New-York tribune., 1909-11-28
FINANCIAL MARKET
COPPER STOCK BREAK
Bank Statement Shoes Unim-
portant Change an ReserUe.

An active bear raid against the copper
stocks in the early dealings in yester-
cay's market was effective in unsettling
the entire list. with the exception of the
Rock Island issues. and throughout the
two hours of business the general ten
dency of prices was in the direction of
lower levels. with the chief losses IN
Amalgamated. American Smelling. Ana
conda. Consolidated Gas. Missouri.
Kansas & Texas. Reading. Union Pacific.
United States steel common and Utah
Copper Stop orders We're caught on
the decline. especially in Amalgamated
and Reading. and the absence of con-
certed support and the ease with which
quotations responded to traders attacks
encouraged the bear element 10 hammer
the general list with unremitting zeal.
their initial operations being based upon
a Boston rumor that the so-called cop
I.er deal had fallen through. Amalga-
mated lost 3 and Utah Copper points.
while Reading. in which a weak bull ac-
count existed. declined more than :
points. Reading has nothing to do with
a copper merger, but. like most other
stocks at present. il is in position sus-
ccptible 10 bear pressure and declines
easily when support is lacking. United
States Steel acted badly. while the
larger number OF shares failed 10 sus-
tain the premise given in Fridays opera
tiOns Of greater bull activity.
Strength in the Rock Island issues is
backed by the idea that the company
will part with its control Of the St
Louis & San Francisco system, which
has been Of doubtful benefit 10 the Rock
Island. and by the general expectation
that the preferred stock will be placed
upon dividend basis in the new year.
the latter idea being encouraged by the
action o, the management in sending out
circulars asking for the permanent ad-
dress of stockholders. The Rock Island
0s. which are secured by deposit Of the
ST. Louis & san Francisco common
stock. were strong on segregation
stories, while the As. under which the
stock OF the old Chicago. Rock Island a.
Pacific Railway is deposited as collateral.
were relatively heavy, The movement Of
the last named hardly agreeing with the
argument that segregation would be a
good thing for the Rock Island company.
New Hawley deals were reported yes
terday. ana dreamers Of new railway
consultations had much of the railway
mileage Of the country under Hawley
domination. including the new Virginian
road built by the late H. II. Rogers. and
which. unfortunately for the combina-
ton rumor. is a parallel and competing
company OF Mr.. Hawley's Chesapeake &
Chic There is nothing, however. TO
prevent Mr. HaWley and his associates
buying for their own account, If they
have the money. a controlling interest
IN the Nlrginian road, or in the St Louis
san Francisco, which practically
parallels the Missouri, Kansas g. Texas
recently secured by the HawIey inter
ests.
Bank statement figures showed a gain
IN the reserve in the statement of actual
conditions as OF Friday night and a
small loss in the average exhibit. with
substantial loss in cash holdings in botb
compilations and a material contraction
In loans Trust company loans also de-
creased. Total reserve above legal re
quirements In the average statement
now stands at s9,3l3.s75. against sos
l6o'ooO year ago and a deficit Of s57.-
SS9'42o In the same time in 1907. The
actual reserve is Sl1.S34. $50 IL is gen
orally believed in financial circles that
money viii not ease materially. il at all.
before the close OF the year. but re-
adjustment Of foreign exchange oondi-
uons. which are abnormal for this neriod
OF the year, is looked for.