New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-13
BRIEF NOTES OF FINANCE
Paragraphs Of Current Interest
for the Investor.


soy down in the dumps. and the next
,skIng flights upward. stili' the Pujo
n',,,ee is discovering all sorts OF In
location which everybody in Wall Street
~ even the members Of the commit
-. fundamentals play no part In stock
transactions these days.
Advances in Steel Prices.
~. Increased demand for the leading
.,.I PRODUCTS during the last week has
,s.rSht another advance in quotations
- hars AT Pittsburgh have been ad-
..nosd from S3 10 S34 ton; steel bars,
u,,sburgh. for prompt shipment, from
=, "a ga a ton; tank plates, Pittsburgh.
rroupt shipment. S4 TO $50 ton. and
,A.se products have all been advanced
,hs same amount for New York. prompt
.Sipment other iron or steel prices have
NOT changed in the last week.
New Canadian Pacific Lease.
A report from ottawa says that line
4. beng built by the Fredericton and
nrand Lake Coal and Railway Company
,rom the Intercolonial at Gibson. n. B..
"a the terminus OF the Central Railway
,ssr Mimic, about thirty-one miles. and
also q branch to Marysville, which, when
COMPLETED, will be leased to the Canadian
Pacific for s99 years. This will cut the
Canadian Pacific's line 20 Norton by fifty
two miles Development work is going
m AZ the Mimic Coal Mines Company TO
furnish 100 tons weekly to locomotives.
The Canadian Pacific, It is reported, will
build an important addition to its hotel
sstsn or the North West Arm. Halifax
Great Northern Orc Receipts.
The United States Steel Corporation, In
accordance with fits lease, Will pay to the
Great Northern Ore trustees 50. S97.5 500 IN
January, compared with g, S., 900 in 1910
tn former amount Is equal TO 81 4s on
aach of the Great Northern Ores 1,too.-
zoo certificates. This indicates that profits
IA III Of Great Northern Ore from the
ftsd Corporation were largely IN excess
OF dividends paid on Great Northern Ore
certificates Ore shipments esta blished q
new high record in 1911 The Steel Cor
pontIon. II is said, will pay 70 the Great
Northern Ore for 1919 an amount equal TO
aoe per cent on the capital stock Of the
Great Northern Ore; In 1913, $50 per cent;
!n 1874 as per cent. and in 1915, the year
IN which the lease will be cancelled, 5.7
per cent
Readable Book on Finance.
The Guaranty Trust Company has Just
issued a book Of forty-eight pages. en-
ttled. Mr.. Browns Experience" written
by Hy. r. wohlsrs. The arrangement Of
this little volume Is unique The informa-
ton, which embraces subjects pertaining
TO banking and Investments, In divided
into chapters covering every detail Of
interest from the American Bankers AS
ISOLATION to What Constitutes Good In.
vestment" and affords to the reader both
entertainment and fact relieved from the
ordinary dry and uninteresting recital
given in most books Of this sort. Each
chapter is from the personal experience
Of John Brown, of the Arm Of Brown
& Co., who describes all the intricate
forms Of finance and investment In a
simple. understandable style.
New certificatlon Plan.
II is reported that the National City
Bank and the Mechanics & Metals Ma
tional Bank in the case Of securities
taken 10 cover loans TO Lathrop. Haskins
L Co. will appeal to the United States
Supreme Court from the decision OF the
Circuit Court Of Appeals. The fact that
Il involves the whole question Of the pres
ent system OF overcertihcation Of checks
In carrying on stock market business
makes II Of farreaching Importance. II
Is the argument OF the banks that in the
extension Of day loan" TO Arm the
loan is made on the understanding that
will be supplied in due course.
aud that under the recent ruling II a
Arm fails in the mean time, the bank
would be virtually supplying money TO
Il to pay other debts with. The banks
contend that the failed firm has virtually
parted with collateral in question before
II falls. The court ruled that this ooli-
cation OF the bankruptcy firm constitutes
no PRIOR lien upon its assets.
u Is said that the system Of overcerti-
Tying checks will probably be revised no
matter what tho decision OF the Supreme
Court may be. 1t 10 also said that TWO
plans are likely to be suggested, one,
that the brokerage houses recognize the
responsibility Of each other In their opera
tons. which would DO away with the
necessity for an generalization from
q bank, and the other involves the Or
gsniSation OF o big guaranty fund by the
Stock Exchange. with a capital OF say
tx 10000, members OF the board 10 be
bonded for a certain amount and against
this individual indemnity as collateral
the banks could then mako the necessary
advances. This latter plan would pro.
operations, the credit Of the firms and the
RISK OF loss resting In that case with