New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-12

4
IN. claim that copper mixed with steel
.,.AA a better rail than steel alone. 1t
= ,ov reported that the Chicago, Mil
.r,.s g. ST. Paul will make test OF
.,..l rails containing less than l per cent
.onn,r and thst an order has been placed
xg,h the United States Steel Corporation
,r sufficient supply to give this comoi-
nation a trial
A Bankers Optimism.
bankers positive statement OF real
cheerful present and prosperous out
,.os 4, always reassuring. and the follow
d. .spresslon OF Louis G.. Kaufman.
,r.zd,nt Of the Chatham and Phoenix
ly,annal Bank New York. and former
rrss,dsnt OF the Michigan Bankers Asso-
cation Is both interesting and convincing:
"our country never was ia the position
% advance that II Is to-day.
There has been more demand for
non.y In the last thirty days than at any
,me within FIVE or six years. during
which period the banks have carried large
| surplus funds
Il can see no possibility or financial
, ,t,jneency. conditions are so healthful."
.qs politics going to cut any hgure?'
Politics is discounted and has been so
for months. The people are paying auen-
tim 10 business. They realize that when
We can export billions Of dollars worth
Of foodsturs each year the tariff is not
going TO cut much figure.
Will Be Reorganized.
, The Banking firm Of Swartwout & Appen-
,.ssllsr. No. A. Pine street, New. York CITY
has been appointed fiscal agent OF the
American-La France Fire Engine Com
vary. for the carrying out Of the re-
Reorganization plan The plan provides for
The exchange Of the bonds. preferred and
cein,ron stocks Of the present company
sIor' the preferred and common stocks OF
.the.new company. .....,
= The bonds Of the present company
being nrst lien Oh all its quick assets,
gSe the company q very limited credit
and as the preferred stock is non-cumula-
five II has always sold at a very low
lrcs. as it has been necessary that all
earnings 30 for working capital
The company at present is reported 10
y be doing excellent business, and there is
tslk that the dividends on tho new cumu-
. latiye per cent preferred stock will be
paid from date Of issue. leaving hand
son1e balance earned on the common.
Iron and Steel Trade.
The Iron Trade Review" in this
weeks digest says that price advances
have been prominent factor during the
last few days IN the iron and steel mar
kst The upward tendency continues on
pig iron quotations. Crude steel is eX-
uemely strong and a number Of finished
products, including light rails. sheets.
steel pipe and boiler tubes. have been adj
vanced The statement of the United
States Steel Corporation showing increase
IN bookings during August Of POS, 2ss tons
In excess Of shipments is indeed remarka-
ne In vaw OF the extremely conservative
Policy which the Steel Corporation is fol-
loving In discouraging anything Ike spec
usttve buying. Owing 20 the very strong
condition Of the 1iddlesborough. England.
market on pig iron, Southern makers In
tnls country are finding n profitable OPP
pcrtunity 10 export iron to southern Eu-
rop.sn points. Sales Of about 1900 tons
OF THIS character have been. made within
the last week and prices approXimating
i1Il oornestic schedules have been OBJ
'sneo Some further buying OF foreign
ore Tor next years delivery oy Eastern
OaH furnaces has been done In the week
al considerable advance
The lion Age" says that evidence in
c'eases that railroads will be liberal buy
efs Of rails for next year. The Baltimore
q ONO and the Pennsylvania are now
making up their estimates 81. Louis re-
ports So'co tons OF rails closed this week
te' 1919. The 81. Paul has bought 10000
IONS for early delivery A Southwestern
road Is in the market for 400 tons. For
export, 300 tons is under inquiry for
Oentrsl America and $3.50 tons for the
National Railways OF Mexico
var orders show some effect Of advanc-
ing prices and inability to get early de-
HVeries. The Baltimore & Ohio has placed
H~ gondolas with the Cambria Steel
Nompany New inquiry reported this
"sek represents about 5000 cars.
ihe outlook for work requiring plates
ana structural shapes is excellent. In
"e" jersey $4,000 tons Of steel will be
-'eued tor pipe line replacement and new
VA' Large municipal requirements arc
sVH'hg out in several directions. At Pitts
sh the contract for the Pittsburgh
Nompanys blast furnace ore bins
- uesues has Just been let calling for
" r"o tons. In New York the Sth
snhent Armory. about 70 be let, viii
Su're a@o tons. Fabricators' bids on
49, szed contracts still develop keen
V"peuuon and there is little danger of
'a''hs prices and curtailed building
Helping the Farmers.
1"e tarm Improvement plan under the
m department OK the Southern Rail-
~ Is attracting some attention and IA
,o'aoie comment. The results promise 10
encouraging. II the programme az out
.'eo can Dc carried out. The furthering
development OF agricultural resources
0hs the lines OF railways which depend
Ngely on agricultural products and the
neperity Of the agricultural districts for
nslr support is an intelligent move on
= Ns part Of railway officials.
SUNDAYS NETWORK TRIBUNE
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