New-York tribune., 1908-07-04
TOPICS OF THE STREET.

FOREIGN TRADING-Foreignh houses v.rs sc.
active factors in the local market. the narrovne,.
OF fluctuations here and in London pracsscalS.i
r,akfn9 arbftrage business impossible as rar
profits were concerned. The London market ".
as Iifeless as that IN New York. except IN soma
of the gilt edged issues, which were In fair a.
rnand for investment account. Call money r..
easv at the British capital. with loans repor,sS
at one-half Of per cent and plenty Of seven-day
money at / per cent. There was change 4,
discounts The Continental markets showed -
important changes
walkers copper letter says: Copper is tun =,
a slight decline. Lake Is 12Bc 10 13c and sl.c.
troIytic 12%c a pound Domestic consumers A..
buying sparingIy but the aggregate Of such bu.t
ness is fairly large. AS American manufactured
have no stocks on hand they are Obliged 10 oh,.si
all their current requirements in the market ri
has been reported that very large surplus oel
copper was accommodating In the hands OF u-,~t
ducers. Advices from Lake Superior state tns,l
unusually large quantity Of copper is piled mi
the docks at the several smelters. Inquiry d.
velOpS the fact however. that this copper is SIM
ply awaiting shipment. nearly all Of IL hsvf,yl
been sold All Of the leading producers maxi
ing frequent sales of copper and occasionally A..
posing Of good sized lots. Taken a whole ts..
market is simply in a waiting position Coppe1
is not sold every day. Usually the consuming
interests act together more by natural nclinato,l
than agreement and buy very heavily. or sI,si
keep away from the market and buy sparinzvi
as they are doing now. The outlook for the trady
is decidedly hopeful Unless there unexpected
and improbable political Developments there wifi
be a further decided increase in the conslrlptio,
of copper between now and the end Of the prss.,,
year. When the buying begins the price OF copusr
undoubtedly will advance to 14c or 15c pounds
UNITED STATES sTEEL-The United stst.,
Steel Corporation is operating close 70 50 Der,
cent of its total capacity. which is almost I'd "a,
the production in the month Of March. when av-
proxtmately 51 per cent was reported at one tina
A few weeks ago the corporation was operating
not much over AZ per cent Of capacity. The zai1
over the last week has been a IIttle over I us-i
cent While there has been no pronounced brr.5
ing movement representative Of the Steel Cor!
poration says the underlying conditions are zet.l
ting hat
prove gradually
GRAIN EXPORTS FOR THE wEEK-"Bras.
streets reports the exports OF grain for the week
with comparisons. figures in bushels as follows:
Wheat, -four included. z0S595. against go las,
week and 20eS,504 in this week year ago sor
the fiscal year to date 9s s72SS7. contrasre4 vim
172. S4 in 1871 Corn 1859. compared with 5a1
last week and 141O.so4 In 1907. For the fiscal yeaS
TO date, 452S92s against 73,105.54S in 1901 The ex.
ports Of corn for the week were the smallest o.,
record
BALTIMORE & OHIO TO PAY PER CENr
RATE-It is learned from trustworthy sources
that the directors OF the Baltimore & Ohio Rail.
road Company. at their meeting scheduled for nexs
Thursday, will in all probability declare dividend
of 21a per for the half yeaN thus reducing tns
rate from a TO per cent annual basis Tns
opinion has been entertained in some quarters thas
the company would cut the rate to per
nuaIy, but it is now declared by those informed
the situation that It has been practically de-
cded to make a reduction Of only u OF per ce11
In the semi-annual payment
IRON AND STEEL EXPORTS AND IMPORTs4
The exports of iron and steel mot Including ores
for May valued at s11. .2s14 425. against aA-
594 043 for May, 1851 For the eleven months enae7
May iron and steel goods 70 the value Of a72-
304, PAS have been exported. compared with SlS4-
SIP in the corresponding period OF last years
The imports of and steel goods, excluding
in May were valued at S1.347. 1872. compared Win
81 52o1O3 in May Of last year. In the eleven months
the iron and steel imports have been valued az
25S as compared with SS7,S156H5 IN the corrs|
spending period of last year
EXPORTS AND IMPORTS OF COPPER--rhs
exports Of copper not including ore. in May vera
valued at 81 J2 6s3 against ss.316439 In May OF
1907 In the eleven months the value OF copper ex-
ports was 500 454543 against ss4 376 9- The imports
Of copper. not including ore In May were valued
AT 1854 7Os as compared with s4175.SO. For ths
eleven months the value was SSn4.SS1. as corn'
pared with $36 3SS. .127-
UNITED STATES RUBBER-Secretary Wat
son. of the United States Rubber COMPANY e1.
plains the non-issuance Of earnings for the Iass
quarter by the fact that the company VIII proc
ably return to its old policy Of publishing earn
fngs only once year. He says that owing 10 ths
peculiar of the rubber business. the grea1er
part of the earnings OF the company being macs
in the last quarter of the year. the earnings ZOE
the first quarter cannot be estimated Win tas
proper degree Of accuracy to make them Of much
value.
DIVIDENDS Observation-Disclosures havs
been declared as follows: Brooklyn City Railroad
"a per cent quarterly, payable July 10; Pitts-f
burg Lamp Brass and Glass Company, reguss'
quarterly q per cent the preferred; Allegheny
Bridge Company. regular serni-annual I 4. pei
cent: Electric Company of America regular seni-
annual y per cent
TRANSFERRING STOCK EXCHANGE SEATSs
The New York Stock Exchange membership OF
Eric B Dahlgren has been transferred TO Louis
Livingston. of Edward Sweet & Co. The seat on
Robert s. Barclay has been posted for transfer 10
Robert H. Simpson
FIDELITY TRUST COMPANY-At the regular
meeting of the board of directors OF the Fidelity
Trust Company. New York. held Wednesday,
July I. 1908. Hugh Gafnsy was elected director.