KW Wtpwmjwfy M.mw4iWWf!w h1-w, ,, v; 4W-f' 'K3WSgJSppp ' EVENING PUBLIC LEDGER-PLIILADELPI11A, WEDNESDAY, APRIL 23, 1019 19 GOSSIP OF THE.STREET FINANCIERS SEE END OF EXTRA DIVIDEND ON STEEL COMMON Most Brokors Think Gary's Statement Indicates Only Regular Declaration iVBBVMiliHlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll Y?. 3 mini m imihii iiiiiiiiMMnTairrriniMMiiiiiBBMi 4 Its. w X. y ll'j The statement ot Judge filbert II. Oary, chairman of the I'nited States Steel Corporation, nt the nnminl meet ing In Hoboken on Monday was com mented upon favornbly In the finnnrlnl district yesterday. Among the broker") ii mojarlty were of the opinion tlmt It means there would be no extra divi dend declared on the next dividend date. The part of Judge Gary's address which aroused most comment was his refer enee to the difference of opinion between the railroad administration and the in dustrial board. Hut every one did not agree with the judge that the question of stabilization of steel prices in this connection is dropped for all time. There are many who believe the trouble arose through n misconception on the part of the railroad administration ot the power and aims' of the industrial hoard, nnd that there will he another conference on the subject as soon ns some differences ure smoothed over. One broker said he believed the most convincing argument ndanced by Judge Gary was the fact that the United States Steel Corporation lal year on tributed to the. railroads ?18!).0OO,0t)(. This, he said, would give nn idea of how -much was contributed by the other "ten -manufacturing lonccms outside the1 I'nited Slates Steel Corpointion nnd its' subsidiaries. It is deplorable, he milled, that the railroad administration has not seen Its uay to approve the pi ices nr rived at by the conference, nnd is licn by holding up the biggest industry in Ihe country and also in a measure nil ine many omer inoustiics wiifcli nre either allied or depeudent on It. "We must," he remarked, "give the steel men credit for honesty of their i statements, unless we nre prepmed to prove to the contrary: and when they' say ihey cannot bring the priics of stci't down any fuither without a reduction lu wages, nnd when eery one knows what a moe of that kind wnujd mean until! costs of living come down, it must be nifepted I hat the confeience prices nre the best obtainable." . A banker who cnimnenleil on Judge Gary's statement aid the hitter pari of it seemed to him lis nn intimation to the business men of the lountrj - espc ' cially those who are waiting to plncc orders for seel products to ignore the action of the tailrond administration nnniinlKtnilion nnd accept the findings' of Ihe conference on prices as (onclii sie and place their ordeis nt mice, if they want lo see the steel nnd cer Other -Industry of the cotinliv n-liirn to the period of prospcritj which it had started piior to the priic-HlHhUixiiiK lonfercnce. Ihe judges remniks on Hint were as follows:' point "Jt jou nsk im- how snoii the stnrl Industry will return to the peiiod of prospcritj in which it had Mm-tcd prior to thcnclion taken b the director gen oral, of railionds with rrspei I to prices. I --anliot gie jou a dclinite leply. The SWi' Is not so important as the exact faefct. Tile date depends Inigely on tin business men llieiuselu-s tliioiighout the country and nol upon any single indi. vidual or lorporatiou. I heliee n inn jority of these men Know toinething .about the ipmiiikc of our iiiiinlij ,-iinl haio conlideiKe in them "- The uddress of Chillies 10. .Mitchell, president of the National Cit Com pany, of New York, before the Cniiii di(in Club in Montreal Monday night .on the railroad situation in this conn fry attracted the attention of some bankers and biokeri in Ibis i-Hj who are interested piu-ticulm-l) in nnj thing which directly or Indirectly nffrctsmil road securities. Some weie of the opin ion that the rise In stocks of several railroads eaily in the session jctcrdu was indirectly traceable to Mr. Mitchell's speech, until it was pointed ''out thai the roads whose stoiks were rnost hffec'ted were whnt ate now be coming to be known ns oil mads; that irf, sich road as puss tliinugh and in many itilances own piopeilj in the reontitly developed oil districts in Texas anil Oklahoma. One banker said be would add thai first of all I lie loads should be restored physically at once to a standard nt Jeast Citual to the condition they won- 'In. vj-h.en taken over. He said he con sidered this the most important, as it would also probably bring around some . settlement of the steel controversy. An other said the most difficult of Mr. Mitchell's requirements to agree upon would be the determination of the capi talization of the roads ns n basis for distributing the surplus protils above n reasonable return, but he belictctl if matters had leached that stage a solu tion satisfactory to all would be found. Kxnecls Kodus of Many Foreigners A banker when speaking of the cx- pet-ted industrial boom in the I'nitcil States nf soon ns the peace treaty Is signed sad there are some very Im portaht factors in ennncftion with Ihe "boom" which will bear watching. In the rim place, he fnrs n shoitage of labor'during the coming summer if the great increase in Industrial prosperity which every one seems to anticipate ar rives, through an exodus of a large foreign element which has not yet be come assimilated to this country's ways. In support of his contention 'he drew- 'attention to the following from n recent Jttt.er sent out by the Gtiaiauty Trust .Company, of New York: "The steady drift of alien residents of the United States back to their na Jlre, lands, especially In Kurope, since the signing of the armistice, is creating tn situation which tuny have serious con sequences jn various directions. The -outward movement, ns lecorded nt the yjse office of tho custom house, shows n gradual rise from .l.'ll n dnv in No vember to tho high mark of 11,'ft reached on April 1, The outgo by mouths since last August Is as follows: September, MU3; October, 15030; November. S2fiT: December, 10.000; January, 13,278; February, 101834 ; March, 21,7-M. The sarlnffs bank section of the American JUnkers Association. In urging Its member to greater efforts iu spreading ' !& Propaganda, says that more than 1300,000 frtrelgn-born residents of tills rpuntfy. cipher hove gone back Or ure preparing to go back to their native countries. It Is estimated that the wfn .parry with them nearly 4,000,000.000, n T j .'J- "I' v 71VUUUU Hirtfin amount equal to four-flftha , I lf i KV'tHBUi w . . if.... A "fi t vv sCirM5crci.vvi2raW ttm 'IS.; I ' ATIH mmvAKmKm&w m viiwr r 'mmtffr, immum, j mam - ' IgSmB HP "Bully for you and your Medal of Honor! "That Victory Liberty Loan Button shows that you helped to pay for the Victory we helped to win" Any sacrifice you make in subscribing to the Victory Liberty Loan fades into insignificance beside his empty sleeve, for you have only lent your money and made the best investment in the world. Do your full duty now, that you may wear your Decoration as proudly as he wears his; buy to the limit of your cash and resources. The war is won, but the bills must be paid. The rucccss of the Victory Liberty Loan is our job. We are only lending, not giving, our money and our Government guarantees its return with interest. Buy today. VICTORY LIBERTY LOAN COMMITTEE Space Contributed by PENN NATIONAL BANK, 7TH AND MARKET STREETS , JM hue. jP ? .r.m ' m m IM M rP J I i m 4fe';H fej-gt; -c, "?.'.?& rif. - ,: ; w , ', ,-, .A,' & M "-.. ,." A&&ysra- tUKA v" m t "i! -J' ':"'- ,t-i
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