New-York tribune., 1908-08-15
TOPICS OF THE STREET.

FOREIGN TRADTNG-Foreign houses were
not active factors in the local market. buying
slightly on balance. The foreign following OF the
Norgan-HiII interests is still bullish- but there
has been heavy realizing by London operators in
the last few days. In London the general mar
ket was heavy and inactive. American stocks
were sold by New York and were depressed on
the curb ConsoIs were weak Money at the
British capital in better demand and bills
showed fruler tone
BANKS GAIN CASH-The reported move
ments of currency this week indicate a gain IN
cash held by the banks OF 81 67I.1 nearly all
OF which was derived from Sub-Treasury opera
tons The banks received from the interior So
19O.500 and sent TO the interior s5.23400, includ
ing SS50000 gold coin TO Canada and S2,1OI,0OO
national bank notes sent TO Washington for re-
demption- The gain from the interior was s+57
100. Receipts of gold were $2,26O.OO0. OF
which s1.20e.500 New York assay ONCE checks.
s522, 900 on San Francisco mint checks and s5S7-
500 on Seattle assay office checkS Ordinary dls-
bursements by the Sub-Treasury were s22.S $500
Payments by banks TO the Sub-Treasury for Gus
toms internal revenue. per cent redeInp ton
Treasury operations was s1,95S,000 The small
gain from the interior indicates the approach Of
the crop movement In the corresponding week
OF 1907 there was loss 10 the interior Of s122S-
600; in 1895 the loss was s4.=67,0o0: in 1905 the
loss s7,621,Oo0, and IN 1904 there was a gain
OF s3,175,0o0
COPPER PRICES LOWER-The local Metal Ex-
change has made further reduction OF 1sc in its
quoted price for all grades OF copper Walkers
Copper Letter says: Copper has been stronger
until within the last day Two, but IL is showing
signs OF weakening. On Monday lake sold at 14c
a
there break in the London speculative metal
markets, and the decline In the domestic stock
market brought some pressure to sell copper Just
at the moment when consumers ceased buying It
is understood that sales were sfterward made at
recession OF 1so to Nc Domestic consumers have
ceased buying. and the metal market is very duh
and heavier in tone 1 am satisfied that the re-
rnarkabIe strength OF the market largely
responsible for the advance In the price OF copper
TO lac a pound While the business situation is
improving the recovery is exceedingly slow Though
lie is by no means a high price for copper there
certainly Is nothing in the business situation TO
warrant heavy buying at ISs.c 10 lac now by those
consumers who perSistently refused 10 take care
OF their advance requirements a short time ago
situation Is not sufficiently promising to warrant
the belief that the price OF copper viii go On ad-
vancing steadily until 1t reaches l5c After cleo
ton business should begin 20 snow marked I'M
provement. and 1t Is certainly probable that cop
per will sell at 15c by the end Of ths year: but for
little time to come the metal market should
be dull and rsactiOnary- While there are now
practically surplus stocks OF copper IN existence
the market is by means back 10 its old normal
basis When the copper situation Is healthy con-
buy their supplies from two TO three months
ahead and in that way copper in the smeltsrs and
refineries is sold while II Is being prepared 1or
delivery 1t is safe TO say that producers now own
practically all the copper they have In process.
and some OF them have small stocks In addition
GRAIN EXPORTS FOR THE WEEK. Brad
street reports the exports OF grain for the week.
with comparisons. figures IN bushels. as roiioWs:
Wheat -four included. S1oozl3. against SosrS+s
last week and 2a47 423 in the same week last year.
asral wear to date Is $50 0sa, contrasted with IS
sl1 1ss in the corresponding period a year ago
Corn IS gT7, compared with uA6z2 last week and
"a. TT in the corresponding week or L"t Fiscal
year 37a7G6. against I0Tl,SS N the corresponding
period year ago.
MARKET GOSSIP.-Specialists IN ST. Paul.
Union Pacific, Reading. Steel and Snnelters.
thought most Of the stop loss orders IN these stocks
were reached on the Afternoon break. but looked