New-York tribune., 1910-01-07
TOPICS OF STREET

FOREIGN TRADING.-Forelgn houses
were not active in the local market deal
ing in upward of l0,00o shares. Purchases
exceeded sales.
ATTRACTIVE BOND OFFERING. =
Spencer Trask Coz Mli1aSm eSd aaS "a, ana or pl9e
gage : per cent bonds OF the Cleveland
Electric Illuminating Company, of Cleve-
1S0 per cent More than three-fourths Of the
s. O05Oo0 bonds already have been sold.
The authorized issue OF these bonds IS
S30eeOOGa The 100000 bonds now out
Standing include an amount sufficient
~ provide for the retirement of Sl,7o0,000
55rsf mortgage per cent bonds (old is
80 rsIIe5 for payment AT lie and inter
est on April ! 1910, and $l,5oo.o00 first and
general mortgage per cent bonds called
for payment at 100 and interest on May l.
1910 The mortgage securing the S50,00000o
first mortgage 5 per cent bonds provides
that beyond the first 100000 additional
bonds can be issued only to the extent OF
50 per cent of the cost of Improvements
made or property acquired hereafter. and
when issue is made OF any part of the re-
manning s25,O0o.oO0 bonds the net earnings
Of the company for the preceding year
shan be equal 10 at least twice the amount
of the interest for one year on ali of the
bonds outstanding, as well as on the bonds
then to be issued. 1t is stated that the
property which the new issue of first mort
gage per cent bonds viii cover shows
cost December 81, 1905, of over SS,3i0,eO. or
more than twice the outstanding amount
Of 81, ,000, 600 Of the new issue of first mort
gage per cent bonds.
LONDON UNDERGROUND PROG
EESs.-William E Mandelick. secretary
Of the Underground Electric Railways, of
LONDON, and has been in this city on
ten days business trip, said yesterday be-
1ore leaving for Europe that the earnings
of the company We're decidedly eucour-
aging and that the action Of the manage
ment in putting into operation a number
OF express trains had added materially TO
the traf1c of the roads He also said that
q large part OF the success of the syS-
tenn was due TO the ability of Albert II.
STANLEY, general manager who formerly
Nas connected with the PUBIC Service
Corr Grafton of New Jersey. The read
Justnent plan made public last year indi-
Gated, he said, a deficit for 1909 Of S96.000.
against an actual deficit of $50 000. 1t is
believed that in the current year the full
amount required for fixed charges will be
earned and that something viii be shown
Tor The income bonds.
COPPER PRICES -EIectrolytic
copper IS strong around IA cents pound.
This is the price Of the United Metals Sell
ing Company. which until recently was
quoting The metal at 1324 cents a pound.
copper producers and selling agencies are
not pressing sales at the 14-cent level. One
producer declines TO sell electrolytic cop
per for delivery in March below l4ls cents
& pound There has been fairly good de-
mand for copper from domestic consumers,
who have been buying in anticipation of a
FURTHER advance in prices.
NATIONAL STARCH BONDS-Tt is an
nounced that the committee representing
the per cent debfnture bonds of the Ma
uonal starch Company and the 8 per cent
Manufacturing Company now controls a
majority Of both classes of bonds. but upon
p the time in which further bonds may
he deposited with Speyer & Co. in connec-
ton with the refunding plan,
ROCK ISLAND BONDS.-It was learned
rom the Chicago, Rock Island & Pacific
Railway Company g. 900 Chicago, Rock
Island & Pacific Railway first and refund
lLg mortgage 4 per cent gold bonds, due
1884, which. il is understood. viii be issued
IN few days by Speyer Brothers, in Lon
l-achaWanna q Western has ordered $50
composite gondola fifty-ton capacity cars
rom the American Car and Foundry Com
p8hy. The Chesapeake & Ohio has ordered
100 all-steel ffty-ton capacity hopper cars
from the Standard Steel Car Company
COFFEE EXCHANGE MEETING-At
fee Exchange Percy B. O'Sullivan, presi-
cent read his annual report 1t showed a
favorable comnTercial position for the ex-
S9aase, Win It's hnances IN good shape.
The net amount received from the building
owned by the exchange after paying inter
esr on mortgage and taxes. was $500.
IROQUOIS IRON BOND SALE.-The
lrQQuOis Iron Company, the managemAnt
of which Is controlled by Rogers. Brown
d Co. the largest pig iron dealers in the
world, mas sold 10 Lee, Higginson & Co.
an issue Of S2.300000 > per cent first mort
gage bonds. dated December J. 1903 and
maturing serially from 1872 to 1929. The
new bonds are first mortgage on prop
erty which has been recently appraised at
$7.3Z-l92
ELECTED a DIRECTOR.-EIisha S.
- Williams, who on Wednesday was elected
president OF the Rubber Goods Manufact-
urinE, Company, yesterday was elected
Z director and member of the executive
committee OF the General Rubber Com
pany.
UNITED STATES RUBBER PRE-
FERRED DINIDENDS.-The United States
Rubber Company has declared the regular
quarterly dividend OF per cent on its first
preferred and of IL per cent on its second
preferred stock. payable January 81.
GOLD EXPORTS-Gold coin 10 the
amount Of 100000 viii be sent 10 Argentina
next week by the National City Bank
Total engagements since January l, ST.
S51@11.