New-York tribune., 1905-01-08
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses not
active factors in the local market their operations
amounting a small total, with sales and pur-
chases about evenly divided In London prices in
the general market were heavy, the only exception
being Russian bonds, which enjoyed natural re-
covery from the depression of the last few days
CANADIAN PACIFIC.--A broker in discussing
the relative values of securities yesterday, called
attention to the prices Of Canadian Pacific, New
York Central and Pennsylvania. and gave good rea-
sons for his assertion that Canadian was cheap
in comparison with the other two stocks. Canadian
Pacific pays per cent, New-York Central per
cent and Pennsylvania per cent while the price
of the first named is about 1G. New-York Central
IA and Pennsylvania 1885 Canadian Pacific returns
to the investor about ~ per cent New-York Cen
traI about 312 per cent and Pennsylvania about 43
per cent. The rights issued by the Canadian
Pacific have increased the actual value of the
stock while the same may be said OF Pennsylvania
In regard to current earnings and the outlook for
the present year. the position of the Canadian
Pacific is as favorable if not so. than that
of either the New-York Central the Pennsyl-
venia. In the last six months gross earnings of
the Canadian road have shown a larger increase
than any railroad in the United States.
PIG IRON CERTIFICATES MARKET.-Pig iron
certificates at the New-York Produce Exchange
were featureless Closing quotations follow: Cash.
a6 30: January. SIG S5QS17 10; February, SIG 9J99
sl7 10; March N7QS17 20; April, $l7Q$17 80: May
s7 O5gs17l5 June S6 s5gS17 10; July SIG SOqS17 15
October SIC 6Og$l6 90. Later in the forenoon 100
tons OF June were sold at ST.
UNION PACIFIC BOND CONVERsION-The
Stock Exchange announces that up to January 6
the Of Union Pacific Railroad first lien con-
vertibe per cent bonds. originally 100000 0OO has
been reduced to $76 234, 900. The amount of Union
Pacific Railroad common stock is $ll9. .7s5 800.
BUFFALO. ROCHESTER AND PITTSBURG.-
The committee securities of the Stock Exchange
rules that all transactions in Buffalo Rochester and
P1ttsburg common and preferred stocks made on
Thursday. January 10. 1906 except for cash. shall
be rights" Certificates delivered aftcr January
ls. 1905. for contracts made prior thereto or for
cash" sales made January 19, 1905. must be
accompanied by Assignment of rights" or A
due bill for the same. Sales of rights" made on
and after January 19 1905 except transactions made
specifically for cash." be settled on February
g. 1906 which day all due bills must be redeemed
Transactions In rights and after February 8.
1906 must bs for cash" regular way. The right
to subscribe terminates Friday. February 10 1906
STANDARD ROPE AND TNINE.-The directors
OF the Standard Rope and Twne Company will
meet January Is. The principal business to be
discussed at this meeting viii be in connection with
the payment Of the semi-annual interest due Feb
ruary !, on the per cent first mortgage bonds. of
which there are outstanding $4,000. To pay the 8
per cent interest requires So 200 The unsatsfac-
tory financial condition Of the company was shown
by the last annual report covering the year ended
June 30 1901. Its profit and loss deficit on June 30
amounted to S465A Accounts and bills payable
amounted 20 SlOO2.2ss while current assets amounted
10 only alA9u
THE COTTON OVEMENT.-Acc ccording 70 THE
Financial Chronicle" the total receipts Of cotton
for the week ended January reached I67 bales
ogalnst z25'16l last week and cOjo59 the previous
week. making the total receipts since September l.
1904. so9ES bales, against 5.474.s5S for the same
period Of lsos-'ei, showing an increase since Sep
tember !, 1901. Of 6s5 40 bales. Reports from the
South indicate that the weather has been rather ia
voTable the last week. Temperature has been low
but the rainfall has been light or moderate as a
rule. The movement of the crop has been on a
smaller scale reports indicating a tendency at
many points TO hold cotton
CORN FRoDUcrs.-A proposition has been