New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-06
BRIEF NOTES OF FINANCE.
paragraphs of Current Interest
for the Investor.

VI lIIC IiifCOlOls
announcement by the syndicate
.re that almost the entire amount
n'e southern Pacific certificates had been
o. ,oor;bed for is an evidence that at least
~ the strain which has been put
pa" ,be financial interests by the long
Op.~, stringency has been relieved
additions seem to be gradually grow
~n- Liter II was expected that only
Nc "a nor cent Of the certificates would
ohsorhed. but the offering has been
successful than was expected, and
.oturns show that 81 per cent of the
'ne ~, WAS subscribed for leaving only
s'I, cent. or y7.SO7 200 to be distributed
-, the six hundred members of the
syndicate
American Smeltings Outlook.
,o,,rsrv 10 rumors that the American
Hing and Refining Company would
Sc its dividend in the near future,
~. earnings statement Of the company
~ ,bs first half Of this year shows that
30 nor cent was earned on the common
.,oct or at an annual rate of more than
Sonbl. the amount required. Although
80 VAS 4 slight decrease in the per-
s.n,age of earnings. 4.l2 per cent being
-.,orted on the common, as compared
Oh AIS per cent earned the first half of
-. wear. this reduction is attributed 10
80 evolutionary conditions in Mexico
when conditions again become normal. it
nav reasonably be expected that as large
,.rcentage or even greater than that of
an, latter part Of last year will be re-
n,,,ss For the whole year of 1912 a bal
.,ee Of llF per cent remained on the
oonron stock and the more optimistic
,b;rk that the second half of this year, If
.nairs improve in Mexico. will show rela-
.,,y.ly the same gain as in the second half
of last year. This would mean that the
balance on the common in 1913 will he
larger than in 1912.
New Laws in Effect for Brokers.
According TO a new law, in effect Sep
,erber /. Wall street stock brokers are re-
ouired 10 state on the memorandum Of
each trade which they furnish 10 a GUS
TONER the date and between what hours
on that date purchase or sale was made.
As the law relating 10 the timing OF men,
oranda was originally proposed it would
have required the stating on each MEM
orandum the day. the hour and the min
ute as we'll In the argument made by the
legislative committee of tho Consolidated
stock Exchange against the adoption of
the law as thus originally drawn. il was
pointed out that the brokers on the Wall
street stock exchanges would each have
70 be provided with a time stamp in order
10 Immediately stamp each order executed
on the hooor at the exact time Of making
the purchase or sale. BY the change in
the law before its passage Wall street
possibly has missed the interesting sight
Of each broker on the floor having a time
clock tied with d ribbon hung around his
neck. which. in active markets. between
frantic bidding for or offering Of stocks
would have made a ludicrous scene when
brokers were wildly punching thcir MEM
orands to comply with the law.
To Avoid Car Shortages.
During July and the early part Of
August owing to the promise OF abundant
crops. there was the usual period Of worry
regarding a car shortage and the Ameri-
can Railways Association appealed TO
shippers for cooperation in preventing
any trouble along this line. THE Rail-
way Age-Gazette" complains that certain
references in the papers have fallen into
serious errors in their statements Of fact
regarding the car situation This-pub-
lication brings forward the reports Of the
railway association to prove that car sur
pluses have been more frequent than
shortages. The Age-Gazette's" state
ment that it will be necessary for rail-
roads 10 provide extensive additional ia
cilities that would not be utilized third
OF the time in order TO insure an eXpedi-
;ious handling of traffic during the rush
months is readily understood and too
much Of burden must not be placed on
the railroads. when a large amount Of the
for car curtailment must be
placed at the door Of shippers, who
through carelessness, selfish convenience
" profit, hold out of general use car
equipment for days at a time Certain
shippers in the past have had pull, and
even when the shortage has been most
severe. empty cars have been collected at
points, 10 await the calls Of
favored sections. Fairness and intelli-
yence on the sides Of both the railroads
Ind the shippers have been instrumental
n correcting some % the abuses, but
here is still room for improvement, as
The Railway Age-Gazette" admits, and
periodical car famines may be almost en-
tirelY avoided by sincere enumeration