New-York tribune., 1911-02-19
TOPICS OF THE STREET.

COPPER MARKET CONDITIONS. -
Walkers Copper Letter says: Copper is
tanned Lake is 12}s 20 l2& and electrolytic
is 1873 to l212 cents pound. While there
IS more or less uncertainty in the trade, the
majority of the producing interests are in
disposed TO reduce prices They believe
that the very unfavorable turn In the sta
tistical position of the metal. as indicated
by the Producers statement published last
week. will be temporary, and that when
consumers come into the market again
their buying will absorb a very considerable
proportion OF the existing visible supply.
The fact that consumers of copper are buy
ing only from hand to mouth and carrying
practically no supplies makes the surplus
very much larger than IT would be were it
not that sentiment has come TO be such
vital factor in the situation. 1t IS said that
American consumers who usually buy
40. .0O0 900 to $4,000. 900 pounds OF copper at
a time are now taking only 100000 pounds,
but of course with much more fire.
Quency. Regarding the surplus, il may be
well TO remember that when the Amalga-
mated corner collapsed in 1901, that COM
pany and associated interests were carrying
almost 4OOOOO,OOO pounds or copper. Only
five years later. Notwithstanding very
large Increase in production meanwhile,
surplus supplies had been absorbed and
consumption had grown to such proportions
that the price of the metal was forced up
10 26 cents. There Is no good reason 10
doubt that this history may be repeated.
The worlds copper surplus is nearly 90
100000 pounds smaller now than 1t was
year ago.
GULF & SHIP ISLAND BONDS. Wick
& Robinson have bought $4,000 Of an au-
thorized Issue of 100000 Gulf & Ship
Island refunding 6 per cent bonds, issued
u retire the $4,000 gold 6s due April /,
1911, and are Offering them on an exchange
basis OF par and accrued interest for the
old bonds and S9ls and accrued interest for
the new issue. The old bonds should be de-
posted with the Metropolitan Trust Com
pany on or before March /. 1911, when new
bonds will be delivered with SIS In cash a
bond, representing $40. accrued interest TO
February l. 1911, the date on which interest
begins 10 accrue on tho new bonds, and
s.. the difference in price.
FAILURES LAST WEEK.-Commercia
failures for the week in the United States
as reported by X. G.. Dun & Co, are 252
against 276 in the previous week. 3i2 the
ing week last year Failures IN Canada
number ~. against 32 in the previous week.
- the preceding week and 80 last year OF
failures for the week in the United States
81 were in the East. GO South Is West and
T in the Pacific States, and 95 report liza
bilities Of Sl.000 or more. against i0 last
week Liabilities of commercial failures
reported thus far for February are S,5S5.-
lS7. against SIS, ,9i2,Sn for the same period
last year.
BANK CLEARINGS. - The total bank
clearings in the United States for the week
ended February Is. 1911 zone day estimatedl,
according TO The Financial Chronicle" "
were s2,S2l l21. 46l, which compares with 49,
l27 735,79l In the preceding week and S3,573 -
99Sll6 IN the week ended February 10. 1910.
Compared with last year. the total bank
clearings have decreased 20s per cent.
New York City reports a decrease OF 80 1
per cent. Philadelphia OF 1874 per cent and
shows an increase OF 22 per cent, Balti-
more Of 23.9 per cent st. Louis of i2.7 per
cent and New orleans of EOS per cent
CITIES SERVICE COMPANY DIvI-
lDENDS. S.-The Cities Service Company has
declared the regular monthly dividend OF
one-haif OF per cent on the preferred and
onc-quarter OF l per cent on the common.
payable March TO stock of record Febru-
! airy 20.