New-York tribune., 1911-03-03
TOPICS OF THE STREET.

FOREIGN TRADING.-Foreign houses
sold upward of 10000 shares on balance in
the local stock market.
REDEMPTION OF LONDON UNDER
GROUND PRIOR LIEN BONDS.-The
Underground Electric Railways Company
OF London, Limited. gives notice that 1t
VIII redeem, on September /, 1911. at par
and accrued interest the entire issue Of its
100000 (S5,oC0oOO : per cent pIior lien
bonds. These bonds were issued in 1908.
and mature in 1920. but the improvement
in the operation of the companies, con-
trolled by the Underground Company. and
Its financial condition has been such as 10
enable the company to sell at advantageous
prices part Of the tube per cent pre-
ferred stock comprised in the collateral
security for the prior lien bonds and the
junior issues so that the 5 per cent plior
lien bonds will be redeemed In advance
Of their maturity. Payment for the prior
lien bonds will be made on and after Sep
tember /. at the London County and West
minister Bank, Limited. London st the New
York Trust Company. or at the oiilce or
Lazard Speyer- -Ellissen. Frankfort on Main.
COPPER MARKET WEAK.-While the
large producers and selling agencies con-
tinue to maintain electrolytic copper at l2i2
cents pound. little metal is being dis
posed Of at that figure. Concessions run
ming Is cent a pound are reported IN the
jobbing district. Copper was sold at 124o
cents a pound Wednesday, and sales yes
terday were made at 12%s cents pound
Consumers are not inclined TO make heavy
they are expecting a poor February Copper
Producers statement. Sales Of the metal
i'm February were the smallest In many
months, and so far March has failed 10
give indications Of a resumption or ac-
tivity.
FEBRUARY CLEARINGS.-Bank eX.-
changes FOR the month OF February at all
leading cities in the United states; ac-
cording 10 statistics compiled by X. ~;
Dun d Co, which include returns from ll2
leading centres, amounted to sl2,l54l2,'oV;
decrease of 60 per cent as compared
with the corresponding month year ago,
but gain Of 50 per cent over me same
week in 1859. This is a considerably better
COMPARISON than was made by the preceu-
ing month. the improvement at New YORK
City being especially marked, although
stock market operations, which usually
exert notable influence on the volume OF
bank clearings at that centre, continued
far below those of last year Among the
outside cities losses are sun reported az
several important points and while there
are good gains at others. the total shows
a loss as compared with last year, but an
increase over 1909.
STANDARD CORDAGE.-The first mort
gage bond holders protective committee or
the Standard Cordage Company. of which
Horace l.. Hotchkiss Is chairman, an
nounCes that almost ~ per cent Of the total
issue of the first mortgage bonds nave been
deposited with the Title Guarantee and
Trust Company, under the depositary
agreement with this committee. To AFFORD
a further opportunity 10 those who have
not deposited their bonds and may wish to
participate in the benefits OF the plan the
time to make deposits with the protective
committee has been extended 10 and IN
Guiding March IL.
FAILURES IN FEBRUARY: - Brad
streets reports l.0ll failures for February,
1911. with liabilities of sll,29s,1S3. as against
O09 failures i'm February. 1910, with llaolil-
ties of Sl6.475.2 23s. Liabilities this year
showed a decrease OF 81 PER cent as com
pared with February last year, and or 10
per cent, as compared with February, 1909.
RAILWAY STEEL SPRING ELECTION.
AT the annual meeting u the Railway
Steel Spring Company in Jersey City OTIS
H. Cutler, president OF the American Brake
Shoe and Foundry Company, was elected a
director TO iill vacancy caused by the
death of Frank s. Laying. Other directors
were reelected.
MERGANTHALER LINOTYPE COM
PANY.-The directors of the Merganthaler
Linotype Company have declared the usual
quarterly dividend OF 2i2 per cent and an
extra dividend OF one-half OF per cent,
both payable March 81.
DIVIDEND DECLARED.-The directors
OF the National Sugar Refining Company
have declared the regular quarterly divi-
dend Of li2 per cent on the preferred stock
OF the company, payable April 3.
NEW STOCK EXCHANGE MEMBER
David w Smythe has been elected mem
Der OF the New York Stock Exchange.