New-York tribune., 1910-07-31
TOPICS OF THE STREET.

COPPER TRADE CONDITIONS.-Walk-
ers copper letter says: TOPPER 10 10
127s cents and electrolytic is lz%s 10 lZt2
cents pound. II is estimates that NOR
than fifty million pounds has ocen sold q !
these prices by American producers III lLG
last week or ten days. More is DelnS hedl y
Of curtailment. The Lake superior @ any
Butte districts have conSIderaDIy IeuuCod E
the belief that the productl@om on ~ ,51ines
tically all the large and srnail lIllllgS ne
throughout the world viii be cur do"n rap- a.
preciabIy in the immediate future C9I-
sumerS have been impressed oy recent t ue
velopments along this line, ana huIiloel @
of them have begun buying copper IN e4
cess of their immediate requirements, II
this poIicv continues on the part of both
producers and consumers there Is ceI IiaiLI Il.
to be very heavy reductlon IN me l Moliu - ,
visible supply during the coming W. VI
three months | anticipate that the CoppTi
Producers Association hgures Tor july w w
make an even more favora Die shoWIns, tllaL Ian
those covering the month of June. ana d4so
that there will be a further decrease III
the foreign visible supply. An improve
ment in the statistical position OF t5le IIlGI9 :
is sure to be reflected quickly IN auNdIt!I-lS
prices and il is neither Impossible nor I'M IN
probable that copper may sell at "A cents
before the close of the present yea y +fGre ~
of June What | consider the most m m
portant of all recent deveIopmehtS Il iII tIG
announcement by Charles NJ. MacNeII'
president of Utah Copper. that his COM
oany has become convinced by the eApeit-
ence of the last six months that for the
present at least the worlds CONSUMPTION
cannot take care of the entire pIouuc tioI tii
of all the mines operating at thelr 1lLI
ca pacity This means that Ctah CopPfL
and Nevada Consolidated the TWO pIs
mines which have been chiefly responsible
for the recent rapid increase IN the WeTlu ;
production will restrict their output uhth
such time as the metal market has an op-
pOrtunity to readjust itself Cnquestloh-
ably this means higher prices Tor tne
metal These two companies together ny 1n Z
recently been producing at the rate or i,O,-
Gee n5la hounds Of copper annually. ana I'M
prOvenents and extensions of plants now
under way should put them in position 20
nroduce over 2OOO00OJ0 pounds annually,
interests in the curtailment campaign Is oI
the greatest Importance. therefore, 10 the
copper producing industry.
BANK CBEARINC,S. = The total bank
cIearings for the United States for the
week ended July 80. 1910 Zone day estlI
mated). according to Ihe FlhdHCiti
Chronicle" were 81 962 358, 10. as compared
81 743 59S 764 for the week ended July n. 1919.
Compared with last year. the total bank
cJearings have increased s per cent New
York City reports an increase OF 10 per
cent Philadelphia of Al per cert ana 81.
Louis of per cent, while Chicago SHOWS
o decrease of Is per cent.
DIVIDENDS DECLARED. - Dividends
have been declared as follows: Interna-
tionaI Harvester Company. regular quarter
" l&4 per cent on the preferred, payable
September l. and General Chemical Com
panv. ~ per cent on the common, payable
September l.
COTTON EXCHANGE SEAT SOLD
The Cotton Exchange seat of G. r DYER
has been sold to f Moyse & Co for S13.5G5.