New-York tribune., 1910-09-11
TOPICS OF THE STREET.

COPPER TRADE CONDITIONS---Walk
er'S copper letter says: copper Is 4u4C:.
and steady at unchanged prices; i95I +n I2s5
cents a pound. Domestic consumers sun
continue TO buy sparingly, limiting then
purchases to actual month 10 itiontii ~ Itrone-
er, due to steadily increasing European
consumption. Exports continue 70 increase,
and there is now a good prospect that tne
September outgo will equal or exceed the
best previous monthly record of this year
The figures presented by the Copper Pro-
ducers' Association for August We're nard-
" I'D to buIIish expectations. Production
showed an increase of approximately 1I'uVJ,-
600 pounds. It must be remembered, now
ever that this does not mean mine pro-
duction, but rather the output OF the re-
fineries. During July there was a forced
curtailment of refinery production. amount
hot weather, which made continuous oper-
alton of melting and casting furnaces I'M
practicable. In August, however, weather
conditions were better and the raw copper
cathodes, which had gone on accommodating
in the refinerieS during July, We're con-
verted into shapes ready for delivery, thus
becoming visible supplies. Total deliveries
were l29 563 051 pounds, the largest since
January, and domestic deliveries were g.
731, "a pounds, bringing the average month
65.O00.00O pounds. The American surplus
decreased 1,759.4S3 pounds and the foreign
visible supply 3,S79,6S0 pounds, resulting in
an actual reduction of 5,639, ,1l3 pounds dur
ing the month in the worlds surplus. The
effect of the mine curtailment policy IN
augUrated a month or two ago is not re-
fiected at all in the figures published this
week by the Copper Producers Assocl-
alton. 1t will begin to show in the state
ment to be published next month, and still
more strongly in the November figures.
AUGUST'S BUILDING RECORD.-The
total value of the permits for building at
eighty-three cities of the United States for
August is reported to 58T Bradstreets ads at So,
S97.100 as against $55,221,337 in July and
So, 051,841 in August year ago There is
here indicated a gain of 229 per cent over
July. and of "a per cent over August last
year. Fifty of the eighty-three cities show
increases over August last year, and
thirty-three show decreases. The large
August is, however, explained by the i'm
menSe total furnished by Duluth of S10,-
1s7. .140 as against only S266.955 in July.
This is accounted for by the fling of one
permit issued to the Minnesota Steel Com
pany to erect at New Duluth some fifty
buildings, to cost in the aggregate about
SO. 000 900.
BANK CLEARINGS total bank
clearings Of the United States for the
week ended September 10, 1910 Zone day
estimated, according to The Financial
Chronicle" We're s.. .219, 391. as compared
with s.. Gil, ,23S, ,629 in the preceding week, and
&, 81. $685. ,641 for the week ended Septemb Der
II, 1909. Compared with last year. the total
bank clearings have decreased 1873 per
cent. New York City reports a decrease OF
25.4 per cent, Boston of 81 per cent. and
Chicago Of 76 per cent while Baltimore
delphta Of 4-6 per cent, and New Orleans
of 1873 per cent
EQUITABLE TRUST COMPANY TO
EXTEND BUSINESS.-A special meeting
of the stockholders of the Equitable Trust
Company Will be held at noon on Septem-
Der 26 to vote on a proposition to authorize
an extension OF the business and powers
and rights of the company so as TO in
clude the transa action of it's ordinary buSi-
ness by branch offices in London and Paris.
DIVIDENDS DECLARED. - Dividends
have been declared as follows; The Union
Bag and Paper Company. regular quarterly
I per cent on the preferred payable on
October 10 The Union Traction Company
of Indianapolis. regular semi-annual 90 per
cent on the preferred, payable on october
/. The International Harvester Company.
regular quarterly l per cent on the com
mon, payable on October 15- The Buffalo
General Electric Company, quarterly IL
per cent on the common, payable on Sep
tember so. The Buffalo Mines Company, )
per cent, payable on October 1.
APPLICATIONS TO LIST.-Application
has been made 10 the New York Stock
Exchange by the Canadian Pacific Railway
Company to list S30000.o00 additional ordi-
nary capital stock and by the Pacific TeIe-
phone & Telegraph Company to list S5.010.-
eco additional first mortgage and collateral
trust 3 per cent bonds, due in 1887