New-York tribune., 1909-11-16
FINANCIAL MARKET
COPPER STOCKS BOOM.
General Last Fairly Firm
Money Still High.

The copper issues occupied the centre
OF the stock market stage yesterday,
their price movements being the most
striking Of the day and the reports af-
fecting them providing practically the
sole topic Of discussion. The very heavy
buying OF Amalgamated Copper. which
rose 3 points. and the relatively large
transactions in American Smelling and
Refining common, in Anaconda, in Utah
and in other copper stocks listed on the
exchange were accompanied by all sorts
OF rumors regarding the nature and
scope Of the plans understood 10 be un-
der consideration. which, according TO
some OF the authorities" viii bring
production and prices in the United
States under an effective centralized
control and may even be worldwide,
AS has frequently been said in The
Tribune. however, negotiations reported
TO be pending are not likely at most TO
result in more than a combination of
the Cole-Rya properties with the Anal
gamated and an adjustment OF the diff
ferences between the Amalgamated and
American Smelling and Refining inter-
ests. with perhaps the inclusion OF
Phelps. Dodge & Co. in some sort OF
agreement as TO prices. Much stress was
laid yesterday by the copper stock boom
ors upon the alleged participation OF
the house Of J. p. Morgan & Co. in the
project but il was learned upon author
ity that that firm was not concerned in
the matter in any way.
With the advance in speculative in
tercst and activity Of the copper issues,
which only recently were conspicuous ex-
amples OF speculative neglect. such
stocks as Union Pacific. Reading and
Steel common, long the daily market
leaders, have fallen into second place.
none of the three making more than a
fractional gain Yesterday. and the trad
ing in them, although large. supplying
far less than the old proportion of the
total volume of transactions, and Steel
making little response 10 the announce
nent Of a coming important advance in
trade prices. The general list showed
d fair degree Of frmness during the
session. closing with many more gains
than losses. Western Union was among
the strongest issues. rising AZ points on
reports of "A coming increase In the diyi-
dend rate and closing at the best Of
tho day. and tho various Gould railway
stocks also improved. American Sugar
Refining common was again notably
weak. suffering d maximum decline Of
) points and closing q points under Sat
urday. and the preferred. which for
many years has been classed among the
most solid of investment stocks. and
which has not heretofore been affected
b. the revelations concerning the man
agement Of the property. losing points
and closing at the lowest
The call money rate ruled al ; per
cent during most Of the day. rising 10
a maximum Of o. and closing at 4 nor
cent and the market for time loans of
early maturities showed increasing firm
ness; but money market considerations
had apparently no influence upon specu-
lative sentiment, which gained confidenc,
from the bank statement. with its in
crease in surplus reserve where a de-
crease or disappearance had seemed in
eyiJaD!e. The drain of money TO fine
interior continues, the Sub-Treasurv
yesterday forwarding a half million ~
Seattle for account Of local institutions
The Bank Of England secured the en,ire
Offering Of fJO0OJO South African ,old
as well as small amounts from other
sources, and there is now no apDrebep-
sion OF an advance in its rate IN m.
near future. The discount rate of tho
Imperial Bank or Germany remains nm
changed al per cent.