Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-16
BIG DEAL ANNOUNCED
Western Union Stock Transfer
Discussed on Change.
MINORITY INTEREST SOLD
Conjecture Regarding Acquisition by
American Company.
TERMS NOT MADE PUBLIC
Rumors of other Mergers Include
the Soft-Coal Industry.
Money Rates.
MINORITY INTEREST SOLD
TERMS NOT MADE PUBLI'
Special Dispatch To The Star.

special lhSpatcn 10 Inc Sldr-
NEW YORK, November 16.-While the
Wall street community was exercising its
wits and employing all the means at Its
command to obtain information about the
alleged copper deal" announcement was
made today of the actual completion OF
negotiations which had long been pend
ing in another important quarter of the
world of corporation endeavor. The
American Telephone and Telegraph Com
pany has acquired a very large minority
interest in the Western Union Telegraph
Company. The presumption is, of course.
that this acquisition is but preliminary
TO such an increase Of interest as may
amount to control.
1t was believed several months ago
when the Western Union parted with
it's New York Telephone Company hold
ings that further developments affecting
the corporations interested might be eX-
pected. The identity OF the holder or
holders who transferred the Western
Union minority interest. the acquisition
of which is now announced. was mat
ter of not very difficult conjecture this
afternoon. If the conjecture was not
wide of the mark the American Telephone
and Telegraph Company is possessed OF
% per cent. or whereabouts, of the West
ern Union shares as the result of the
transfer referred to-
Terms a Matter of Rumor.
The terms were a matter of Wall street
rumor. According to report in well in
formed quarters. they involved in some
way a guarantee of dividends. but Wall
street was left in a state OF no little I'M
certainty as to just what stock and to
what holders. present or potential. the
guarantees might apply. The stocks of
both the American Telephone and Tele-
graph Company and the w. u. were very
strong this morning. but followed the
course this afternoon which is more or
less classical when news comes out.
The transaction is itself OF no little
magnitude and consequence, and its i'm
port as a reflection of the impulses which
are stirring In the world Of corporate af-
fairs can hardly be mistaken Perhaps
II may be over-emphasized, coming at a
time when investigators and spectators
have had their interests stimulated by
the outlook for a large copper project.
Albeit those who are not unduly skeptical
and cynical have been able to learn some
things in the last few months which in
dictate that a new era of corporate con-
solidation may be under way.
Merger Of Coal Interests.
For example. although denial Is more
readily forthcoming than confirmation
it seems not unlikely that a large consol-
idation of soft coal interests may take
place In the near future, which may do
for the bituminous industry and for the
corporation securities based upon II some
thing of the sort which the copper ne
gotiators are endeavoring to accomplish
in their line. AS for the railroads, tits
certain that whether or not plans are
executed. there are plans under consid-
Grafton for more momentous absorptions
than any which have yet taken place.
Among the other items of today's news
of a stock market bearing was the state
ment of the foreign trade for October
OF the United States showing an excess
of 81. S31 .429 Of exports over imports. Our
exports gained S26. 100000 over the cor
responding month last year, but the i'm
port expansion was almost as large. This
does not look very much like that turn
ing of the tide of foreign trade in our
favor for which hopes have been expect
ed. but IL does go far to account for
the continued strength of foreign ex-
change at this center. Apart from
routine information relating to railroad
earnings and particulars of industries,
there was not much else in the days in
telligence which excited Wall street in
terest.
Movements Of Money.
Money movements were favorable. Call
money ruled under 3 per cent, and the
time money market was possibly easier in
tone.
The stock market was more or less ir-
regular until well into the afternoon.
Trading wa0 on a fairly active scale dur
ing the forenoon. but around midday a
contraction In business set in. Profit TAX
ing sales were in evidence. but the mar
ket gave a good account OF itself In the
way In which these absorbed and there