New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-14
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

ParagrapnS OF current interest
for the Investor.
The reported statement of President f.
Chamberlain Of the Grand Trunk that
there is not a bank in Montreal. London
a, New York at present that will lend
money on Canada government bonds until
,hs European war atmosphere clears is
snriciently broad to attract attention.
Accepting this statement as conclusive.
me Importance to this country of Euro
mean peace may be appreciated. Even
though Mr.. Chamberlain may have over
stated the serious side Of the matter,
,here will be a relief felt in this country
y,ben news Of peaceful settlement of the
RaIkan trouble shall be cabled.
New Railroad in Argentina.
The financing of the first 175 miles Of
now railroad line in Argentina has been
arranged. according to consular reports,
nv the original holders of the concession
With the Banco Frances del Rio de la
plata. The bank will issue shares and
bonds 10 cover an estimated expenditure
az 50 OOO.OOO gold. The cost of the entire
line is calculated at about SIS, 900 The
F. proposal TO levy a tax of 10 to 10 centa-
eos 100 centavos are equal to one peso,
,onsr. or AZ. 46 cents of United States cur
rancy) on each litre Q.05 quarts) of wine
On the Province of Mendoza for acquiring
stock In this railway. continues to be
warmly approved. The National Con-
.r,ss has approved the construction Of
numerous branches from the line author
,zsd bv the original concession.
Iron and Steel Trade.
The iron market summaries prepared by
che snecial publications devoted 10 the
tror and steel trade comment, in part, as
follows:
,srba Iron Age" says: 1T was not ex-
r..ted that the october rate OF produc-
,,on at steel works. which represented a
strain for records all along the line, would
be maintained in November. There has
hssn the natural reaction from such
shedding up, but the mills are still under
heavy pressure for deliveries and are re-
spending well
"Tbe addition Of more than million tons
in October TO the Steel Corporations total
Of untitled orders was surprise, In view
Of reports from various producers that
new contract business has lately come in
at q less rate than specifications. The
steady inflow Of export orders TO the Steel
CORPORATION is one explanation OF these
variant reports; another, and probably OF
greater weight. is that the Steel Corpora
ton has been selling further ahead at eX-
stinE contract prices than most OF its
competitors, having taken considerable
business il is known, for delivery in the
third quarter of 1913.
There are indications. apart from the
large increase in its exports, that the steel
lcorporation will contribute a larger per-
centage of the country's total steel pro-
duction in 1912 than in several years Last
wear its total was "a per cent; 1t is likely
10 be 81 or IS per cent for 1872.
"Tbe Iron Trade Review" summary fol-
lows:
lin the week following election there
has been Increased activity in some PROD
nets. and nowhere is there any indication
/, Of weakness in pig iron or hnished ma
tsrials Mills are constantly falling tur-
Their behind in deliveries, and in the chi
eago district the best delivery that can Dc
given on bars, plates and shapes Is Au-
gus, of next year In the Pittsburgh dis
,rict some of the leading interests VIII not
,uroroise deliveries of plates and Shapes
prior TO the third quarter OF lsI'' anu
some fourth quarter business on structural
material IS being done. Some ih'e'es' %
cannot deliver steel bars in less thah SIX
roontbs An unprecedented increase OF
over ooo 900 tons in untitled tonnage OF
the United States Steel Corporation IN &c
,obar renresents business which has beeh
taken in 2 very conservative way as com
rsrsd with past years, but large part OF
a IS for delivery throughout next year
Informal discussion OF prices OF LAKE
tsrior ores has continued, and while pre-
yailipg sentiment has been In favor Oh
"a ner cent advance there is CROWNS
feeling that 1911 prices ought to preVai
NEXT wear. The naming of the 1911 prices
would mean an average advance OF ABOUT
rs cents a ton"
The Decline Of Interest.
In an article published in THE lnves.
tors Magazine" S. w. Strauss banker Oh
Chicago, says:
There was a time when the govern
nent OF the United States was forced "
nay 7 per cent interest on its bonds
Times change and rates OF interest,"
change as civilization grows older ana
more stable, and conditions OF IKE MOI
certain. Interest on money has decreaseu
steadily. until some ten years ago II
reached IT'S lowest point At that time
some railroads and municipalities were
able TO borrow money on bond issues at
as low a rate as 3la per cent, ana sen
these bonds to investors at par. During
the last few years there has come re-
action. The increased cost OF hVine' the
Increased demand for capital. ana the IN
creased supply Of the worlds gold nave
caused interest rates to increase again.
Now 4 per cent railroad bonds OF unques-
ticnable safety are selling well below par.
-Four and a quarter per cent pohus VI
New York City are a fraction above 10
and railroads Of perfect solvency have
been forced to borrow money even on hrs'
mortgage security at a per cent rate
'and then sell their bonds to investors
below 100"
BOND DOTS.