New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-12
TOPICS OF THE STREET.

FOREIGN TRADING-Foreign houses c.alt
in n 5000 shares in the local market. with pur-
chases and sales about evenly divided The trad
ing was mainly in the Erie issues In London :
the stock market was inactive and Irregular
Consols we're steady. but foreign bonds vsrs
heavy Money In better demand on call and
discounts were easier The Continent bought long
time bills. taking six months paper on basis Of
rs per cent
BANKS LOSE CAsH-The reported move
ments of currency this week indicate loss IN
cash held by the banks OF s4,191,S0O- The banks
received from the interior s4,495.O00, and sent
the interior s5459.s0O. including 100000 trans
ferred through the Sub-TreasuTy 10 New Orleans
and 81 43S. 900 national bank notes sent 70 Wash
fngton for redemption. The loss TO the interior
was 81 9S4 500. Receipts Of new gold were S297s.-
400. of which 81 .05S.S9O was on New York ASSAY
office checks. s44S 900 San Francisco mint
checks and s573 700 Seattle assay Office checks
Ordinary disbursements by the Sub-Treasury
were s15,613.600. Payments by banks 70 the
Sub Treasury for customs. internal revenue.
per cent redemption fund, etc. were s19s200e0.
The loss on Sub-TTeasury operations proper was
ST 800, 400. The feature Of the shipments for thu
week is the large portion of them that
South. The West is not yet calling upon New
York for cash to any extent The large loss
Sub-Treasury operations proper Of S4.3O6,4o0 IL
due chiefly to the transfer by interior banks ot
customs collections to the Treasury BY drafts
upon their New York correspondents. This Is
properly part of the interior movement. bu.
the exact amount of such drafts IS not stated By
the New York Sub-TreaSury-
COPPER TRADE CONDITIONS-waIk.r's
copper letter says: Copper holds firm at sp-
proxfmateIy the high prices OF the year Lake
IS 1886 TO lac, ard electrolytc Is 13Ssc to 1885
a pound. The market is again beginning TO show
signs OF activity. An advance IN the London
speculative market equivalent to about
quarter Of cent pound this week stimulated
Domestic consumers TO action They feel thar
the price is sure to advance sooner or later and
many Of them seem satisfied now that no sppor-
tunity Is likely TO present itself to buy copper In
large quantities at a lower price Notwithstand-
ing the fact that production is now at approx
mateIy it's high record mark. practically no ac-
emulation of stocks is resulting Most produc-
ers are able TO sell their entire output An
usually large percentage OF our copper continues
to be taken for export. and at the same time the
domestic demand, which began increasing imme-
datey after last falls panic, is growing steadily
There Is a demand for copper for November and
December at a small premium over the rulini
prices for October deliveries The general bust
ness outlook is much brighter than 1t has be
at any previous time in a year It Is as near
certainty anything be IN advance
that Mr.. Taft will be elected Notwtthstandin
his Endorsement Of President RooSevelts policies.
he has the confidence Of the business and fnan-
cial interests Of the country It was not the
Roosevelt policies which caused the severe shock
to financial confidence last year much as It
was the unfortunate methods used 70 introdues
and enforce them. The public mind was In q
state of uncertainty at the time. due to ths az
posture Of dishonest practices in Insurance. and
other financial affairs; the credit of the country
had been over extended. and the rapid growth OF
soctalistic tendencies helped with the rest 70
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. 3O124 9s. against 5Ss62S last
week and 5.291.s06 in this week last year: fiscal
year to date. 35,706,S75. compared with S45eoSs IN
the corresponding period a year ago. Corn, s8A
contrasted with 4OO5l last week and 617lS5 in d.
For the fiscal year to date. 542,055, against Ea4sS
in the same period last year
STEEL ORDERS-The New York. New Haven
& Hartford Railroad is in the market for aoosl
400O tons OF steel rails The TranscOntinental Ha
road OF Canada will soon be in the market 1ol
5000 tons, of which the American mills expecr -
get a share. Bids are out for a bridge oVss
the HackenSack River in Hudson County. SsVesA
thousand tons of steel will be required The lnter
SOrough is In the market for about eighteen n4a
dred tons Of structural steel The Pubic sern
Corporation OF New Jersey will soon be IN the HA4-
ket for steel for it's terminal in Jersey city
STOCK DIVIDEND BY MUTUAL ALLIANCE
TRUST.-A special meeting OF the stockholdsEs -
the Mutual Alliance Trust Company VIII % Hs--
crease the capital stock from $4,000 10 S7CoH@
transfer 10000 from the surplus fund 70 tle -
tai stock account and TO give to each - n,
out of the increased stock addluonai shaI ems
rate of two for every five shares now heu' IL
stock dividend Of 10 per cent
AMERICAN GRASS TwINE-A special r ssI-s
OF the stockholders Of the American Grass -
Company will be held October Il for tne p1 rs-
of voting proposition to reorganlzs S ~
pany under the name of the Crex CaTpet ION
and on the proposition OF reducing tne SSR
Sl5.0O0.000 to 100000
AMERICAN AGRICULTURAL CHESL1 C-A--s~,l
the meeting OF the American Agriculture - vii
Company on September Il the stocKnoI1e bouds.
be asked TO authorize issue OF deoentuls .+ ard
The proposed issue will bear per cent ln.7 cert
will be convertible into the company 5 -
cumulative preferred stock at par
CURRENCY TRANSFER TO NEW OFs-S-osss %
The suh-Treasury transferred yesterday 49, tfs
New Orleans making $4,000 forwarded eni
Treasury to that point this WeeA-