New-York tribune., 1912-04-03
TOPICS OF THE STREET.


FOREIGN TRADING transactions for
| foreign account in the local stock market
were made up in large part of purchases of
United states Steel aggregating 1000
| shares
BOND MARKET CONDITIONs-1nt their
April bulletin Spencer. Trask G. Go. say:
,Considering the activity in stocks. the
| pond market has given a good account Of
Itself. While much less active than in
! January. the turnover Oh the New York
Stock Exchange was larger in March than
III February, while the total for the year
slightly exceeded that of the corresponding
period of 1911 High grade bonds, however,
have shown an easier tendency, the average
or ten representative bonds showing a de-
cline of three-eighths of ! per cent from
March ], and Of over one-half Of point
from from the high of the year. which was was
rcached early In February. Short term
notes also have shown moderate declines
In both cases this Is no doubt due in large
measure 10 the fact that money mas SHOWN
other hand. bonds of industrials and pub
nc service corporations have not alone
held Well but have in many instances ad-
Nanced owing TO the steady demand from
| the investor, who has grown to recognize
the merits of such bonds. and who needs
tEeir higher income to Offset the higher cost
of living
BANK CLEARINGS FOR MARCH.-The
improving tendency TO bank clearinGs noted
In the first two months OF the year was
much more pronounced during March. the
total of exchanges at all leading cities IN
the United States. according TO statistics
compiled by r. G. Dun & Co, which IN
clude returns from l25 centres, aggregatins
Sl4 454. $50 96i, a gain Of 77 per cent AS com,
pared with the same month last wear ana
loss of 81 per cent. compared with the
corresponding month in 1910 This showing
Is much the most satisfactory for many
months, and is especially gratifying as
weather conditions have not been alto,
gether favorable and also because the total
is affected nv the fact thar the month con-
tains one less day than either previous
year New York City reports a gain of lo.i
Per cent and A loss of 60 per cent. respec-
lively compared with the two preceding
years, while the total of cities outside that
centre shows expansion Of ~ and L. per
cent. The best feature Of the returns is the
remarkable uniformity of the increase over
last year. comparatively few cities of inn
portsnce reporting decreases. The large
total az New York city Is in part accounted
for by the marked expansion in stock mar
ket activity during the latter part OF the
month. but the improved exhibit is due IN
eome measure to the broadening Of com
section. except the West. into which the
outside cities are divided shows more or less
gain in The total and while here and there
a few cities report Losses, they are AS
rule small
THE FIRST QUARTERS : FAILURES -
There were 1910 failures reported ~
"Eradstreets'' in the FIRST quarter Of 1912
total only four times exceeded in the nrst
three months or the l6ST tnlIlN one yea -
these these being in 1898. 1881. 1895 and 1855 The
increase in number over year ago was
Il per cent. While the decrease from the
first quarter Of 1s% was IL per cent Ihse
favorable feature Of the returns Is found
IN the smaller number Of failures reported
in March than in February, or, indeed, thar
in any preceding month since OCTOBER lasl
year These latter returns Would seem 10
indicate that failures reached their top
record Of recent years IN the hrst quarter oi
the present year
DIVIDENDS DECLARED. DIVIDENDS
have been declared as follows The 81
Louis & San Francisco Railroad per cent
on the first preferred, payable April Is, the
Daly-West Mining Company regular quar-
terly 20 cents, PAYABLE April 80, the h.
Clafn Company regular quarterly, li2 Per
Western Maryland Railroad regular quar-
tsry per cent on the preferred. payahle
April co tho Atchlscn. Topeka Santa re
regular quarterly a.. ror cent on the com
mon. raysbls June ! the Utah Conscli-
dated Mining Companv n cents, payable
May S, the J g. White 'ompany regulasr
rsyable NAV /, and the American Light
and Traction Company regular quarterly
f., per cent on the preferred and on tne
common the usual quarterly 2is per cent in
cash and q per cent. payable ID common
stock.
COPPER PRICES FIRM;-CopreT was
firm ~ MONDAYS advance. electrolytic sell
ing for foreign delivery al the E1nlyaIenr
Of lH cents ppON0 I NF l'' 81 Ili'
slightly below that fgure, but demand e
reported excellent. July metal I'm small lots
is being offered nv some agencies. Inc
good demand and scarcity of nearby metal
mako II appear unlikely that there VIII 7"
any price concessions.
PHELPS. DODGE & cos MARCH
oneen mODJ mine so5f Of tSelps. Dodge & GO. pro
duccd s.c2 2Do pounds of COPPER, Mocte-
yuma 1851 pounds and there was pro
duced 9sl 9I pounds of copper from Gus
tom ores. making tho months to'al "u'-
nut a6i3.sj2 pounds.
CENTRAL TRUST COMPANY -
snccial r1nsting of the directors of the ZEN
tral Trust COMPANY of Now YORK He'rs"
" Dawson was elected vice-prcsiden'-
COLUMBIA TRUST CoMPANf.--.C,,,. a.
Austin has been elected assistant treasurer
of the Columbia Trust Company
sTIrDEBAKER CORpORATION.-A At the
annual meeting of the stockholders ol INC
Studohaker Corporation Herbert lehman
was elected director, To succeed la'l
Pachs. resigned.
PHILADELPHIA STOCK ENCHANGE'
seat on tho Philadelphia stock TX
cba,ge has been sold for $500. Thle price
compares with $500 tho last rIe'ea'"s