before long
assume the representative character and
strength marking the boards of directors
OF other great railways.
Apart from the copper issues and the
''ooalers.' in which an active speculation
developed under the revived leadership
OF Reading. the stock market last week,
including the standard railway issues
was dull and virtually festureless, al
though. as in the preceding week. there
we're some striking advances in special
ties and inactive issues. the most notable
being that in Wells Fargo on the un-
looked for glad news of a melon" sell
dom equalled for size and richness.
United States Steel common showed a
declining tendency on the showing OF a
slackening in production. which, how
ever, Is stin Of volume commensurate