New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-07
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.


this week in the reviews OF publications
devoted TO the iron and steel trade, espe-
cialIy in pig iron. The Iron Age" says:
The present policy of buyers is not
due so much 10 the expectation or early
reductions I'm prices as TO the belief that
the necessity OF specifying far forward
is passing In a few cases there have
been cancellations Of bar orders booked
for the third quarter. Further weakness
in bar iron has appeared in the Central
West, as low as Li5c having been done at
a Chicago district mill"
Foreign Runor Denied.
II has been said that IL you want 10
learn the news about yourself go away
from home. but such information is not
reliable usually. Thursday a cable mes
sage was received I'm New York from Ber-
lin that the Baltimore & Ohio was about
10 reduce its dividend. While no official
denial was publicly made. unofficlally IT
is stated that no change will be made IN
the rate OF distribution 10 stockholders,
and that there will be a comfortable sur
plus Of about IL per cent-more than e.
Oo0 OC0-in the net at the end Of the fiscal
year June estimated) after paying emer-
gency losses OF approximately 100000 in
cident to the devastating flood in the
Middle West. Gross earnings for the
fiscal year June again estimated, ac-
cordlng TO the company's predictions Will
be close TO 100000, oOo-s7 100000 in excess
OF the record OF the fiscal year l9ll-l2.
The extraordinary food losses paid from
current earnings cut down the net. but
II Is said leaves fairly comfortable
margin of safety over dividend require
ments and increased operating expenses.
The Currency Reform Bill.
The Senate Banking and Currency Com
mittee doubtless is composed Of able men
who will endeavor 10 provide for the
country an adequate currency system but
IL must be admitted that they are show
Ing lack OF appreciation Of the Inn
portance OF such measure when they
fail to consult the leading bankers or
this country. No reflection need be made
on the country banker. but according To
the law OF the eternal fitness OF things
the important fnanciers OF the United
States live in the metropolitan and not
the rural districts. IL would be JUST
as wise 10 consult the country store
keeper on how TO run the city depart
ment store or 10 rely on the village doc
! tor for an adequate plan for conducting
New York City hospital. This does
not mean that the men in the smaller
places have not the intelligence, but II
does mean that they have not had the
practical experience. So far II is not
reported that New York bankers have
been favored by the Senate committee
with a copy OF the questions they are
sending out The financial situation Is
too acute and the banking and currency
reform measure is too important 10 allow
| foolish prejudice or political byplay TO
interfere with common sense and good
| Judgment
Don't Worry; Use judgment.
Everybody admits that the present as
pect is rather a dismal one in the stock
market, but Il must be remembered that
only when periods Of extreme depression
and pesslmism have occurred has II been
possible for some OF the fortunes TO be
made that have given 10 the security
market a fascination on the buying side.
| Speculatively, the market may 90 much
| lower. or IL may not, but the list or
stocks and bonds traded in on the Ne"
| York Stock Exchange presents some hish
Weld investments and probable future
| profits that come only on rare OCCASIONS
ana at distant periods In the history OF
stock transactions. IL is not contenaeo
that affairs may not be approaching
delicate period. but the United States IL
not going broke. and there are many
good, sound. standard stocks that should
pass through any crisis 10 which TINS
country is liable TO be subjected and con-
tinue TO pay dividends. At least II Is
unreasonable TO anticipate CALAMITY
when affairs are no worse than they have
been at other times, following which the
country has come back with renewed
vigor and prosperity.