The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-11-18
RII COPPER MERGER
SAID TO Be AGREED ON
rort Has Biggest Day In Az Ht$torS
With Sales Of Over -Four Million
& shares.
"COPPER" AND COTTON ROOM
Doeh Make Highest RcsuTu of All
ulme--In siicrs Heavy Buycr~-Ad-
amsnn Lays, Down Law to Rail
roads.
Ry BROapAN wAlI.

~ n
I 81. bis things in Wal street.-the big
rest day since the L. s Steel Corpor-
alton was oreu nizcd N only was
GRADING on the heavie,, scale ever
Y known hy the New York stock EN-
change. bat the ot.rh market did more
than a million shares Tota' % husl-
mess inside and out amounted 20 not
lesA than 4Geo Gee shares All day
long bankers were tu conference corr
Nfdering mergers ~ me eHd OF fhs
day an u-ofiCIal agreement was
reached by one group providing for r
ccmhInation o. Copper products tax
\ Ing In more Than s. THIRD a. the pro-
Il AUCTION oc the United states, and pro
ducine a company whose caritahEa-
tton will look respectable alongside
That of the great steel corporation,
s Owing to the great volume Of busl-
mess done the Street was 8olaze with
lights Till midnight and In many
houses work could not be finished
until time FOX the opening tomorrow.
New high re,0rds were n1de by the
4 dozens
Big Day In stcei and Coppcrs
One PECULIARLY Of tke dealing was
4 that while the public purchased " N
Tout regard 70 prices. the best buying
w;7s IN NsNa'f of insiders " no were
gupposed TO know what they were do
ginA Heaviest buying wa IN the
II Gteels and Coz pers, but even the rail-
roads were taken freely.
( Tall persists OF steel merger. to
~ capitalized al $25e, zoe 0O0. al
though interests identified with the
n NoSnpanies mentioned denied that It
SscAx1 go through.
In regard to the Coppers however.
n c0nditions are such that 1t Is deemed
Il adyisahie to make the com pinatIon at
sA46iH time Some of the com panfes
\ 1nvolved are In South America and
while the new Copper corporation
n Will be a gigantic concern. the United
Il states end of II viii be OF only moder-
snte size.
sa This merger as planned late today.
ssses kennecctt as holding com
pAny. kennecott already owns a
quarter Interest In Utah and prac-
" Ideally all of BADEN, 1t is now pro-
posed TO take in all the outstanding
Utah stock that viii come on the
terms to be proposed, together with
U Ali the Inspiration that can he round p
Cd up. all OF Chill and Cerro de
8 Fseeo Through Utah. Nevada Com
1 eolidated will come into the merger.
Y IT rs understoo that Magma and
+ Maxoa Valley may also he iurlgd ID.
while this merger was being ar
ranged. copper metal sold mp 10 IS
Ceats a pound and cotton sold nearly
\ toll cents a pound. Both Of these
] prices are recorss for nil time. Prac-
tGA1ly every copper stock traded in
made new high record, as did the
Z minor steels, Even Bethlehem pre-
4 feTred went shooting IN &c points.
In addition to earnings and tie
- -.
AMI reasons for optimism In the mar
kek Representative Adamson OF
/ eixht-hour celebrity served notice on
the railroads and the labor unions
that II they went to fighting again
II Congress would step IN and take con
troll OF the whole r9ilroG business II
W. also made known that President
n WILSON would insist upon his entire
\ rM43road program Eoing through Con-
] gsess.
-svashington also announced that
thore WAS no danger Il a renewa VI
/ fnd.scriminate sinking OF ships by the
Ge[rnans
What pleased the Street perhaps
4 mare than anything else was the dis
4 closure that secretary Daniels Is really
w0king or n remarkably coupre-
hsAsive naval program that VIII
n 041kfy the most ardent advocates OF
= No Separate Peace.
kuss.a 4 assurance that aa separate
p$ace woulc be made hraced up The
steehs
M Only one unpleasant feature WAS
p60mirent and that was the new Car
&Mr4nza plan providing fov uatiuualiza-
#s110n for mines and oil fields.
Ehe close was strong and excited
WITH prices al about the best level Of
ea944i day