The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-30
COPPERS BEGIN
To GROW ACTIVE
PRODUCERS. HOWEVER, WILL NOT
STAND FOR A CORNER IN
METAL.
TELEGRAPHS IN A WAR
NEW YORK CENTRAL WANTS TO
ISSUE CERTAIN BONDS, BUT
MANY OBSTACLES AP-
FEAR IN WAY.
TELEGRAPHS IN A WAR
BY THOMAS G. sHoTwELL,

NEW YORK, Dec. 2e.--After SELF
ing under the low figures of the pre-
Nious session the stock market be-
came active and stronger today. 10
that the close showed slight net
gains. New York Central and In
terborough- M Metropolitan ISSUES made
material advances. The rise OF the
latter stock Is explained by the re-
port that the city and Subway au-
thorities have reached an agreement
giving to the marlborough Metro
politan such Il guarantee as will in
duce capitalists to furnish funds for
the necessary extensions.
An advance of copper metal to
liz cents was announced ty the
Calumet and Hecia Mining Company.
This confirms the current reports Of
a strong market for that metal. The
low price that has prevailed for sew
ersl years has encouraged the use Of
copper to such an extent that sev-
ersi Of the greatest producers intend
to increase their output In order
that the price Of the metal may not
cross Is cents. IN spite of this in
crease of output. which IL now being
brought about, the supply OF metal
on hand at the end of December Will
he materially less than what was re-
EDT16u al Tue tHu vi ~<oNNhhoNis top~
ps- producers have learned their
Jasson we'll through bitter experiences
and IL liz not likely that another cor
ner Ia the metal will be attempted
in the present generation. With cop
per at present prices Anaconda Is
earning almost 10 per cent. on It's
capitalization The earnings OF the
iow cost producers are extremely
large. 3
Lehigh and Can Strong.
I.ehi2h Valley and American Can
preferred remained stubborniy
strong. even when the general mar
ket was weak Reports persist OF
something to be done IN both these
companies In Lehigh It Is the dis
sribution Of a stock representing the
eoai properties and in Can preferred
Il Is the funding of the accumulated
dividends on the preferred stock.
can is earning only about I per cent
on it's preferred stock and is pay
ing 5, and there is no hope OF any
payment In cash on account OF the
iarge accumulation o. unpaid ofvi-
aends. There .s not even hope Of
the prsferred stock receiving It's full
per cent. but there are spectla-
tive reasons why i. may be deemed
advisable 10 fund the accumulated
dividends.
MacKav Company's stock was
weak following sem! official an
noumement that a telephone war
would be waged by the company on
Western Union and its allies West
aru Union held Arm. late in the day
banking support Yves extended to the
MaeKay stock. and recovered
nearly all its loss,
Central in Tanxlc.
yrrl Central advance in
connection with the new financing
the company proposes 10 do on ac-
count Of the New York and Harlem
marrer. This II the first step to-
ward a general merger of the cub
sidiary companies OF the Central. bat
this particular deaf ls made nec-s-
sary By the Improvement OF the New
York city terminals.
A legal question has been raised
regarding the right Of the New York
Central to issne bonds TO SECURE what
are now Lake Shore and VIichigan
Central collateral bonds. These coll
lateral bonds were issued with the
agreement that IL threefourths Of
their owners approved the stock he'll
behind them as collateral might be
released. provided New York Cen
.ra| substituted for this stock IA Sc
rurity "a mortgage on It's property.
said mortgage to be second only to
the first mortgage then existing
But since that time Central has
.ssned $4,000. 900 Of debentures and
these debentura bonds state that no
mortgage shall ever be put ahead
az them unless they are included in
~. II both these agreements are
carried out the Lake Shore and the
Michigan Central hondhoiders will
have as partners ell Of these deben-