New-York tribune., 1908-09-05
TOPICS OF THE STREET.

FOREIGN TRADING.-Foreisn houses tsslt IN
10000 shares in the local market, all sales In
London cousols were inclined TO lag and forsign
bonds were lower The copper shares as ruls
were heavy. Money was easy at the British capt
tai, and discounts were tride nrner- Tbs
Moroccan situation is causing no especial uness-
on the London exchanges. the only effect OF
the question being reflected in a heavy market
for foreign and British government securities.
There will be considerable amount OF South
African gold in the open market Monday, ard ie
IS probable that IL will be taken by the Continent
BANKS LOSE CASH-The reported movs-
n1ents of currency this week indicate 1oss IN
cash held by the banks Of sa.14s.500 The banks
received from the interior s5,362,500 and shipped
to the interior S5,537.ooo. including s.8s6.oso
national bank notes sent to Washington for re-
demption, S2.5S5,0O0 gold coin sent TO Canada
and s25.0O0 transferred through the SuD-Tress-
ury TO New Orleans Receipts OF new gold were
t2.307 900, namely, New York Assay Ones
checks 81, ,003, 900. San Francisco Mint chscks
s563.oo0. and Seattle Assay Ofice checks s74.-
zoe. The loss Sub-Treasury operations proper
s2.2s200O. Receipts OF currency vers most
ly from nearby points. some large amounts COM
ing from the northern part OF the state Ship
ments vere principally to the South and nearby
points There 100000 more national
bank notes sent to Washington for redemption
than the in the previous week In the
Sub-Treasury operations the loss OF s2.282.000 is
noteworthy. 1t compares with a loss IN the pre-
ceding week of only s51s6OO. and reflects the IN
creasing demand for funds at the interior II
represents, TO large extent the transfer OF col
1ections OF internal revenue by interior banks By
drafts on their New York correspondents IN favor
of the Sub-Treasury here The interior banks do
this when they wish TO conserve their own cash
reserves.
COPPER TRADE CONDITIONs.-walker's
copper letter says: Copper Is quiet. but prices
remain firm. Lake IS 1870 20 I4c and electro
lytic SIC TO 1880 pound. I hear OF bids OF
1880 for eIectrolytio which failed 70 call out
any copper. Consumers and brokers have been
bidding Is 5so for lake. but producers are holding
firmly for 14c- Some sales have been made at
14c quite recently, but the total amount OF bust
doing IS very small. Manufacturers
again in a waiting mood They recently bought
all the copper they will need for few weeks
to come, and they are now awaiting new develop
ments before making further purchases Sons
exceptionally we'll informed metal interests
very bullish copper, but others, equally we'll
informed. say that there is considerable amount
OF copper in speculative hands, that nDanufactur-
have bought more copper than they need and
that there is reasonable basis for the belief
that there will be early advance IN pricss.
Producing interests ali think alike. for the first
time in the history of the trade. They unsni-
nous in believing that copper is worth at least
14c to 15c and in refusing to sell at lower prfcs
than approximately 14c at the present time They
all satisfied that business conditions I'M
proving. and they willing to have
little surplus copper on hand when prices ad-
vance again Tie statistical posILIon OF the
metal is improving Exports of copper for the
first eight months OF this year almost tvics
as great during the corresponding period q
year ago The movement is holding up remark
ably strong. August shipments having been 25,s06
tons. as compared with 13.45S tons year ago
A very large proportion Of the copper shipped
abroad is going into consumption, These
ports do not represent a rapidly accommodating
surplus as would be supposed Outside Of the
United States the world has continued TO con-
sumo copper. and the decline in price has evt-
IDENTIFY accelerated consumption in many direc-
tiOns.
GRAIN EXPORTS FOR THE WEEK-Brad-
streets reports the exports Of grain for the week
with comparisons, figures In bushels as follows:
Wheat. flour included. 1896 02s, against 4525503
last week and 2.szs.710 in this week last year:
fiscal year to date, 32.694.377, compared with
2s,2OS116 in the corresponding period last year;
corn, 4O051, contrasted with S9,10s last week and
50I1O4 in 1907; fiscal year to date 4e3242
against 1S,1S7,6S0 in this time last year.
DIVIDENDS DECLARED-pfvidends have b.,
declared as follows. American Pipe Manufacturing
Company. quarterly per cent. payable October l:
cent on the preferred. payable October l. Interna-
ttonal Lumber regular seui-annuaI per cent and
per cent extra, payable October l; West Jersey &
Seashore Railroad. regular semi-annuaI per cent
on the common, payable September 10
COTTON CROP OF 1So7-os-''Ths Financial
Chronicles usual annual cotton compilation shows
that the total crop for the year ended September
1905, amounted to n.5a,s29 bales. Exports vers
75SS,01S bales. and spnners takings 42As17 bales.
leaving stock hand at the close OF the cotton
year OF 12,7Si bales This crop compares with ons
OF 1S55o-560 bales in the year before. OF the spin
ners takings, 2Oo7 400 bales went TO Northern mills
and 2z34ssd 10 Southern mills
STERLING RATES UP.-steriinz exchange rates
strong yesterday. under the influence Of hesvy
buying of cables by foreign banks whose clients had
sold American securities here There has been
heavy realizing movement IN American securities
rally has served TO strengthen the foreign exchangs
market, which otherwise would be moving toward
a lower level result OF the beginning OF ths
heavy fall exports Of grain and cotton
UNITED STATES STEEL COMMON DIVIDEND
The directors OF the United States Steel Corpora
ton will the latter part OF month 10 taks
action the dividends. and II Is understood that
there will be no change in the rate the common
as the concerns business Is running IN volurne
large enough to warrant the regular quarterly one
half of per cent Wall Street believes that az this
time next year the common VIII be on Per cent
basis.
ASSOCIATED MERCHANTS REPORT.-The re-
port OF the Associated Merchants Company for ths
six months ended August shows a decrease IN net
earnings OF S79204 and balance after dividends or
$50 69S against S1S40SS in the same time last year
The balance sheet shows cash hand OF s6S. rs
NEW COTTON EXCHANGE MEMBERS.-Berr-
hard A. Sim and John Searson have been elected
members of the New York Cotton Exchange.
BOSTON STOCKS.