Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-25
| GOSSIP OF THE STREET |
McADOO ACTION
PROVES PUZZLE.
Former Secretary Of Treasury's
Reasons for Resigning Unsatis-
factory to Some Bankers

factory to Some Bankers
There was little news for discussion
In the financial district on the Saturday
half session outside the resignation Of
Secretary of the Treasury and Director
General Of Railroads McAdoo. None of
the bankers or brokers whose opinions
were asked on the matter wanted to
speak Tor publication. The news was
unquestionably a general surprise and
most universally unexpected.
IF composite of such opinions as we're
expressed privately could be given II
would show that, a very large majority
accepts Mr.. McAdoo's personal state
ment as to his reasons for resigning
both positions and says he II entitled to
run credence for everything in that
statement, but they consider that they
are also entitled to certain mental reser-
vations as to whether that statement
gives the whole story.
Many say they wonder why, wher
Mr. McAdoo has managed to get alons
, - ~ i'ho uoilt' llt CUulu nOl nave Wbltet
at least for two months longer unit
President Wilson would have returned
from Europe, instead of adding to tn,
| PRESIDENTS burdens, as unquestona
! ms resignation at this critical time mus
40. Some others say they thought h,
should have stayed till the position o
the future Of the railroads would, b,
definitely decided.
In tho ,,,id,t 70 ,l .,,o
singular fact was noticeable. 1t wa
that men who in the past have criticize,
Mr.. McAdoo's conduct, especially a
secretary of the Treasury were nov
! loud in praise of his ability and, as
| rule. those who were loudest In hi
praise were now condemning him TO
reSlBnlng at the present time.
! <But most of the discussions were de
voted to Mr.. McAdoo's possible success
sors. Many financiers of national repu
tation. and two especially who hav
been close to the Administration, wer
spoken of as the most At, but for Ger
| tain reasons were the most unlikely o
appointment. One thing is certain, tina
tho present Comptroller of the Currenc,
would be a most unpopular appointmen
among the financial fraternity in thi
city. and Is at the same time spoken O
as the most probable successor to Nj
McAdoo for both positions on accour
OF his former railroad experience, it
said
Brokers said that Mr.. McAdoo'
resignation had no effect on the mai
ket and that the weakness shown towar
the close would likely have occurre
in any event. 49,.
For a few days, unless the Presider
makes the appointments at once, ther
Will be good deal of speculation a
to the appontee or appointees
! Henry L. Doherty & Co. reportt
Earnings of Cities Service Compan
for october. 1918. made a satisfactor
showing despite the influenza epidem,
which materially affected operation
both in the oil division and public uti
!. ity department, and also the fact thu
effects of the severe storm in Augu.
are still being seen in the delayed corf
pletion of drilling wells. In the publ
utility department the principal effect
the epidemic was in the operation of l.
dustrial plants and in the quarantine r,
F. strictions, which resulted in a mater
, curtailment of light and power consum
= = ton. - In. the oil division the epidem
: disrupted to a greater or less exte
! operations in the field as we'll as in Il
= Transportation, refining and distributiI
;, departments
!. Gross income of Cities Service Cor
r pany for october, 1918, was S1,7S4.0O
!; while after providing for expenses al
!. interest on debentures net income f
the month was $1,666,643. Balance f
e the month available for reserves pa
ment of common dividends and surpl
was s1,329,61S.
e 81, 1918, gross income was S1S.652,71
i. an increase of S2,s45,321 over the corr
d spending ten months of 1917, while aft
i: providing for expenses, taxes and |
|. terest on debentures net income W
? S1S,O75,975. an increase of, S2.567.9G
d The balance for the ten months ava
! able for reserves, payment of comm
: dividends and surplus was S14,716,2i
!. compared with S12,455,234 for the t
7 months. ended October 81, 1917, ga
& of S2,261,045, .
. Gross income for the twelve mont
= ended october 81, 1918, was s22 90
SIS, a gain of $3,391,21O over the pr
~ ceding twelve, months while after pI
e viding for. taxes. expenses and intere
( on. debentures net income was S2l, i6I
Z 326. an increase, of s3,09S,956. T
!, balance for the twelve months availat
.e FOR reserves. dividends on common sto
, and surplus was S17,440,752, compar
!, with S14,76t.536 'Nover the preced
7. twelve months. gain of $2,6I9.216. y
te earnings for the month, the ten mont
t. and the twelve months were after VIII
!. are believed to be ample reserves h
8 been charged from profits OF subsidia
b companies for accrued Federal exec
EprCfits taxes and income taxes
a d.