New-York tribune., 1909-02-14

.o-,, --s,,,,o1 o4 activity. A few Of them, how
ever have been asking for options 10 DuS ,s copp
at current prices extending IeW ua$s s.os, go
the date on which the statement OF the producers
Association was to appear. This lnolcates 'ilet
thew are in a position TO buy, and that they are
afraid surplus supplies smaller than they hsf
baen led 70 believe The report was circulated
week ago that many Of the large prooucLs -, 80
panies would curtan their output ana oispalcne'
from Rutte stated that the Analgamated coInpa-
nies were already dischargins men Thls mas
been denied, and, far as can be learneo no
c31rtailment is under way yet IN any dlstrIct'
That there has been very large increase III ~ ~
per production recently cannot De oeIHeu- &
resumption of operations at Cananea ana tne cur
rent production of more than o'VVVV' PC,u.itII -
copper monthly by the Ely companies WHICH ar W
entirely new factors in the situation, tosetner "O
an Increased OUTPUT from several of the old oper-
atiuz mines give basis for the belle1 thaC 'iis
wears production will exceed the 1908 output py
I25OooO00 pounds. Nearly all OF this increase -
from American mines, and 1t Is coming al q ulile
when general business conditions In TINS coInt-S
are very unsatisfactory. It Is but natuFa tHeie
FORE that apprehension should De tet IN ~ .
per trade circles. The hesitation in the IRON anu
steel trade due TO the refusal OF the largest com
pany to reduce prices, is partly responsible Ior Inc
depression in copper. The foreign Consumption OF
conner continues excellent. Between 90 and 60 per
cent OF the American production is sui oelns eA
ported. There is no reason to oeheVe that e tHeIe
Will be any curtailnent of foreign consumption
until there is q considerable advance IN prices
The report of the Copper Producers AssoclatloH
shows that the stocks of copper held by me
American producing companies are only l44'Vo,VVy
pounds and that S03s20OO pounds were exported
and sold during January while the totaI & 0utpII ~
for the month only 1120co,0o pounos: 1his u
a better showing than had been expected.
COTTON MOVEMENT,-"The Financial Chron-
ice gives total port receipts Of cotton Tor the
week ended February II. 1909. 165,s34 bales,
against 247 T6S bales in the preceding week. making
the total receipts since September l. 1908, I,IS2zoS
bales against 6571.304 bales for the same perloo
of 1eO7-'0s, showing ap increase since SEPTEMBER
l. 1868, OF 1,160,965 bales Rain has been general
and heavy in localities. Alabama reports re-
drced acreage being urged but fertilizer sales are
greater than year ago. The crop continues to
move with some freedom.
INCREASED FUEL DEMANDS IN THE
OUTHwEST,-Further improvements in industri-
al activities in the Southwest have resulted IN
largely increased orders for coal and coke being
placed. The ST. Louis. Rocky Mountain & Pacific
Company. through It's president. reports the closing
Of important coke contracts which will call for the
balance OF the company's maximum output while
the increasing coal demand necessitates planning
for increased output from all the companys mines
BUFFALO & sUSQUEHANNA RAILwAY.-The
reports for the first half OF the present fiscal year
Of the Buffalo & Susquehanna Railway Company
show the coal and coke tonnage for that period to
have been the heaviest in the company's history;
$50 900 tons moved, approximately 100000 in
crease over the year previous. In 1906 the Buffalo
& Susquehanna handled $4,000 tons during the first
six months.
RANK CI.EARINGs.-The total bank cIearings
of the United States for the week ended February
Is Zone day estimated, according TO The Ffnsn-
cia Chronicle were s2.s70,477s6s, against s31s2.
126 in the preceding week ard s20160os 4s1 for
the corresponding week Of 1908. Compared wi1l
last year. the weeks total clearngs increased 17s
per cent. New York City shows an Increase OF Ze6
per cent. Boston 1914 per cent and st. Louis ls.e
per cent.
MINNEAPOLIS & ST. LOUIS BONDs.-The
Minneapolis & St. Louis Railroad Company has sold
to Speyer & Co. S2ol5000 first and refunding mort
gage 50-year 3 per cent bonds. due i94s. Most OF
these bonds were issued TO retire s4S5.0o Mime
apolis & Merriam Junction per cent bonds, which
rratured January 1907 and s1013oo Iowa extension
per cent bonds. which mature June /. 1903.
LINCOLN TRUST COMPANY.-At special
meeting Of :he stockholders of the Lincoln Trust
Company il was authorized to increase the capital
stock from $4,000 TO 100000. It was left to a
subsequent meeting OF the directors 10 determine
how this increased stock was to be provided for.
BROOKLYN UNION GAS.-The Stock Exchange
has received notice from the Brooklyn Union Gas
Company that the per cent convertible debentures
of the company which mature on March viii be
exchanged at par for shares CT the conpanys stock
al mar II presented for exchange on March L