The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-04-17
DINkEY WILL LEAVE ON JULY 1,
FOLLOWING scHWAB AND
OTHERS.
DISAGREE WITH GARY
Dizziness on Stock Exchange Costs
Wall Street Money-May Be
Waiting on Trust De
cisicns.

going TO lose another one OF its Car
nege boys" A. c. Dinley, ppsesl-.
dent Of the Carnegie Stcs Company,
the principal subsidiary OF Inc Steel
Corporation, has decided definitely to
quit on July :. First ii was Charles
M scawab, then James Gayley. then
W. e., Dickson, then William e.
Corey. With one exception, Schwab,
| the designations We're brought about
| because OF friction with e. Fl. Gary,
| the chairman. Gary, who is a lawyer,
net steel man, believes in maintain,
ing prices irrespective of trade con-
ditions. Schwab, Gayley, Corey,
Dickson and Dinkey learned the steel
| trade under Andrew Carnegie Car
negie believed that the one thing to
| do when business was slack was o
cur prices. And he practiced what
he preached.
'-nyonl ,.aestion, Gary has won in
] MS fight against the Carnegie boys"
Bnt some people in Wall street are
beginning to wonder if the final re-
suits are going to be beneficial to
/ the holders of Steel Corporation S.
| crrities. Whether or not SchwaD,
Gayley, Dinkey, Dickson and Corey
| intend to combine their energies to-
wards developing the Bethlehem Steel
/ company, there can be no doubt but
that the loss of such practical steel
men will be blow TO the Steel Cor
| poration. That is one angle from
which Wall street Is now studying
the recent charges IN the Steel Cor
poration's management: another view
point is the evidence at hand, show
ing that the output OF the independ-
| ent steel manufacturers Is increasing
more rapidly than that of the Steel
Corporation; in other wurrs, by main
tanning prices, the Steel Corporation
is holding the umbrella for the indie
pendents. Then Wall street is begin
ning 10 wonder how long it will be, II
the Gary policy is continued, before
tie Steel Corporation is involved in
tariff agitation. Finally, the question
is being asked as to whether the
Gary policy does not make the Steel
Corporation liable under the Sherman
an,I-trust law,
That is the law which the govern.
! the American Tobacco Companies
have broken. And in connection with
those cases 1t is of interest to note
that last Monday, after it became
known that no trust case decisions
would be handed down by the ST,
preme court, American Tobacco com,
mon Immediately declined from ACC
10 40 Wall street attributed tie
movements in that stock to disap.
pointments by stockholders who had
confidently expected that an adverse
decision would be handed down.
The Dizziness on Wall Street
A large percentage of the Ame|
can public looks upon Wall street a.
place where money grows on trees,
At times fortunes are made overnight
in that district; but this is not one
of the times. There are exactly l,10C
seats on the New York Stock Elk.
| changes which, at the present mar
| ket price, $4,000, represents a tota,
Investment of $77,000,000. AS tat
commission charged for buying o.
| selling 100 shares of stock for the
public is $3.50, to earn 10 per cent
!, on the $77000,000 investment tht
STICK exchange must handle Gl,G00,
900 shares year, or 205,333 shares
q day. AT the present time the
daily average of trading is around
100000 shares, with 80 per cent. OF
, the transactions representing floor
trading--that is, where the commits
sion is only 81 a hundred shares, in
stead of $3.50. Besides the $4,000
invested in the stock exchange seat
every broker has at least 100000
: capital stock to lend to customers
, who trade on a margin. That money
!, as we'll as the capital Invested in
. seat, is at the present time PRACTICAL
Z " bringing in no revenue. Ont
{ stock exchange house, with three
partners and an office force of fit!
. clerks, took in $3112& in commits
sions last week. What is the season
lor the present inactivity? Taat u
twhat everybody in Wall street is ask
: ing. 90
Retail dealers in all parts of thu
. country are combining their pur
chases strictly to their wants, relus
ing TO place orders for the usual sun
liner AMI fall futures, and many 0
Them seen TO feel that something tina
, they cannot define Is going to nap
tpen. Almost without exception the,
are looking for1krd to lower prices
Though unable to give any definit
treason for this belief. Coinciden