New-York tribune., 1910-05-22
TOPICS OF THE STREET.

yE lhAD6 I'm IJ-NE " dih-
er's copper letter says.
Copper is quiet and firm. Lake is q
to 1874 cents and electrolytic 12ss to Is
cents d pound. In the furry OF buying
7oe 100000 pounds was taken, transactions
being made at all of the prices mentioned
above. The Amalg gamated interests have
been holding electrolytie copper at Is cents
and refusing 10 make concessions TO Amer
lcan consumers, though II Is quite reliably
reported that some has been sold by them
in Europe on the basis OF lGzs cents. Some
Of the smaller producers sold electrolytiC
IS low as 12ts cents last month, and lake
people are talking bullish on the metal
and putting great stress on the fact that
there has been no increase in the world
visible supply in the last six months. Other
American producers appear TO be pretty
well sold up to date. and some Of them
have sold their June output. There IS still
considerable copper held by two or three
large European speculative interests, but
practically al the small holdings we're
fact that the worlds copper surplus has
not increased in the last six months IS in
sO-called invisible supplies, meaning the
copper carried by consumers in excess OF
their immediate needs, is believed TO be
great deal smaller now than IL was IN tI!e
closing months of last year If that IS
true, consumption is actually eXceedlnS
production. When the difficulty of floating
bonds for new railroad, railway and power
construction. together with the relatively
Door demand Tor electric wire. is taken
into consideration, IL is in q measure sur.
prising that the worlds consumption IS
able 10 absorb the greatly increased out
pIt of the mines at the present Ifre III
view OF this II is plain that, should the
financial and POLITICAL situations so change
in the near future TO make possible
large bond fotations Tor new construction
work the increase IN copper conSuTnptlon.
which would follow Immediately would
quickly absorb the existing surplus ana
bring about a sharp rally IN metal prices.
IRON MARKET REVIEW. = Rogers,
Z q .f7Hioa pl0Slney of the week
fnds conditions in the iron market broaden
ing on a state Of activity From most
in sales and Inquiries which are unrlisuaka-
blv real This immediate section Is cred
tied Tith heavier sales and inquiries IMAM
have ruled since the activity OF nlonlns
ago Forty thousand tons and upward III
foundry grades constitutes the tonnage
1,eDdjng ii the present time Very few
naces.. except il instances where immediate
dfsposition for special graoes is wanted
changed. and, if anything. there is decld,
ed stiffening for The unattractiVe delivery.
MOVEMENT OF COTTON. The total
port receipts Of cotton, as indicated hy
For the week ended May q the total re-
ceipts We're 1876 bales, against o2,4lZ pales
the preceding week making me pc, 18s Lotst a,s as
against 1898 $50 balts for the same perlod
of 1@05-o9 showing decrease sihGe SsP-
teInoeT l. lsos; OF +haf Weather con-
5i-ions have been favorable during the
week Needed and beneficial rain has been
quite general and the temperature mas peeh
higher, rs a rule.
TERCONTINENTAL RUBBER.-At 2.
meeting of the directors of the 1nterconti-
mental Rubber Company II was voted 70 re
tire . per cent of the outstanding SAOvo,VV
preferred stock at par and accrued interest
on or before August 10, 1910 Ihls VIII re
ouire 81 $4,000 which VIII be paid out OF
cash in the company's treasury now avail avail
able over and above the necessary WORKING
caUital This action VIII reduce the pre-
feTred dividend charges $4,000 a year, ana
viii increase by 4 corresponding sIllC.II,ii :
the equity behind the common stock; Inc
company has sold It's ennre output OF ruO-
Der Up 70 January !, 1911.
BANK CIEARINGS-The total bank
c-earinas for the United States for the week
ended on Nay q, 1910 zone day esumaredl.
according 10 The Financial Chronicle
were 90 93o 62l 093. against $3,l3Z,sAOlo last
week and s, ,oo5, 1857 for the corresponding
z,eaT the total bank clearings decreased p
me- cent New York CITY reports z de-
erase OF se per cent ard Boston OF ! per
cenr ST Louis shows an increase OF lo-
per cent and Philadelphia Of IS per cent
DIVIDENDS DECLARED. - Dividends
Steel Spring COMPANY, quarterly la Per
cent on the preferred, payable June ~
Laclede Gas Light Company, regular quar-
terlv IL per cent on the common ana reeC-
lar semi annual pa per cent On the pre-
ferred, both payable June 70
ESPERA1<ZA MINING COMPANT--The
Feperanza Mining COMPANY, Limited, re
norts for the month OF April total receipts
If SIZE see Estimated profit, after deduct
ina working expenses, depreciation. ETC.
ended S19 352 on construction account. De
xx5s7oY,poent work aggreg gated ,225 fsst.