New-York tribune., 1912-04-02
TOPICS OF THE STREET.

FOREIGN TRADING. transactions for
foreign account in this market yesterday
aggregated about 2O.OoO shares, practically
all sales.
INITIAL DIVIDEND IN MIAMI-The
Miami Copper Company has declared an
initial dividend of 50 cents a share for the
quarter ended March 81, payable May Is.
REFINED SUGARS LOWER.--All of the
sugar refining companies reduced their quo
tstlons for refined sugars 10 points, TO the
basis of $40 cents pound; less per cent
for cash, except the Federal Sugar Refining
Company. which is quoting b35 cents less
the per cent cash discount.
UNITED STATES MORTGAGE AND
TRUST COMPANY.-In the last call OF the
State Banking Department for the condi-
tion of trust companies the growth of the
business of the United States Mortgage ana
Trust Company is noticeable The deposits
were reported as 100000, which compares
with sii, 9o7 coo year ago. This increase
represents an accretion from normal Dusl-
ness and not through additions derived from
merger or acquisition OF other companies.
NEW BOND HOUSE.-Charlcs NJ Bull,
ir formerly Of Morgan * Bartlett, ana
y Eldredge. formerly with Crawford
Patton & Cannon, have formed a co, co,
partnership under the hrm name OF Buii
& Eldredge, with offices at No. 81 Nassau
street a brokerage business in bonds VIII
be transacted.
STEEL RAIL BUYING IN 19l2.-The rail-
roads have purchased in the first quarter
of 1912 a total of $1,000 tons of steel rails
which is at the rate OF nearly 100000 tons
wear, and is an improvement upon the
figures Of 1911. Inquiries for 100000 tong OF
rails are reported
Sl5V00O0 Indiana Steel Company and Sl0,-
100000 Lorain Steel Company first mort.
gage per cent bonds recently purchased
by j. +. Morgan & Co. from the United
states Steel Corporation will be guars n
teed as TO principal and interest by the
Steel Corporation and will be secured by
first mortgages respectively on the plant OF
the Indiana Steel Company at Gary ana
the Lorain steel Companys plant Add
,ional bonds can be issued for only 20 pei
cent of cost of new construction after Jan.
uary l. 1872 sinking fund OF / per cent
a year begins on May |, 1915, for the Ind
lana Steel bonds. and the Lorain Steel Com;
pany bonds have an annual sinking fund
of / per cent prior TO May, 1872; and -:
nor cent thereafter Bonds may he called
for either sinking fund at l05 and interest
BUSINESS AND FINANCIAL OUT
IOOK.-Of the business and financial out
look the Fourth National Bank says IN lts
are still being received from the important
mercantile centres concerning actual busl-
ress conditions. These indicate that while
tha country is by no means doing the vol
-IJrne of business that has frequently oeer
handled at this season, conditions neVerthe-
S,ss reflect material Improvement over thost
existing year ago InCI 1851 NoIIi,lo I'.i W W
hank clearings, an extraordinary reuucuoi
IN the idle car surplus, the much better de-
,nand for copper, the operations OF thf
great department stores In various cities
and the confidential reports from many ol
the most prominent mercantile corpora
lions tell of sustained recovery IN various
branches of business. In spite OF this prog,
ress however, the attitude of business men %
is stll conservative, and there Is ntsie .;i Gisi
nosItion 10 take up new enterprises uhill
he labor situation has cleared sufficiently
80 indicate that the country Is not threat
ened with alarming strike , dist disturoamffgSI EonofgI
IsJJptn contrast with the uncertainty ana
,cssimism which existed a few months ago,
tbsyn is to-day much greater confidence felt
about the future.