New-York tribune., 1909-07-18
TOPICS OF THE STREET.

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active in the local market. dealing TO only small
extent on both sides OF the account In the Lon
don market the gilt edged issues were heavy while
the general list dull. at GnimpOrtant price
changes Call money at the British capital was
easy and discounts were tride lower. The Treas
ury Will call for tenders for f3000O0 six months
Treasury bills. be issued next Thursday, &c re-
place s2.5oO.OOO falling due this week. The Bank
OF England shipped 10000 gold to Constantinople
yesterday. and indications pointed to further with
drawals for Continental and Argentine account IN
the current week. The Continent probably Will Sc
cure the South African gold that will be available
in the open London market tomorrow.
COPPER TRADE CONDITIONS.-Walker's COP
per letter says;
Copper continues dull and is shade weaker
Lake 1875 1872 cents. and eectrolytic Is
1914 cents to 1874 cents pound Lake copper IS
quoted lower than this by most trade publications.
but I learn that there were sales OF several nun
dred thousand pounds at 1312 cents last week Con-
sumers. rule, are well supplied with copper
however, and the buying demand continues re4a-
lively small On the other hand. producers sold SO
much copper when the buying movement was on
month or two ago that they show no disposition
TO offer prices down at present especially as moth
ing would be gained by doing a decline IN
prices would materially increase consumption
just The current consumption OF copper Is
larger than generally believed ana u Is gaming
steadily. 1t is estimated. for instance, that the
American consumption now amounts to from o.
OoOCOO to sOOo0O00 pounds monthly. The largest
monthly consumption on record was about 0o.uF11VV
pounds, between July. 1896. and May, 1901. Should
business expand TO relatively large proportions SIX
hence. however, thlS country
would consume 75 5oOO.Oo0 pounds Of copper monthly
and there would again be scarcity OF metal sup
plies The trouble with the situation IS that pro-
duction has increased very rapidly since the panic
of 1877 while the growth OF consumption has been
relatively slow. The worlds production exceeds
consumption at present and Is likely 10 for at least
two. or three months to come When consumption
overtakes production. as it should before the end
OF the year, the price OF the metal viii advance
a dull steady market is likely to rule for a month
or two longer. When there is any important change
situation II Is pretty To be in the direc-
ton of Improvement.
COTTON MOVEMENTS movement Of cot
ton as indicated by THE Financial Chronicle.
follows. For the week ended July Il the total port
receipts were 30525 bales. against E,11 bales In
the week preceding. making the total receipts since
September l. 1905 9,752,229 bales. against SlI0.S20
bales for the same period Of 1S0I-0S, showing an
increase since September 1, 1905 of I5SlS9 bales
weather reports Indicate that in Texas dry weather
and high temperatures have prevailed, which, II Is
claimed are causing deterioration In the crop
Elsewhere the South the weather has been
favorable on the whole and improvement in the
crop is generally reported
RAILROAD ACTIVITY IN GEORGIA.-Improve-
ments being made throughout the entire state
or Georgia by the Southern Railway and the
Atlanta, Birmingham & Atlantic Railroad Tho
latter has resumed track laying between Pelham
and Bessemer, and bridge work between Bessemer
and BIulga coal fields. and 1t will be hauling coal
and pig iron from the Birmingham district to the