New-York tribune., 1905-01-11
WALL STREET AND EXCHANGES.

FOREIGN TRADING.-Foreign houses dealt in
5000 shares In the local market, buying balance
In London consols 1rTner. and there a
moderate recovery in Russian bonds. The copper
stocks harder. The general market
cheerful. The Imperial Bank OF Berlin reduced its
rate to per cent. 1t may be taken therefore that
the fotation of the Russian loan has been a
success. and that money will work easier in Ger
many. sgSl
WINTER WHEAT OUTLOOK BAD-The crop
expert, Mr.. Snow in an extended report makes
bush showing of reserves of wheat In farmers
hands The total is put 195 100000 bushels
against 22S,000,0oO bushels on January ] last year
273OO0!OG0 bushels January /, 1903 and 24oOOOOO
bushels on January l. 1902 or winter wheat condi-
ton he says:
averaging only So per cent. nearly 10 points be-
I I9W t4e average for term of years at this date
belt except the Atlantic and Pacific coasts from
the time of seeding until winter began. and the
result is small plant lacking vigor and not in
position to resist any unfavorable winter condi-
lions. So far the snowfall has been light. and the
closes & VIII 5a "a period OF low
unctly unfavorable TO weakly plant. The winter
wheat outlook is not satisfactory; and should even
moderately unfayorable weather develop, the spring
might see sensational situation.
GOLD EXPORTs-An the gold bars which the
Assay ONCE produce up TO the latter part of
next week have been engaged for export to Eu-
rope. Barring, Magoun & Co. will ship about 500 900
at the end OF next week. The enga agement of
T"OV-OVV DE l@e'Adiu fTeIeS previously announced,
will be sent out Thursday and about the same
amount will be sent by IeideIbach. IckeIhelmer
& Co the early part of next week the engage
ment Of which was announced several days ago
Further inquiries made at the ASSAY O6lcs
Yesterday, but the firms considering the matter
did not care TO make definite enga gements as vet
for a period so long ahead. George O. Gordon
agent Of the London and River Plate Bank viii
ship 100000 gold to Buenos Ayres bv the staa,Da-
Etona on January Il.
PIG IRON CERTIFICATES IARIlET-Pia
iron certificates at the New-York Produce EXCHANGE
opened steady at about last nights prices The
sales amounted to 200 tons January and 800 tons
OF May Prices the call follow: Cash SIG IA.
January SIS Sc1s1 TO- February s6 959sl7 10; March
S7QSl7 10: April 81 05ds17 %; JULY SIG e0as17. Au
gust. SIG 50gH7; September, SIG 5OdN6 go On the
second call prices easy. There were TO sales
Closing quotations follow: Cash $16 so: January and
February, SIC S0q7 TO- March, $l7dSl7 10; April and
May. s17@S17 30; June SIC SG6Sl7 25 July SIG 75gS7
August and September 81 asked.
PIG IRON DEMAND.-The demand for pig iron
for this months delivery IS still greater than the
production apparently, and there may be a radical
decline in the surplus stocks for the month AL
though the Steel Corporation is operating practical
ly every OF its blast furnaces In condition to ba
in blast. it is still in the market for Bessemer pig
iron for this months delivery The continued book
ing of orders for finished products is a fair indca-
tion that the pig iron demand is not transitory
character and that it is to continue until produce
ton is considerably greater than at present All
the furnaces owned by the corporation In the Pitts
burg district. with the exception OF three not
ready. are in blast. The demand many OF the
consumers for early deliveries orders booked In
November and December is chiefly responsible for
the pressure to get pig iron in such large quanti-
ties
MOODY's COUPON AND DIVIDEND REGIS
TER.-About the most annoying and Iaborious work
of every bankers and brokers' office has always
been the collection of coupons and dividends ON the
first of every month and particularly on January
and July L There are many thousand bond
issues now in the hands OF investors as well as
dividend paying stocks that has usually in
vOlved a vast amount Of work each coupon or
dividend date TO ascertain where the many thou
sand different coupons and dividends were collect
ible There has never been any general source
from which to gather this Information. and It has
therefore been necessary for the coupon clerks and
investors to employ all sorts OF means involving
both confusion and annoyance. TO ascertain this
seemingly simple information. With the issue of
'Moodys Coupon and Dividend Register" pub
lished by the same concern which issues the well
known "Moodys Manual of Railroads and Corpora
tion Securities" immense amount OF labor is
eliminated and the banker. broker. coupon clerk
or investor is now able. by referring 10 this
book, to ascertain at glance where and when all
coupons and dividends are payable.
UNION PACIFIC.-Certan interests IN Wall
Street engaged in operations in Union Pacific
which involve lower prices for the convertible
bonds. arbitraging and sales of the stock. There
is no good reason why the bonds should go 10 a
lower level there is good reason for holders OF
the stock to part with their securities and there is
no reason for the belief that Union Pacific stock
will not sell at better price. There are several
good reasons for the prediction that the people who
are trying 20 manipulate the stock and the con-
Nertibe bonds will find themselves In difficulty be-
fore many days go by. When the general market
begins TO advance In earnest Union Pacific stock
ought to be OF the leaders
NEUTRALITY-SUSPICIOUS. Vreeland OF Met
ropoiitan Securities. when asked in regard to
the reports or a serious falling of In the earnings
OF the Metropolitan Street Railway system. replied:
Wall Street has done lot OF guessing on this mat
ter but people down there have seriously exagear-
ated the real situation. When the statement for
the quarter ended September 80 issued about the
middle of January it viii be found that results
have not been bad people have antiei-
pated"
CHINESE DEMAND FOR COPPER-A Iarya
copper producer says that China is i'm the market
for an additional 24oo00oo pounds OF copper large
percentage of that amount having already been
contracted for. Japan is also In the market for a
large amount Of the metal. AS is generally knoun
the heavy demand from Japan is due to the closing
Of the mines Incident 10 the war with Russia
NASHVILLE AND CHATTANOOGA ~
CREASES DINJnENnS Ths