New-York tribune., 1909-12-19
TOPICS OF THE STREET.

COPPER TRADE CONDITIONS.-Tal
ers copper letter SAYS: Copper is strong,
but the market is much less active than il
was q month or so ago. Lake is 1875 to IA
cents and elt ctrolytic is JSla 70 1884 cents
a pound Efforts are being made IN GER
tain quarters 10 manipulate the market
and have IL appear that the actual price
level is half q cent lower than these quo
tat1ons. 1t Is quite possible that some
small speculative lots may have been sold
around lS13 and l3s cents recently; Il So
the bearlsh reports which dre being Cir
culated iudustriously have some basis OF
truSh- LsadIrg rennerS and sellers OF e-ec-
trOlytic copper say that three-quarters OF
the metal now being sold and shipped goes
10 domestic consumers. A year or Two ago
il was the reverse. uwo-thiTds Of the out
put going abroad and not more than one
third being delivered in this country. The
foreign market was OverStOcked by the
heavy buying at lower prices by European
consumers and SPECTATORS. AS soon as the
foreign surplus begins 70 be reduced eX-
ports from this country VIII increase again
and higher prices viii follow The report
o. the Copper Producers Association. show
ing decrease Of 506, ,099 pounds In the
American elIrpi1Js during NOv1n Der was
hardly Up TO expectations, but it is taken
as marking the turn in the tide. From now
on the deliveries should show steadily
increasing UiLrgln over producIlon. Il -
reported unof5ciaily that the leading pro-
ducers have agreed to curtai their output
about 10 per cent until the existing surplus
IS exhausted. This may be true; but ad-
NiCes 50 far received from the various dis
trCtS 10 not confirm the report. In my
opinion, consumption viii increase so rap
idly n the coming year as to make cur
tailraent OF production entirely unneces-
81 ny"
DIVIDENDS DECLARED - Dividends
have been declared as follows. American
Cities Railway and Light Company, regu-
lar quarterly Il per cent on the preferred pre- erred
mon. payable January l. United Cigar
Stores Company, regular quarte:ly 81 80 and
regular quarterly ia. per cent on the pre-
ferred- Citizens Central National Bank,
regular quarterly Y Per cent; paya9Iie y,5,i
annual L per cent. payable January 5
Chatham National Bank, quarterly per
cent, payable January s
NEW HAVEN.-The first instalment OF
81 25 on each OF the 100000 shares OF new
New York, New Haven Hartford stock.
issue OF which was authoTlzSd az the spe-
cal meeting last Octooer, Lalls que to-rnor~
row. Il amounts to sl25o0, ,oo0. The remain;
der viii be paid in three equal serni-annual
ins4menIs ~ Ia1 Peys5al5e a5 I9ne 7aT - and December
MOVEMENTS OF COTTON.-The total
port receipts OF cotton, as indicated by
For the month ended December L the total
receipts were 2O4, 324 bales, against $40
hales in the preceding week, making the
SIS. $50 bales against 1855 647 bales for the
same period Of ls07-09. showing decrease
Weahs 9eS ssps fepoPs from @ the soaE ndcs 9sis
that conditions have been favorable. Rain
has been quite general.
BANK CLElARINGS.-The total bank
elearings for the United States for the
week ended December IS, 1903 Zone day es-
tiuated) were S3,5S6. 6S9 PSI, compared with
S3.4l4.59t0S 0Sl in the preceding week and s..
34o,ll7, SOS for the corresponding week or
lasl year Compared with last year. the
total clearings have increased rs per cent.
New York City Fepogts an increase Of 33
per cent, Philadelphia Of 29.6 per cent New
Orleans Of rs per cent and Chicago OF las
per cent
COTTON EXCHANGE MEMBERSHIP
SOLD.-The Cotton Exchange mem lbership
of r. II. Wheeler has been sold 10 l. S.
Baehe for Sl8,lD0 The last preceding sale
was al Sl7500.
PAMPHLET on CORPORATION TAX
LAW.-The National City Bank Of New
York has issued a pamphlet conta ming the
text Of the corporation excise tax law, to-
gether with an extended coumen Cary or
the act by the SecTeta Of the Treasury.
explaining its exact meaning and scope.
CONSOLIDATED ARIZONA SMELLING
REDI CES MORTGAGE. The Consolidated
Arizona Smelling Company has paid off
$4,000 Of its mortgage Indebtedness, leav-
ing only S60o0O mortgage Indebtedness on
the property.
APPLICATION TO LIsT.-The Chicago.
| Milwaukee & ST. Paul Railway Company
has applied 10 the New York Stock Elk
change 10 list S25.165,000 additional general
mortgage Z per cent bonds, series a
MAIDEN LAND SAVINGS BANK
DINID END-The Maiden Lane Savings
Bank. Of which Louis Windmuller is
president, has again declared q semi-an-
nual dividend 70 depositCrS at the rate Of
per cent per annun.