New-York tribune., 1911-02-05
TOPICS OF THE STREET.

COPPER TRADE CONDIIloNo'-"ai AIN
er's copper letter says:
Conner is firmer and in somewhat peter
demand Lake is 123i TO l2is cents anu l'.o elro
trolytic 12i9 cents a pound. Inc HIplo'oI
ment in the tone OF the hlarket - an tbe
bv the sharp advance in quotations on ~, o,'
Iondon Metal Exchange, where every colI-
ceivable effort was made recently 10 ioi HSi
a bad break in prices. II tlt tlst"r ~ 90
cations can be relied upon, things are 81
sbaning themselves that there Is Likely W
Inc a big general buying movement 10y cuIiii
sumers soon. both in TINS country a.
ions we're made that the Copper froduc-
ers' figures, to be published next W WtuliiS5s,
dav would show an increase IN tle "oIlI
supplies during January or 2oWoVW pouhuH'
The absurdity OF such an esliliiaJo eslilJ 20 tba
Ginning 10 be- apparent. The records ol tne
New Sork Metal Exchange indicate - tijao ~
January exports totalled about os'y9,g'o ~
nounds There was a net decrease OF l'9iv,-
30 pounds in the foreign visible SuppiiS SupiS,c,inn
inc tbe month If American producliVh
and imports totalled lS339,2ly pounds III
same as i'm December therefore, d9nneSSl , 16G 6C
deliveries will have to decline 10 o-'v';;y,L
noiinds which is about half the month";
a,araoe Of last wear, TO show -9'VV)''v'-
nound increase i'm the worlds visible suppii
The absurdity Of the estimate releitcu W - -
eouallcd by the persistent reports lIa' III III .
nor is being accumulated secretly IN hol-
I'D AMI Germany. II there were even d
,estige of motive for such an acculnuidtlV tlViI
q few intelligent persons could posSiu'I &c
fourd who would believe 'ne Htot ~ 80 Dy,,s
my last year domestic deliveries dEEi'
gatcd 7s l5S2S7 pounds. exceeding thoSe OF
any other month i'm either 1909 or l"lV pc pc
lipve that deliveries in January tnIs ~ -,
viii nrove 10 have been mucn larger il.4l
tbosc ~ December and that instead oi d
o. OO0 O10-pound increase in the NlSiple sup
TIios p, decrease may possibly be recorded.
IMPROVEMENT AHEAD.-In their Feb
ruary bulletin Spencer IraSk no., ,,'c,,, inst
,,o.sad developmentS i'm the financial Woriu
have been along such sound lines as VIII
mark if continued, turning pOlll Iu 80 go
economic situation, ana VIII ~ duJ rtch ,re
of the unfaVorable factors from WHICH w
have heen suffering for some time past
our hank reserves have received supStdn-
tiaI additions indicating that money - a.
cnmulatine ar this centre; the percentage
oC loans to deposits has SHOWN q ueCIuSn
cbanqe i'm the right direction ana ndilP
ulation i'm the stock market mas peeH 80 49,
within bounds as is proved DN NpIuIi,
of only 9SS4 16q shares in January asainae t,
% nc Ia in Tho same month of 1910. ON the
nther hand an important increase III AZ
tivitv has made itself manifest IN ine Dotu
market All Of these Factors are I'LL, a,,oial
IN the constructive side of our hhahcld'
n"sition and presage, we hope, the IlSapo
noarance of the clouds under whlch We
have been living of late
RANK CLEARINGS-Th total bank
,,aarinrs nHirm for the United states for the
h cledt a,,,ed FEBRUARY t. 1911 Zone day eS-
timatedp according to The tinanclal nC1IiI
Gbronicle." were $5,57l6 6S.5SS, which COM con-
'Hlou 'Hl i.h e. 7ss O-tS ,04 for the week ended
Eebrnary }. 1910 Compared with last year
, eot ,a'ai hank clearingS have decreased 30
per per cent New York City ,Gs,nn reports 81 ner n@
u,bitc philadelphia shows an increase
en- Ti per cent. Baltimore Of ~ per cent.
., ., - o,p'is pi of I3'2 per cent and New Orleans
of 1l.6 per cent
SPOT COTTON PRICES.-for Ihe nLSt ,hI
- This calendar year spot cotton on tHe
s.luv .- Ynrl, cotton Exchange is quoted he
iovy the Corresponding price of a year ago
W that time cotton was selling a. ,,s9
nn - The January slump. compared with 400
~, m iS, Eridav which Is the lowest I'm this
onason VI. son since November 10. The European
stGnDinq outlook is less favorable on ac-
cunt OF the Chinese plague, among other
,oI'ses outside of domestic conditions
rI-RAE BONDS LARGELY OVERSIZE b