New-York tribune., 1908-12-05
TOPICS OF THE STREET.

FOREIGN TRADING-ForeiEI houses bo-7zs.
stocks in the local market to the % raaa,
shares the chief dealings being in United stsf.s
Steel and the low priced Issues In London ths
general market quiet and fir with an Upward
tendency. American stocks were strong. rnainl-.
buying orders from New York Money and ds-
counts were quiet. with a somewhat frrner ten.
dency, on rumors OF large gold shipments 70 Ezypt
Cod TO the amount OF 10000 was shipped 70 A.
gentina-
COPPER TRADE CONDTTTONS--WsIk Cor
per Letter says Copper continues dun and p-fcs.
are unchanged A decline in the London price n
cooper has weakened the general tone of the mar
ket slightly. but II IS good opinion that this repre-
sents nothing more than current speculation II
is known that American producing and consuming
interests have been operating quite extensively -
Gently in the London market for standard copper
those who believe in advance after the first ~
the year buying. and others selling These opera
tions havesbeen for individual and not FOR company
account. Domestic trade reports are decidedly en-.
occasion for fears in connection with the PROPOSED
reimbursement o. the tariff bv the corning sas-o-
of Congress Pig. plate. bar and ingOt copper Ar,
the free list now Manufactured copper zools.
including al articles irt which copper g a con-
ponent Of chief value. when imported pay a duty
Of 20 Ter cent ad valorem- Should a reduction N
the tariff have tendency 10 reduce the cost ia
consumers OF such manufactured copper articles Il
would simply tend Increase their popularity zr4
use and would therefore call for 4 larger consume
ton Of copper abroad, resulting IN heavier exports
OF copper During the first eleven months y
this year 272.655 tons OF copper were exported.
comparing with 191.l51 tons in the corresponding
period last year. gain Of ~ per cent II Il PROB
able that domestic consumption VIII show a falling
off OF about 30 per cent this year, compared win
last It will be remembered. however, that Tiers
a considerable accumulation OF copper last
year, while this wear consumption has exceeded
production. and the surplus has entirely dissp-
peared- TWO years ago copper was at the hishsss
price reached in period of more than thirty years
Eleven months later the country was IN a pa1i.
and copper u0salablr- Since Their. with
various fuctua tions. due partly specula tOn. ths
price has gradually advanced, and IL IS prObsbls
that the average price Of the two years has been
between Is and Is cents II may Be assumed.
therefore, that - to II cents Is now the normal
price of copper, and that on this basis OF prices
the production Of the worlds 5 mines viii be sh-
sorbed rapidly The mines of North America Pro-
duce than 20 per cent of the worlds copper.
and the average cost probably does Tot exCssd
10 IG1s cerJs pound Oh 15ls cent copper,
therefore there is very large profit for th~ amer
lean copper mines. and this viii stimulate t1s
continued organization OF new mining deEeopneur
enterprises"
BANKS LOSE CASH-Ths reported movements
of currency this week indicate q loss in cash held
by the banks OF s. e5 so os which the greater part
was to the Sub-Trea s1Iry- The banks received
from the interior s. and sent TO the interior
81 so including 10000" IN gold coin 70 tanads
and s2O35.00O national bank notes 10 WaShinsIoa
for redemption The loss to the interior Vss &
766 500 Receipts Of new gold were SaSaot.. ot
which & 3H SO was on New York Assay ONES
checks and s2Z7.s0o Seattle Assay ONCE checks.
Gold exports were 81. go 90 S150+e19 IN bars 70
Paris and S11s.UO in United States gold coin %
Central America Ordinary disbursements oy ths
Srb-Treasury we're 81. 80 100. payments by banks
to the Sub-Treasury for customs, internal revenue
per cent redemption fund etc. were S3SZ9e
loss on SUb-TreaSUry operations proper OF S4'LSs
Recefpts from the interior little smaller
than in the preceding week while shipments vera
much greater These represent to a large sxts
the holiday requirements Of interior banks
GRAIN EXPORTS FOR THE WEEk.-Brac
streets reports exports Of grain for the week n
con7psrison with previous dates tn9 figures beng
-, i, bushels a. follows: Wheat. including
four log 252 against 4e56z+2 last week and als--
24 in the same week last year: fiscal year % oale
100 47S O5+ as compared with S567S.C5S year azh
Corn sos 80 against s646o9 last week and Lls--S
IN the same period in 1S97; fiscal year % dat@
6a2 675 against 2. .564SE7 in the Ike period year
ago :,
MERCANTILE BANK DIEIDENp-Ths a.
rectors OF the Mercantile National Bank nsve es-
cIared a dividend OF . per cent payable on Decsn-
her Is This is the first dividend declared oE tle
barL since rs troubles at the time of the psnio
last wear. The last preceding dlv1lend vas ~
July 1907 when a seTnf-annual , per cent ana
per cent extra were paid
NORFOLK & SOUTHERN BOND DEPOSIT
The time for the deposit OF the d-SJ and reIddHs
mortgage Of the Norfolk & Southern Railway Ce'-
pauv's per cent fifJy-year bonds Has oeen sA
tended for short period in order 70 ADMIT OF 60
posits OF foreign holdings The reorsanl12-io1 p
committee of which George g 1l-IA7- -.
cbair11er reports that more than - Ter cent I"
the outstanding bonds have been deposited
'SUIFT. & co. TO INCREASE CAPTTAL--Ths
recommending that the capital stocS Be l1creaSsSS
from $50. 100000 TO s5O.O00.o0o- Stockholders Va
vote on the proposition at the annual meeting a
January :. The directors have declared a rssa's
quarterly dividend OF ia per cent
NEW CONSOLIDATED NEMFERS-LaEr1cs
Roy and Thomas NJ. DaIy. Of this city. and 4 ,
Pendergast Of Trenton. have been elected menloels
OF the Consolidated stock Exchange
BOSTON STOCKS