The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-11-16
WALL STREET NEWS
Money and Copper Keep the
Stock Market Strong.
BUSINESS DULL AT OPENING
Proposed Consolidation of Copper
Companies Encourages SDecuIa-
tors - Union Pacific, Reading, and
Steel Move Upward-The Financial
Situation Is Encouraging.

New York Nov. 15.-The stock market
was strong to-day. partly, as seemed. be-
cause Of continued strength of the copper
group OF mining shares. and partly be-
cause OF the much more encouraging out
look for the money situation. In the
first three hours Of the stock exchange
business the strength OF the copper stocks
was not shared IN any measurable degree
by other securities.
The market, as a whole. was firm, but
dull. and speculative interest seemed en-
tirely to converge upon the Amalgamated
Copper. American Smelling. and other
similar issues.
Trustworthy information regarding the
proposed consolidation OF copper mining
companies. or whatever else may be
planned in the matter. was as vague as
it has been hitherto. but there is no
doubt that scheme is on foot for the
formation OF a holding company that
shall take not only the Amalgamated
Copper shares, but those OF a large num-
Der OF other mining companies IN the
Western part Of the country. including
various properties that have not previous
~ been in any way allied with the
Amalsamoted Copper interests.
May Bring in others.
It Is also not improbable that an effort
viii be made 10 bring yet other COM
panies into the combination. not as actual
members OF tho holding company, but as
those that will permit their copper TO be
sold by the metal selling agency Of the
new organization. The general argument
1usufying the creation OF such com
pany is that the financial loss attendant
upon the needless competition and un-
economical forms Of operation Of a large
number OF Western mining companies in
the past can be obviated II these con-
Germs are grouped under one head.
The comparison Is made between the
state OF affairs that exists at present
as regards these companies with that
which existed in the iron and steel trade
previous 10 the formation OF the United
States Steel Corporation. As It now
stands. there is. FOR instance. no way Of
making effective a curtailment Of cop
per production. although occasions often
arise when such a curtailment would
be found exceedingly beneficial, and in
the main banking interests to-day. while
reserving final judgment in tho matter.
were inclined 90 give their general APP
proval 20 the new plan.
Upward Movement Seen.
In the afternoon the attitude Of cautious
hrmness that the market as a whole had
maintained throughout the rise IN the
copper stocks changed TO one Of a more
positive character. The old time lead
ers OF the market-Union Pacific. Read
ing, United States Shetland other stocks
Of similar class all moved upward.
Especial advances were made nv the
Missouri Kansas and Texas. Western
Union, Missouri Pacific. Chesapeake and
Ohio and other shares.
on the other hand. Pittsburg Coal
stock. which has advanced IN lively
way in the last fortnight. declined sharp
~, and a sensational fall occurred in the
American Sugar Refining common shares
for reasons presumably connected with
current developments regarding the mast
management OF the company. Substantial
reason for the more cheerful phase that
the general market assumed was adj
mittedly 10 be found in the improvement
Of the local financial and international
money situation.