New-York tribune., 1913-07-25
BRIEF NOTES OF FINANCE
paragraphs Of Current Interest
for the Investor.

.ontrol Of the money situation by
oork of England is still further en-
u' u.i~nd by this weeks return, made pub
rssterday which shows slight i'm
" .,,ent in its reserve item. The pro-
pO,. of reserve. reported at $500 per
is the highest with one exception.
'e'' '.orresponding week in 1911 for the
-, wears. The changes in the diff
"' items related in the statement
". not sufficiently important to reflect
,,,.orablv. Notwithstanding the COM
'.styeIy small increase in bullion hold
considering that the bank has been
~s .,inr gold from South Africa, Brazil
o,ber countries. The continued re-
80 Of the AZ per cent discount rate
'-slc,tes the uncertainty regarding the
"a when the Balkan situation will be
y,-elv free of irritating factors, and the
.aSeouent strain on the money market.
The Interest in Coppers,
rho better sentiment developed re-
.a,,v regarding the copper metal market
IA reflected in the Improvement in prices
:, conper stocks has been attributed to
-. outlook that during the next three
1,,tbs at least requirements will call
tor large quantities of copper metal. 1t
: -anorted in copper trade circles that
h.,a Il a continuous heavy American
.onsumption Of the metal, factories are
Ling a good business, and a fair average
,,slting is expected during the summer.
rbe domestic deliveries of copper for 'the
,.s, TWO months have been l49,560,SE2
rounds. and on this basis. if August and
ssrtember demands are around similar
sgures for each month, ii is fairly
,sssonable 70 suppose that a larger vol
r,oe of new business will develop. Of
sclsl figures show that the stock Of re-
sn,d copper held I'm the United States
An July In primary hands amounted TO
a0lSS0 pounds, and based on the last
tuo months figures this is less than
three weeks home consumption. On July
the total stock of copper and supplies
,soat from Chilli and Australia were re-
oorted al d decrease Of 1891 tons for the
month Of June. and the total stock Of
conner atioat for England and France
from Chilli and Australia on July / this
year vas 2S,l42 tons. as compared with
gSs9 tons on July l, 1912, and 1O3,951 tons
on July l. 1910. Reports abroad indicate
reduction in the consumption of copper
for the manufacture Of sulphate end a
falling off in the total consumption OF
foreign copper in Europe.
Somewhat Bewildering,
prospective buvers Of Union Pacific
stock or subscription rights. together
with holders of Union Pacific converti-
bes and stock. have been confused by
the circular sent out regarding the rights
Of stockholders 70 subscribe for Southern
Pacific stock. The bewiderment has been
caused by the seeming incongruity Of the
offer which allows Union Pacific stock
holders to subscribe for but not TO receive
any Of the Southern Pacific stock. The
clear understanding of the offer is that
Union Pacific is offering to its stock
holders for subscription certificates Of
interest in but not for the actual shares
Of Southern Pacific. Any stockholder OF
Union Pacific may subscribe for the GER
ufcates. but cannot convert them into
Nn shares of Southern Pacific stock II
be remains a stockholder OF Union Pa
cihc. Consequently, the chief purpose IN
Subscribing for these certificates is TO sell
them later at a profit, as there will al
ways be a market for them. The ques-
ton arises as to what benefit the holder
Of these certificates will derive from their
purchase If he waits for the opportune
perio6 TO arrive before disposing Of them.
This question can be answered by a
statement that all dividends declared
from time TO time by the Southern Pa
cihc Company will accumulate in the
hands Of the trustees Of the Southern
Pacific stock for the benefit of outstand-
Ing certificates, and each additional divi-
dend acquired by the trustee naturally
will add TO the market value of the out
standing certificates Of interest. 10 be
realized when the Union Pacific stock
halders may sell their certificate holdings