New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-02
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

,-,-r the month OF juno the bond
-, Suffered an average decline. COM
no nth The first Of the year and with
pN., aeo The prices for leading rail-
honds approached the low quotations
',' ,sc and Il would naturally seem that
v..,r,ent issues had about discounted
-. factors now that the underlying
.,lon gives signs Of a turn toward
s"--.~snaent. II hardly seems possible
my ,,,s country IS in for a panic, al
''o. .s Il may be passing through a pc
uVs :, strained conditions, which may
'. ..,rus for year OF more. Admitting
- .,. ,uch q forecast high class bonds
',a present exceptional attractions 20
'....s,ors. price and yield considered.
MAY Have Trouble Ahead.
>. .r,formlty with the state tariff regu-
,.,,ors upheld by the Supreme Court in
=. Minnesota rate case. railroad traffic
.1,Als are now busy in Minnesota ar
.,nglng rate schedules to conform with
$50 law. on or about July 10 these new
s.ss5ulss are expected to become opera
.,,o hut the task Of adjusting these
,.,edyles Is 9 difficult one. II will be
.Acsssary for concessions to be made by
Am. road and q general average estab-
vsAed In order 10 meet competitive con-
S,,lons. While no announcement of any
trouble has been made. 1t is within the
,anse OF possibility, and maybe prob
,hiIitv. H. view Of the Dashman distance
,,,,r law. which goes into effect Janu-
,rv / 1914. that more litigation is in sight
Oar the state Of Minnesota.
Reports Favor Dividends.
considerable discussion in Wall Street
S,s arisen regarding the prospect Of
United States Steel continuing its present
,,v5end. At the price az which Steel
common is selling its dividend yield is
,bout sl5 per cent. and on this basis it
{. very attractive as a speculative IN
v,stment. During the first half Of 1913
ne United States Steel Corporation re-
por,ed sufficient earnings to meet the :
p.r cent on preferred stock and 10 pay .
nor cent on the common stock, with a
very good surplus in addition. The re-
,orts from the steel districts on trade
sonditions are not discouraging, although
s-ne restriction has been reported in
future commitments Nevertheless, prices
Continue 10 be relatively firm, and based
m the consensus Of information regard
tg the iron and steel trade business APP
mars 10 be promising. and there seems 10
/. no reason why the United States Steel
corporation should not continue 10 pay
the regular dividends on the common dur
ing the remainder Of 1913. If not longer.
Bill May Be Trimmed.
II the signs Of the times as indicated
by the reports from Washington may be
Interpreted correctly, the outlook for the
Administration currency bill is not alto
fsther bright. With the opposition 70
sone OF the specifications OF the bill
growing among the country bankers as
well as among the large institutions in
,hs cities. and a disposition shown by
rsmbers Of the House Banking and cur
r.ncy Committee 10 move slowly, the IN
ference is that Chairman Glass viii have
trouble in getting the bill out Of the COM
nlttee before August l, and by that time
II NAV have been given a shave, haircut
and a hard boiled egg. and its appear
snce so changed that It's fond parents
viii not be proud Of II.