New-York tribune., 1910-11-27
TOPICS OF THE STREET.
COPPER TRADE CONDITIONS.-Wall all
er's Copper Letter says:

COPPER TRADE CONDlIlONo.-Wd dix
er'S Copper Letter says:
Copper is steady at unchanged prices;
Both lake and electrolytic continue to sell
at 13 cents There is no particular feature
to the market except that deliveries con-
tinue unprecedentedly large. The foreign Qe-
creasing visible supply reported from Lon.
don bimonthly furnishes conclusive proof
that all the copper exported from the
United States, together with that portion
of the worlds production which is refined
abroad. is insufficient to supply Europes s
| current consumption requirements Ihere
is no longer any possible basis for the be-
lief that copper prices will decline, and there
are almost innumerable factors IN the SIT
uatiOn which tend to convince the student
that they will advance soon after the nTst
| of the year. Coming statements OF tne
Producers Association and foreign visible
supply figures are practically sure 10 snow
a steadily decreasing surplus Curtallment
of output by the producers VIII continue
until next July and perhaps longer. All
of the production from new mines and en-
larged output of old ones TO come on the
market next year will not result in an In
crease of over or per cent in the worlds 3
annual product. On the other hand, con-
sumption this year. as compared with last.
is showing an Increase of approximately 10
per cent If ii is TO make a gain OF 10 per
cent in 1911 against a per cent increase
in output the worlds existing surplus Will
be absorbed and further growth Of pro-
duction will no longer be feared, but well
coined. The leading producers are now
fully aware of this situation, anu II VII!
their copper at as low price as 13 cents
DECEMBER DISBURSEMENTS -Divi-
dend and interest payments due in Decem-
ber can be estimated at $11O,GS,Uo, as com
pared with $95, 600. coo for the corresponding
period in 1903 and s103. eco 900 in 1865 Divi-
dend disbursements will aggregate Sb3, no,
CO., as against s42 600 for 1909 and s65 sS,-
ote in 1908 Interest payable Will reach $40
79S, coo, which compares with &7,65l 600 for
last year and S40,045,0o for 1908
RANK CLEARINGS.-The total bank
clearings for the United States for the
week ended November 26. 1910 lone day es-
timated), according 10 The Financial
Chronicle" were 81. SS9, 25o,o6S, which COM
pares with So 31S. .S76 70S the preceding week
vember q. 1909. Compared with last week.
the total bank clearingS have decreased As
per cent. New York City reports de-
crease of III per cent, Boston So per cent
and Baltimore 1.e per cent, while New Or
leans shows an increase of 1872 per cent.
ST. Louis us per cent and Philadelphia 2.I
per cent
New York spot cotton at 15-10 Is 80 points
above last years level and distant future
months are at new high records for the
season. From March forward prices rule
from 1909 for March to Is. "a for May. Sight
receipts of 5S45,254 bales for the season are
above the three-year average, as are the
weeks receipts of 5S6, $40 bales.
ERIE FIGURE CHART. Frank
Howell, No. "a New street, New York. has
issued a figure chart on the Erie Rail-
road showing fluctuations of whole points
from November, 1861. to October, 1910.
GENERAL COTTON SECURITIES COM
PANY.-John Hays Hammond has been
elected president of the General Cotton Sc
curities Company. e B. Atherton has been