New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-13
TOPICS OF THE STREET.

COPPER TRADE CONDITIONS-Walk
er,s copper letter says: Copper is slightly
electrolytic is 137sc to 1324c a pound.
Early in the week there was some hesita-
port of the Copper Producers Association.
The statement published Yesterday showed
total surplus in this country up to 107,1Sl,-
9O2 pounds. February production showed
practically no decrease, amounting to H.,
1898 pounds. comparing with 1861, 2S7
pounds In January, a longer month. This
production does not reflect the curtailed
output of the Butte mines during January
and February or the Utah and Nevada
mines In December, but shows the actual
output of the refineries. This months re-
flnery output should show a cOnSidera BILE
decrease because OF the reduced mine pro-
auction referred to two or three months
ago. Domestic deliveries amounted TO Co.,
6lS,S22 pounds. which IS a very good show
Ing. There was decided falling off in
exports, the outgo in February amounting
10 37,369,5l8 pounds, compared with 81 691.-
ol2 pounds In January. This sharp decline
will continue to decline. but rather thar
there We're very heavy shipments during
the closing days of January. which nor
February account. Taking January and
February together. there has been a de-
crease In the American surplus so far this
year of S4.57S.20 pounds. feel very conf
dent that there will be another large de-
crease in the surplus this MONTH
ALTON NOTES.-The Chicago & Alton
Railroad Company will issue $1,000. 600 new
equipment and Improvement per cent
twenty-year bonds for the purchase of new
equipment and for making certain improve
ments and betterments The United States
Mortgage and Trust Company will be the
trustee under the mortgage securing the
bonds. OF these bonds S3,50O.O0o viii be
issued at once as collateral for an issue OF
$2.9OoO0O three-year per cent notes, which
have been purchased by the United States
Mortgage and Trust Company. which will
act as trustee under the collateral trust
deed securing the same
SOUTHERN POWER COMPANY
BONDS.-N. ". Harris & Co. and the Ma
tonal City Bank, of New York City, have
purchased from the Southern Power Com
pany SGo.U0 first mortgage per cent
bonds. which are being offered TO investors
at 9S12 and accrued interest. This COM
pany operates hydro-electric power plants
of nearly 1900 horsepower capacity in
North Carolina and South Carolina The
president of the company Is J. b Duke
president of the American Tobacco Com
pany.
UNITED ELECTRIC SECURITIES COM
PANY. - The United Electric Securities
company has issued It's annual report for
the year ended January 81, 1910 Gross in
come from investments amounted TO SS67-
oIo. Net income, after expenses and in
terest, was $1N, $40 Profit from sales OF
securities, less adjustments on collateral
trust ponds, amounted to S22S.7S2, making
total net income S50159. from which de
quot $4,000 paid out in dividends leav-
ing a surplus for the year Of S15515s. Add
surplus February /, 1893. $3.50 Total
surplus, $,42o.222. Deduct decrease in hook
value of assets Sl06.502, making profit ana
19. - -'-'' '>''i''-
PACIFIC TELEPHONE AND TFI.F-
GRAPH COMPANY.-The Pacific TeIe-
phone and Telegraph Company has sold
S,vp,VV per cent bonds and 100000 a..
per cent twO-vear notes. The bonds are r
portion OF the S35.C010lO issue dated J3nu-
airy :. 1907. of which 100000 were already
outstanding; of the remainder. Sl2GG. Ga
were made issuable for only ~ 2-S per
cent or the cost OF improvements The
notes are payable at maturity in cash or
ponds at a figure agreed upon at option
of company.
BANK CLEARINGS. - The total harl,
clearlngS OF the United States for the week
enoed March - 1910 tone day estimatetl-
according 10 The Financial C'h~OuirI.
were N.SS6,5Oi614, as compared with & az -
$50 last week and s. $50 SOS 4g- for the
corresponding week OF last year COrnparrd
with last year the total bank clearinrs in
creased ~ per cent. New York CITY re-
ports an increase Of 80 per cent Pbil1-
deIphla OF y per cent. Chicago OF II \ f,,.r
cent and New Orleans OF 2Ss per cent
MOVEMENT OF COTTON. - TIE t,-,r
port receipts OF cotton, as Indicated ~
me FINANCIAL Chronicle" are "a Follows.
For the week ended March IL thu total r.
ceiptS reached M,SS5 bales against \ ~
paies the preceding week. makinl: the total