New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-24
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

The Southern Railway Company has
sold to j. p Morgan & co. and associates
100000 new per cent three-year goid
notes, the proceeds of which are 10 ne
used together with other funds in the
treasury OF the company to pay the Slo'-
O0aOCO three-year gold notes which mature
February l. 1913. Subject to prior sale the
bankers are Offering to the holders of
these maturing notes the privilege Of ex-
changing them at par for the new three
wear notes at 99A Holders desiring to
make the exchange can deposit the notes
al the Office of the bankers ex the Feb
ruarv coupon and receive therefor new
notes bearing interest from February L..
1913. and 4 per cent In cash.
Value Of Steel Exports.
An indication Of the increased value of
the foreign steel and iron exports IRON
this country is shown by the oihcidl re-
ports from Washington for the month oil
November. 1912. Iron and steel exports
from the United states for that month
totalled 2SS. 742 gross tons, valued at sZc'-
i0S a25 compared with a valuation of ST.
547379 for November of 1911 and S2o2'S'Oo9
in October, 1912 The total valuation OF
the exported iron and steel, not including
iron ore, for the first eleven months OF
1912 was $3.50. 500, S6S, as compared with
s2ie.6564l1 for the entire year of 1911
New Syndicate Formed.
syndicate composed OF Ambrose Mo-
nell White, Weld & Co, Z. c. Converse
W. r. Corey AMI others has been formed
70 erect and operate by-product coklng
ovens in various parts of the country
Construction is 10 begin this spring on
initial plants at ST. Louis and on Newark
Bay. The st. Louis plant will caroonlze
about 10000 tons Of coal year at the
outset. and the Newark Bay plant about
$50 coo tons. The syndicate is not affil-
lated with any special type of oven con-
struction. but will erect in each locality
the ovens best suited 70 local needs.
Exchange Seats at $4,000.
Brokers who about a week ago were
predicting $4,000 as the price OF STOCK
Exchange seats in the not distant future
are gradually approaching realization
Of their predictions. Yesterday a seat
sold ut $4,000. a decline of s1.ooo from the
last previous sale. which was made Few
DAYS since, and a decline OF No'Wo III less
than a month. Considered in the hSht OIL
Stock Market movements, II seats were
traded in on the Exchange as stocks are
the average loss would be at the rate OF
500 daily. and in stock market phraseolo-
cv would be called a decided slump. There
were four memberships transferred yes
terdav. which have awaited the necessary
two weeks probation after posting. Inc
new members elected are AUSTIN D.
Fcuchtwanger, Gerald Nj. Livingston
George A. Seligmann and Joseph W. Har-
. riman There were also posted Tor trans
fer the seats of Denman }. Johnson 10
George b. Watstan and Thomas A
Gardiner TO Howard j. Hildt, one OF
whom will secure the seat sold yesterday
Whether the price of $4,000 will mark the
low I'm the bargain list of Stock EX-
change seats will not he known until the
next sale is recorded At the present rate
of decline a few more sales will come
close to the $4,000 mark.
United States Leads in Cams.
reoort OF the Consul General at London
elbows ,bat the countries showing the
greatest increase in imports into the
limited Kingdom during 1911 We're; United
States a gain of 4750.0oo. Germany nearly
100000. Netherlands $ll.0ovo' ku-
mania N6JO.ODJ British India $4,000"
Straits settlements 100000. Denmark
100000. Belgium Sl3.cOoCo0 and Java over
10000. Striking decreases occurred IN
IMPORTS from Cuba, which fell from vs.
ee&5O in 1910 to 81 .456,S2o in 1911; Brazil
where the falling off was nearly So'v"'V';
New Zealand s15Co,Ooo Russia No"V'o"o'
France si1 10000. Japan over 100000 and
Argentina over $4,000