New-York tribune., 1908-08-22
TOPICS OF THE STREET.

FOREIGN TRADE-Foreign houses assl- IA
$4,000 shares in the local market. all sales II
London consols were a trthe hrmer. willis R.o
TintOs were strong The general market was r.
regular and inactive Business on the London
exchange mostly In the nature OF svsning I'd
operations owing 70 the approach OF two-day
holiday To-day will be observed "a one OF ~.
customary Saturday holidays the Londoa
exchange Call money was easy Discounts rer.
inactive and unchanged at London and az Con-
tinentaI centres.
COPPER TRADE CoNDITIoNs-waIks,.
copper letter says: Copper has had reaction
but at this writing IS stronger again Laks Is
13zt TO 1875. and eIectrolytic is 12A cents Der
Mound The asking prices OF the largest pro-
ducers and selling agencies are higher than thoss
quoted. there being quite general disposition
to arefuse to make sales below 14c for lalzs szd
13Esc for eisctroIytc. II IS understood that lake
and electrolytic could have been purchased A.
1890 to 1886 last Monday. One OF tho strong
supporting factors IN the market Is said 20 BE- a
large short interest in copper warrants IN Lon
don claimed that largo lines were put on
by European spectators on the basis OF abou,
f5c pound for refined copper The market s
now q c or against bear traders. and the-
using every means IN their power to dspress
prices The relatively weak statistical postttca
Of the metal is the explanation for the bear or
erations. The foreign visible supply Of eoousr
is more than three times what it was year or
two ago It is known positively that ser-
eraI foreign consumers bought cons-d -derabIy In
excess Of their immediate needs in taking al
vantage OF the low prices ruling SIX or eszh-
months ago Producers are sold pretty well up
duction In advance Some producers are carrT-
ing small stocks Of copper. which they could ara
probably would. like to deliver Immediately for
cash In a general way this Is summary Of a
fairly healthy trade condition but in the case Of
copper 1t can hardly be so considered. as IL does
not reflect nearly so strong a position ss ths
copper trade normally occupies The future prics
Of copper depends entirely on the business situs-
ton little further Improvement in industrial
cond1tlons Will cause heavy buying Of copper Il
the months Of September and October show as
great an improvement over July and August "a
those months did over the two preceding the su-
tire copper surplus will be sold and the marks
position will warrant advance 70 15c or lss
pound There Is good basis for the hope thar
the coming two months may show a zreate-
business gain than any preceding two months q
the present year The outlook for the copper
metal market, therefore. Is decidedly hopeful"
BANKS GAIN CASH-The reported movements
OF currency this week indicate gain IN cash hsd
from operations with the Sub-Treasury The banks
received from the interior S67 700 and shtooec 20
the interior S7G00600, including H.5Oo0oo gold con
sent TO Canada and S1,S4e.o0 national bank notes
sent TO Washington for redemption The TO TIA
interior was sS24 600 Receipts OF new gold wsr.
26n.6Oo; namely, on New York Assay Once cheeks
S1147,ao. San Francisco Mint checks sss1o
and ss18.Ao on Seattle Assay Office checks Ord
nary disbursements by the Sub-Treasury were ST.
6l7,40o Payments by the banks TO the Sub-Trsas-
ury for customs, internal revenue, per cent re-
demption fund, etc. 50. 600. The gain on
Sub-Treasury operations proper was. therefore. s.
3s7.4O0 The total gain by new gold. S2S71. 500 aid
Sub-Treasury operations S5,S97 40 was S0ega
Deducting from this the loss to the interior Of
s324so0 the net gain by the banks s77H 10 The
reported movement this week is noteworthy as {
chronicles the first loss to the interior that ths
banks have sustained this season II is true that
it is small still and takes into account gold sent
across the border into Canada. Leaving THIS Can
adian shipment out. the banks would have shown
gain from the interior larger than the gain recorded
last week
tors Of the American Car and Foundry Company viii
meet on September 1 TO take action on the divt-
dends- Because of reserve Of 10000 created
from the earnings Of the year ended last April.
the usual one-half Of ! per cent will be declared
on the common, though earnings Of the companT
in the current quarter have been poorer than IN sn
corresponding quarter in the history OF the cor
Germ
UNITED STATES STEEL.-Ths United States
Steel Corporation has sufficient unexps1ded cssa
to carry forward new construction well into next
year. Even in the current depressed year OF busi-
ness it Is likely that the corporation viii be abe
to show surplus OF from $5.OO00OO 20 S10aaee.
which can be used for the extension OF the eor-
panys business through the building OF new plants
GRAIN EXPORTS FOR THE WEEK--"Brad
streets reports the exports Of grain for the wees
with comparisons, ngures IN bushets, as loLoNs
Wheat. flour included. SS07. 79. against 37s.75 I@
week and 3.560.S47 in the same week last year
fiscal year date. % ~ S4S. compared with 4
1850 in the corresponding period year ssu
Corn S4.S76 cOutrasted with 3Ss17 last week an.
112O,5i6 in the corresponding week Of 1850; hssa
year TO date. 44.0S2 against II, u,SS2,505 in lS1l
COLORADO & SOUTHERN--An eneOurasi1g
exception to the general run OF railroad earnings
furnished by the returns OF the Colorado & Souih-
ern. which for the last two weeks have shown u
creases in gross, 5 compared with the same ems
year ago. The company went through IaSr Eos-
troubles with better than almost any oths-
line while since July l Of the current fiscal !sa-
the company has earned $500 more than II 'ns
same time In 1901.
SECURITIES LISTED--The following secur-s'
have been added to the Stock Exchange list; Heao-
ing Company 81 500 90 additional general norrsas7
per cent bonds and so 5S5 0o0 additional nrsl u
funding mortgage per cent bonds Of the CsnifA
Pacific Railway.
STRICKEN FROM THE LIST-The Stock -
change announces that the Underground EIsel-s.
Railways Company. OF London. per cent pI0-~
sharing secured OF 1898 have been stricseA
from the list
CHICAGO & ALTON ORDERS CARS.-Tne Chr
cago & Alton Railroad Company has placed -
order for 1Oo0 freight with the Standard olss
Car Company II is understood that the raIVs-
company viii get the very 1aNOf@'-7
basis.
GENERAL CHEMICAL REGULAR D1VlDSNL
The directors of the General Chemical Conip@ss,
have declared the regular quarterly dividend %
per cent the common stock
L. & N. SHOWS DEFICIT.