New-York tribune., 1908-07-18
TOPICS OF THE STREET.

FOREIGN TRADfNG.-Fcreign houses dear. .
200o1 shares in the lccal market. buying on ~
ance In London coasols were heavy and the -.
eraI market was Irregular. with weakness +, ~
mining department. Money easy az the 2rf
fish capital and the plethora Of funds there er~
ated the impression. that the government wouia
take advantage OF current conditions 70 msxe -
other issue OF the Irish land loan Selling OF eor.
soils. which return Iess than the land lean. apo.,
emily In expectation of further issue. TAe-.
was no change in Continental money markets Ex,
change continued to rule against London.
MOVEMENT OF MONEY.-The reported nov,
ments of currency this week indicate gain 4.
cash held by the banks ~ only Es9.3o0. They -,
ceived from the interior $0,1isf0c ard to IL
interior IS 57.S00 including 8. coo national bas
notes sent TO Washington for redemption. n.
gain from the interior was s1-5soso- Receipt. =
gold 81 340O0 of which Ss55.e0o on Nsv
York Assay ONCE checks and GS4. 100 on Seauh
Assay Office checks. Gold exports were E.oS SO
bars to Paris. Ordinary disbursements by the SuA
Treasury $2S. .2SS coo. payments by banks -
Sub-Treasury for customs. internal revenue -
cent redemption fund. return of United States d
posts etc. s29 9s2 100 The loss Sub-Trean
ury operations proper si.674.foo The total zsh
from the interior. 81. $40 t0 and gold 81 son
was 81 $50. 300 Deductng the loss by gold exporss
s. 04S. 500, and on Sub-Treasury operations props
81 S74 100. in all g. 0C0 the net gain N5s n
Receipts Of currency from the Interior were larHv
than in the preceding two weeks. and a create
part of them was In national bank notes. The i'm
preston is created thereby that banks having d
return United States deposits did so by draft upon
New York correspondents and ren1itted banknoteo
TO them Shipments were the largest in any week
this year. The most important Boston ana
Philadelphia The net gain from the interior Is the
smallest for any week this year
COPPER TRADE CONDITIONS.-WaIkers
copper letter says: Copper is shade nrmer
Lake is &c. and electrolytic is 12&c to 12Ac per
pound Sales have been made recently at the
foregoing prices. The apparent Willingness Of
foreign buyers to take all the copper there IS
sale at 12tc to 12S4c IS beginning TO awaken
confidence among domestic consumers It las en-.
couraged a few OF them to buy considerable lots
Of copper around current prices This renewal Of
confidence may spread and start general buy
ing movement almost any time now. Should this
come about. it will probably advance the price to
14c- On the other hand. the revival Of business
activity is exceedingly slow. OF course there has
been Improvement since the panic. but since
that first uplift business has been almost
tionary- 1t Is encouraging TO read trade reports
and note that factories are starting up here and
there but the point Of this is duIIed by the fact
that almost many shutting down II
the political future OF this country were settled.
and IT known that the attitude Of the gov
ernment toward corporations would not be hostile
.antagonistic. business would go back 20 nor
NAL level in very brief space OF time. Cn-
fortunately. however. we shall have TO wait until
after the Presidential election and until the policy
of the new administration Is outlined and de-
fined There is one very encouraging factor
which must not be overlooked During the period
Of extreme depression, when the earnings Of all
other corporations were practically cut In two.
electric street railways. lighting and telephone
companies suffered very slight decreases IN
profits: and many of them are now showing sub
stantial gains in both gross and net earnings as
compared with the corresponding months year
ago This cannot fail to make electric railway.
lighting and telephone securities more popular
as investments, and IL will stimulate construction
in all of these very important lines Although
this is matter which many people have over
looked. it unquestionably Will have tmpor-
tant bearing upon the future consumption OF
copper"
GRAIN EXPORTS SMALL-Wheat and -four
exports from the United States and Canada in
fha rent he
since the fall of 1905. amounting to only 1.4s20oo
bushels against 2.7s1 .S2S last week and 2.2104lo
S.272.52s bushels. against 7.54!.3Ss in the cor
responding period year ago Exports Of corn
were 72.241 bushels. contrasted with 1864 last
week ard 2,j66,769 in 1907. For the fiscal year
to date 136.354 bushels, against 4.SS9,446 IN ths
same period year ago.
ERIE READY FOR BUSINESS IMPROVE
MENT.-A director of the Erie Railroad Company
says: IT have just made trip over the line Bls-
ness shows signs of Improvement The rOadbed 70
the best In SIX years. During the last six weeks
10000 ties have been placed in main line tracks and
the laying Of rails is proceeding Five thou
sand freight cars and about two hundred loconlo-
tives were repaired in June. We look for gradual
increase from August on
CUT IN WOOLLENS STIMULATES BUSINESS.
The American Woollen Company has made con-
cessions in prices of from 10 to 25 cents yard from
last years level on goods ranging from 81 70 81 %
yard. and these reductions. it is stated have re-
suited In considerable new business
AMERICAN SHIPBUILDING PASSES COM
MOND DIvIDEND.-The directors Of the Anlert-
Shipbuildins Company. according to CleVe.
land dispatch. have decided to declare no dividend
the common stock this year.
UNION PACIFIC BONDS-The Stock Exchanss
has admitted to quotation in the unlisted depart-
nent Union Pacific temporary bonds for the mrs. mrs.
refun6ing mortgage per cent bonds. 70 De oeair
in fat and only dollar bonds TO be delivery
ST LOUIS & SAN FRANCISCO-The So. LOUIS
& San Francisco Railway Company has MADE
payment Of Is per cent of the par value OF the
per cent notes which mature August !, MAXIM
40 per cent already anticipated.
TWIN CITY REGULAR D1VIDEND--The dirse.- w
ors OF the Twin City Rapid Transit Company hsss
declared the regular quarterly dividend or iH4 y"
cent on the common. payable August 10