New-York tribune., 1910-10-30
TOPICS Of THE STREET

COPPER TRADE CONDITIONS.-Wa Walk
er's copper letter says: Copper continues
active and strong Lake and electrolytic
are selling at the same price, l27s to I3 cents
pound. Sales for January delivery have
been made recently at 13 cents. Produc-
ton continues TO show heavy curtAilrnent
both in this country and abroad, and the
first real effect OF this VIII he shown IN
the copper producers statement and for
eign visible supply figures covering the
month Of October, TO be published in the
coming TWO weeks. A larger decrease in
the worlds visible supply is expected to
oe SHOWN by the October figures than by
thoSe which covered September. notwith
sIahding the latter indicated a shrinka9e
OF @S,OoOOoV pounds. II Is now practically
certain that the statistics to be publish I'd
Tor at least three months TO come Will show
decreasing production on one hand. and on
the other increasing consumption. II SO. the
around $4,000 900 pounds. and possibly less
oy February l. Such a pronounced reversal
OF conditions as this cannot fail to stimu-
late q somewhat further advance In the
price or copper. Foreign consumers have
been anticipating II by heavy purchases OF
the metal recently. Further immediate in
creases III the export movement. therefore.
are TO be expected. Some OF the most care
1ul students OF the metal situation declare
their belief that the bad statistical position
would nave corrected itself within a year,
even had there been no curtailment at all
Ihey point TO the unpTecendentedly large
and steadily growing worlds consumption
ana argue that at price of 12La to 13 cents
al the copper that could possibly be pro
dGced would 60 into consumption. II these
authorities are correct. and l am inclined
10 tnlnk Lhey are, the current Curtaiment
VIII prepare the way for the increased out
put which VIII come next year from Miami,
Ray Consolidated and a few small pro-
CuCerS. The metal market outlook as a
ing"
CITIES SERVICE COMPANY. - The
cities Service C0mpanv organized to con-
troll gas and electric properties in various
cities OF the United States. has offered
LnrOusG Its bankers. Henry L. Doherty &
Co OF No. ~ Wall street s.. O0000O of per
cent cumulative preferred stock at par. with
a bonus Of $4,000 Of common stock Both
the preferred and common stock win pay
quarterly dividends from October 1 OF re-
SpectlNeiE per cent and per cent. yield
ing the subscriber over per cent on his
allotment The Cities Service Company is
the S0t.eJooN holding company which has
. recently acquired the Denver Gas and Elec-
trlc Company the Spokane Gas and Fuel
4 NOi4paiA- ana II - expected that many
other large gas and electric properties now
controlled by prominent interests asso-
clated with DoheTty Il Co. IN the Cities
Service Company viii be absorbed.
BANK CLEARINGS. - The total bank
ciearlngS for the United States for the week
ended October %. 1910 Zone day estimated).
according 70 The Financial Chronicle. -
We're S3.193 092. go. which compares witt
554.272.966 the preceding week and 8. BIO
sol, ,56S for the week ended October 30 1909
Compared with last year the total bank
I CIearlngs have decreased 1O.7 per cent New
ork city reports q decrease of 19 per
. cent and Chicago per cent. while New
Orleans showed an increase of 81 per cent.
NORFOLK & NORTHERN SELLS
NOTES--The Norfolk & Southern Railroad
has sold TO the Central Trust Company
S+.4o0o'0 one year . per CXent notes. Pro-
CeedS VIII be used TO pay off 81 $50 900 col
lateral trust notes, 81. 442, sos receivers GER
/ tihcates, $4,000 Raleigh & Pamlico Sound
/ bonds. $4,000 Suffolk & Carolina bonds. bills
PAYABLE Of between 100000 and 500 600 and
4 the expenses Of the reOrganiZation commit
/ tee This sale viii leave the company with
/ between Sl5o,0oo and 500 COO working capital
/ NEVADA CONSOLIDATED - The Ne
vada Consolidated produced 5l51.20s pounds
/ OF copper IN september, a decrease Of So1.-
( 4I3 pounds from the August production Of
2,6I pounds and decrease Of 1,745. POI
pounds from the July output Of 6ss5, ,42s
pounds
/ GENERAL CHEMICAL - The directors
/ or the General Chemical Company have de-
claTed dividend of Il. per cent on the
common stock. payable December !.