New-York tribune., 1911-03-12
TOPICS OF THE STREET.
COPPER TRADE CONDITiONS.-Nai al
ker's Copper Letter says

COPPER TRADE tpNDli ioNS'" ~
kers Copper Letter says
Copper is dull and weaker Lake is sell
in.. al III, cents and electrolytic at ~,
cents a Mound Anticipation Of possible
further decline is keeping consumers out
of the market and Inc percentage ol caSn caSS
and nearby delivery business Is steauiIE
Increasing There is hardly an encouras-
ing feature in the situation, all OF the
factors which made for cheerfulness dur
ing the last half ot the last year haLlhG
COLL psed one after the other. The COP
per Producers Associations statement for
FEBRUARY was even 2 worse showing tndh
lad been expected. The American surpluS
Increased 14l9S.2S0 pounds, and the World
etlrpIuS 12 $50. 120 hounds. There was a gam
of almost $4,000 pounds in domestic de
Iiveries decrease Of abort SpO,Wr pounoS
in exports and a shrnsage OF nearly n."o-
600 pounds in production. the latter pells
tho smallest since February. l@". FROM
.Tulv 10 December last. inclusive. the Vorld
copper surplus declined steadily. During
those six months the total surplus showed a
shrinkase of about .; per cent: or over ~,
roo 600 pounds. A sudden and unexpected
falling off IN consumption, however. mas
caused an increase ot over $1,000" POUNDS
in the worlds surplus during the last two
months Production continues to be cur
tailed, but within the next three or four
months new producing mines VIII begin
adding 10 the output. III the PROMISED I'M
rrovement in tho general business sltua-
ton materializes soon there will be sud
den and very large increase I'm copper cor
sumption There is no good reason for tho
belief that foreign consumption has fallen
off. II would rather appear that the Euro
pean copper interests have ceased buying
temporarily. anticipating slightly lower
range of prices. For d great many wears
past Europe has always been found ready
10 buy copper in almost unlimited quantl-
ties at around T. cents pound.
BANK CLEARtNGS The total bank
ciearings for the United States for the
week ended March II. 1911 tone DAY esti.
matedp. according ~ The Financial Chron-
with s3,31a 1901 last week and S.$'o,ers'i
for the week ended March T.. 1910. Com
pared with last year the total bank cIeor-
city shows a decrease Of lSS per cent. CLi.
cago of 6s per cent and St Louis Of lo6
per cent. while Philadelphia reports an IN
crease Of 8? per cent and Baltimore OF
ll2 per cent
DIVIDENDS DECLARED.-Divide
have been declared az follows: The Cen
trail Coal and Coke Company. regular quar-
terlv II, per cent on the preferred ana
quarterly H. per cent on the common. pay
able April :. the 81. Joseph Railway Light
Heat and Power Company. quarterly Ia
per cen. on the preferred, payable April |;
tie United Bank Note corporation, reg
ular quarterly ~ per cent on the pre-
fcrred. payable April /: the Calumet and
Hecla Company, quarterly 81. the Grand
Trunk Railway Of Canada. regular semi
annual per cent on the guaranteed stock
and 2ia per cent on the first and second
preferred.
APPLICATIONS TO LIST.-Application
has been made TO the Stock Exchange 10
list Southern Railway Company N.cW.U'
additional first consolidated mortgage > per
cent bonds OF 1894. Kansas City Southern
Railway Company s5.oo0.o0o additional re-
funding and improvement mortgage per
cent bonds of 1880
LOCOMOTIVE ORDERS.-Thc Delaware.
/ I.ackawanna \ Western has ordered hfteen
consolida tion. seven mogul. seven switch
and six eght-wheel passenger locomotives
and the Utah COPPER Company has order q
two mallets from the American LOCOMOTIVES
COMPANY. The Pere Marquette has sent
out Specifications for nifty locomotives OF
various types.
OFFERING OF BONDS. William a
Read e Co. are offering 10 investors at
- and interest. netting the investor Al
per cent, the jamestown. Franklin
CIearfield Railroad Company first mort
gage per cent gold bonds principal and
Interest guaranteed by lle Lake Shore X
Michigan Southern Railway COMPANY The
bonds are taN-eXempt in PennSNlVania and
are listed on the New York and Philadcl-
phia stock exchanges.
GRAND TRUNK PACIFIC. The Grand
Trunk Pacih" Railway will soon issue
s.. 800 600 per cent bonds at % IN Lon
don redecmahle In 1855. The issue will
bc guaranteed by the Grand Trunk Rail
way Company.