New-York tribune., 1909-11-17
FINANCIAL MARKET
COPPERS IN4CTITE.
Control of Wcstern Union
Stocks RedctioHdry.

Opening fairly steady. the stock mar
ket soon developed activity and an ad-
vancing tendency. which continued until
along in the afternoon. when a reaction
set in. the market closing generally weak,
with the majority Of final prices lower
tlan on Monday The hopes of oper-
ators who had expected another day OF
big trading and a sharp advance in the
copper stocks were disappointed, for
these issues sagged, under profit taking
and in tho absence of anything new in
the wav OF supplementing the reports
concerning the plans for the combina-
ton supposed to be forming among the
producers OF the metal Amalgamated
Copper. the transactions in which were
only about one-half as large as on the
preceding day. declined rs points. and
Anaconda, Utah and American Smelling
and Refining all suffered fractional net
declines.
There was one piece Of important news
OF market bearing, the announcement OF
the acquisition by the American Tele-
phone and Telegraph Company of
large interest in the Western Union
Telegraph Company, which, added to
the holdings there is reason 10 be-
lieve the American company has ac-
quired i'm the open market during the
last few months. viii place the latter in
practical control OF the Western Union.
The step was without much doubt taken
with the assent OF the Mackay Com
Panies which is the largest single stock
holder - the American Telephone and
Telegraph Company, and which is the
business competitor Of the Western
Union: and the result Of the transac-
ton, which has been expected in some
form or other since the Western Union
few months ago surrendered its hold
ings Of New York Telephone stock to the
American Telephone Company. will be
a virtual unifcation Of the telephone and
telegraph business of the country. Rumor
had assigned the striking advance OF
Western Union on Monday and in the
carly trading yesterday TO the probabil-
ity of an increase IN the dividend rate
and the advance in American Telephone
to the excellent showing OF earnings;
and when the news Of the real cause Of
the gains came out the stocks of both
companies declined on the profit taking
selling which customarily occurs when
the good news is out" Western Union.
which had risen to S5li. closed at s2ia,
a net loss Of = per cent. and American
Telephone. which lost nearly lIz points
from its high Of the day. ended at a
trihing net advance.
In the general market the oldtinie
leaders. Union Pacific Reading and Steel
common. all closed lower than on the
preceding day, as did New York Central.
Atchison. Northwes stern and most Of the
Other standard railway issues A notable
exception Was Pennsylvania. which ruled
strong during the session and closed IL
points up. Time money was easier. and
the call money rate did not go above 5
per cent, most Of the loans being effected
at ss4, against a prevailing rate OF 3
pei cent for two or three days previous
ly; but the indications Of temporary re-
laxation in the money market old not
have the usual effect Of encouraging
speculation in stocks. ENGAGEMENTS of
gold aggregating about Sl.OOO.GOO, for
shipment 10 Canada and To South Amer
lea. were announced. The Bank Of Eng
land bought gold TO the amount of about
81 600 900 in all, and through it's contin-
uea acquisition Of the metal is probably
able 10 maintain its rate al 5 per cent
bat al Paris and At Berlin the exchange
rate moved against London. and the an.
nouncement that the House Of Lords
would not accept the budget may mean
that large British loan may have TO be
Effected.