New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-01
TOPICS OF THE STREET

-,, -raDrNC;-The foreign houses w.
,s-,o-s IN the local market as IonSon
SCI r,r,,nre was closed. In tne D" ~
STOCK ,. ,,srs we're no movements OF I'M
MOI, os continental exchanges We -
80 4 substantial sum OF sou'n 1,a, ,n,s
Ill be offered in the open ,,,S Ria for the metal
- ana unless Russia shouio D,1 - ~ -
veeS, sso 20 TSnrand doubtless will secure the en-
tire amount , -o.., u,,,nez NJ
-. ar the Naw York Stock Ehchahee TOT the
tohos OF ~. =. 900 amounted 10 s6si,Sii.s0 &C
n ,s 90 cancellations made by The rlhsheiai
cs-onic,e OF this amount osoS iepreseil'eu
vsues Of capital $1,000 's 9 Gss,es renIscIng
80 ana s.s7 So represented issues replacing
y. ,,..tas Of the bonds listed s46Sl2Seo were
,.s,e6 nv railroads. s2e4eco by stree, anyways
snd slss ls7 $50 by misceiIsheous ooi .s .s
=, ,ocL Iistinss during the same PERIOD amounted
- e., rs oap Of which s27.ol5l5o represented new
- s9s0 567 500 old issues now listed, and SSl4,-
ss s7e represented issues replacing ola securiues-
y, ,bs stocks listed. Sl6.iss,So were issued by
v-osds s. eoesco by street railways and $751;
~ Iao bv miscellaneous corporations. The stock
- hond Iistings combined reached a total not ex-
go Cor q half year ended June 30 since the
-. ~ the United States Steel Corporation
- listed in 1901. The amount OF bond issues
.,,rrs.nting new capital has been surpassed only
snos IN the last decade. and that was in 1905.
COPPER TRADE CONDITIONS - Walkers
,,er letter says: Copper advanced sharply
oo. i, this week. but the furry seems TO be over
g. ~. present Lake is now 1871 cents and electro
ivs,c is iSis cents 10 49,. cents a pound Round
~ ~
.nd a considerable amount in the aggregate ex-
hs,red hands at 1872 cents and SIS cents. The
is-rsst selling agency, which had been holding its
c,rytic copper for l324 cents. reduced its asking
- On ~ when the furry started this week and
sde heavy sales. Consumers were brought into
,ss market by the steady increase in the volume
81 business they are doing and by the remarkable
sf-ength Of the securities dealt IN on the leading
.-chsnres II producers and consumers were the
onlv factors In the market the price OF copper
,,soubfedy would advance A great deal OF the
.H-s. ~,rsrn "a o1, cVad
s,sb.- than those now prevailing, taken by
,peculstors however. and their holdings are now
more or less OF a menace 10 the market. Sooner
az lsser they will SELL and they are more likely 10
throw their holdings a weak than on a strong
market II the copper they own was back in the
hands OF the producers il would be SOLO sradu-
sJly a. prices ruling or higher. A great
many people asking how II is possible that
there can be such a marked increase in iron and
stsel trade activity without a corresponding I'M
proyement in copper Unquestionably the con-
sumption Of copper has gained as rapidly during
The last eighteen months as that Of steel and
iron Il must be remembered however that there
vas comparatively little curtailment in copper
production last year. while iron production was
tremendously reduced. The copper mines con-
anued 10 put out practically their full volume Of
production during the period when consumption
ebb tide. As result there is a consider
able surplus Of marketable copper, notWlthstano-
Ing that the consumption demand is rapidly ap-
preaching q normal volume. II is not improbable.
therefore, that steel prices viii be back 10 their
precsble advance IN the price OF copper
BALTIMORE & Collaborating the advance
n Baltimore g. Ohio stock ". r. Holigan a. co.
say: Careful examination Of the earnings Of the
road Tor recent months is al that Is necessary 10
account for its market action. The average gross
earnings for April May and June. 1909, per mile
q road have been at the rate Of s!9,6eS Per an
nun. which exceeds By s3SS the total gross earn
ngs per mile In 1906, OF the best years in the
roads history At the average rate OF earnings
or the months in question, there would be shown
A. excess Of sl.254 per mile IN the gross over the
earnings OF 1908 A continuance through the year
a the would show 1917 per mile surplus
over dividend requirements as compared with
aehcit OF S3s3 per mile made in that year. the
ptnditures for maintenance for the two years
naming practically The same. With the recovery
In general commercial and industrial conditions.
and the close relationship that Baltimore & Ohio
has 10 the industrial situation through the large
soft coal entering into its traffic, there
is but little doubt that this ratio OF Improvement
Siu not only be carried OUT, but that a much bet
ter showing wall be made before tie end OF the
fiscal year The large expenditures made the
property from surplus earnings have enabled it TO
Wtather adverse periods without deterioration-l
policy that results have amply justified"
THE MOVEMENT or COTToN.-The cotton
mo' ement as indicated by The Financial Chron-
cle Is follows. For the week ended J,iR a0
he toA! receipts were 1917 bales against ISOs7
bales in the preceding week making the total re-
ceIpts since september > 1905 ASSET bales
against e22o l2S bales for the same period of
HJ.-tN, showing an Increase since Senre-,ber
1905. Of Lt6St5l bales Reports from the south
Indicate that dry weather has prevailed during
he pas Week and Il is claimed that rain IS
heeoeo' especially IA Texas.
UNITED STATES BANK Cr.FAR1>cs I'll.
lo'a. bank clear1ngs Of the United States FOR inc
teeh ended July 81 1859 zone dav estimated, 7,era
s'oSsl SO, compared with & 90 90 az AZ s1
sao S'-f'l'SSI last year. In comparison with lssr