New-York tribune., 1910-10-09
SG91xs4a
TOPICS OF THE STREET.

COPPER TRADE CONDITIONS.--Walk
er's copper circular says: viewed from
is stronger. Domestic production is snow.
ing a most decided decrease. Imports or
copper and ores have fallen off surprisoo
ingly. There was decrease Of ,O4O
pounds in the foreign visible supply of cop
per during September, Notwithstanding that
exports from this country increased by
about 5000. 600 pounds as compared with Au-
gust. September exports aggregated 81, I3S
tons, or more than Il 100000 pounds. AS
imports for September were equal to those
of August. this would leave about 5S.e90OOo
pounds for home consumption, whereas DO
nestic deliveries in August exceeded 81 ,Oco.-
600 pounds This would seem at a glance
to provide for decrease of 100000 pounds
ir the American surplus to be SHOWN oy
Immediately after this letter Is issued.
This will mean 15,000.0HO to 2o,oo0000 pound
reduction in the worlds supply: The tre-
mendous increase in consumption, which
has occurred since the price of copper de-
clined TO 13 cents and lower, has tended TO
give the copper producing industry stab1l-
ity, as 1t has again proved that when the
market is properly handled consumption Will
always take care of any abnormal increase
in production, provided there is reason
able decline in the price. The belief eX-
pressed in some quarters that the world S
demand can be PROVIDED for at all times in
the future at around 10 cents, however, is
unlikely in my opinion, to prove true.
There is every indication that the consump-
tive demand will increase sufficiently IN
the entire production of all the old and new
mines at a price of 10 cents and perhaps
higher / shall not be surprised TO see cop.
per sell above u cents. before the end OIL
this month.
BRADEN COPPER MINES COMPANY
AT a special meeting of the Braden Cop
lied the issuance of S2.0O0,O0O second collat-
eraf trust mortgage per cent hVe year
convertible bonds and an increase in the
capital stock from s1O,0O0,000 to $4,000, 900,
ha ODD n
treasury against the conversion OF bonds:
OF the new bonds. 81. 100000 are to be issued
at once to enlarge the companys operating PEI aoI1I
mensurate with the increased scale of oper-
ations. The remaining sl.O00,000 will be re
served for construction of a teaching plant
and other additions when conditions war
rant. The S1.OO0.O00 bonds will be offered to
stockholders at par, payable 40 per cent on
December !, 1910: 40 per cent on February
1, 1911, and 20 per cent on April l, 1911
BANK CLEARINGS. - THE Financial
Chronicle reports total bank clearings for
all cities of Sl1 1861 .661 $40 for September,
compared with $13, 3,542, ,069, 1& in the same
month last year. a decrease of ISL per cent.
From January l to October l clearings
were s122. 406 351 ,563. an increase of 26 per
cent In the month of September all clear
ings outside of New York City increased
1.3 per cent, the loss in New York amount
ing to 26.5 per cent.
UNION SWITCH AND SIGNAL COM
PANY-The Union Switch and Signal Com
pany has called a special meeting Of the
shareholders for December IA to vote on a
proposition TO increase the capital stock of
the company from $2,500.O00 to S5,00O.0OO. all
the new stock to be common. If the pro-
posed increase in stock is approved by the
shareholders a stock dividend OF 80 per
cent will il is understood. be declared,
which will be distributed pro rata to both
common and preferred stock holders. Out
of the remaining 40 per cent of the new
stock the directors will issue sufficient to
Increase the working capital and meet the
demands of the company from time TO
time.
TO INSPECT HARTMAN LINES.-Otto
H. Kahn, of Kuhn, Loeb & Co; Henry r.
Alvin w Krech, president of the Equitable
Trust Company, have left for San Fran
CISCO to be absent five weeks. During that
time thew will make tour of inspection of
the Union Pacific and Southern Pacific
lines.
HEAVY GOLD SHIPMENT TO EGYPT.
-Rullion amounting to $4,000 was with
drawn from the Bank of England yesterday
for shipment to Egypt.