The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-06-26
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d GOSSIP OF NEW YORK. @
ACKNOWLEDGEMENTS

company got to work It's one year OF
existence was to Dresser what the sunSen
road was to Napoleon--hls Waterloo.
Bad financing was the cause Of the
ship companys downfall II Is TOO , eaaTig
brought the company into existence IS
equally bad. II good financing can make
the United States shipbui,lding , C99mp,any,
merger Is not false; if 1t cannot then It
is false. II It is false IN this particular
way why not in others2 The .,I rise ana
matter of transitory interest and ad,
justs Itself in time; but, the question OF
Industrial consolidat ton Is far more IN
of the country, the capitalist and tn-
vestor. the artisan and laborer. the pros
Queer and consumer, the farmer and the
merchant, the common carriers and ths
Investors In railroads.
Mr.. j. Pierpont Morgan has returned,
Wsl strsea STANDS d5 speca
has set his presses to work IN the past
and they have printed a goodly issue nt
snd 0a Some soye Of these a aEi nG
of shares. This billion dollar steel trust
pays out annually 10000 900 OF dollars in
;..s This 1,n s s as g. market
present ratio Of dividends paying in eight
years a sum equal 70 it's market value.
Preferred shares allotted to the employees
subscriber about 50 per share. and the
FIVE per conf. boads have baen selling
Indicate continuation Of prosperous
business. 1t has booked orders at prices
satisfactary to :isels to keep its many
1t has not only paid all fixed charges.
interest on bonds and preferred stock.
per cent. dividend to STOCKHOLDERS. mill
new properties, with cash from earnings
but has set aside a large sum to surplus.
II owns, vast deposits OF coal. coke and
why are its securities selling at such low
prices?
Mr.. Morgan may ask himself this ques-s
f9H saa XII Rno to ss at ss ssSf
f'gilt-edged securities paying \ and 4 S,
per cent. arc held for income by private
parties who do not heed market values.
ways in demand. Their holders do not
ask whether the intrinsic values OF these
pr9pertleS sold ola, scrap iron and
values OF the stocks. They have con-
idence in the management and co,tn-s
uous earning capa:tsy 1T is cnnt:deEce
trials. And confidence comes by an ac-s
quaintance. and knowledge: Everybody
s MN Y be kn ssn.ta a SW al
Hartford. etc. Hence confidence.
But what does the Investing public
know about United States Steel? Mr..
Morgan will rightly say that there is ND
corporation which has invited moro pubs
lllcity either In reports or at meetings.
1t was the first great corporation to file
a full and complete report with the Bu-s
reau Of Corporations at the new De-
nartment OF Commerce; Its annual report
was a masterpiece. of exposition for
Ia, ~ ttnco
be surprised when. I say that the general
know nothing Of these facts when APP
piled 70 the railroads above mentioned y
but they sec the railroads, they ride
on them. they know that freight comes
over them. But what does the public see
or hear Of the companys plants and fac-#
tivity? All 1t hears are the rumors from
Wall Street. These rumors seem to be 1
confirmed by the stock quotations What
the public hears tends to destroy conf,
Company know that Wall Street is not
the investing public; 1t has yet to learn
how to reach the public. Singular, this
Is. too. In view Of the fact that George
w. Perkins, the man who built up the Y
New York Life Insurance Company
knows that every gain the company made
in selling policies was due to the per-
petuaI advertisement that was given to
it by Its host Of untiring solicitors.
PEoRIA.-A special grand jury. was
McGray, who killed Detective William e,
Murphy, and special term of court will
be convened to try him. McGray Is con-
fined in the Galesburg jail for safe-keep-