Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-29
GOSSIP OF THE STREET |
TRADERS EYES
HELD BY MARINE
Opinions Vary as to Result Of Ne
gotiations and British
Attitude

10 hHAlOuS W see WHAT VIII nHDDeH III
International Mercantile Marine. The
news of the Governments readiness
to purchase British interests, or, rather.
the ships of British registry, owned by
the company on the basis Of the bid
of the British syndicate which came
az surprise on "Wednesday morning,
and created such violent fluctuations in
the preferred stock all through the ses-
sion. does not by any means close the
transaction, as was thought by many
investors and others interested.
Later information proves that the
matter of the purchase of the almost
100 ships involved will In all possi-
hility become a matter OF International
negotiation. II now appears that the
British interests have not as yet con-
iented to a severance of tho ships from
British registry. While many brokers
expressed doubt that the long drawn
out deal would ever go through. some
who are considered particularly well
informed on the subject said It's con-
summation Is only a matter Of days.
The decline of Ave points in Stude-
baker Wednesday was explained by sew
eral bankers and brokers as due to re-
peated persistent talk of new financing
by the company. There Is, however, a
difference of opinion as to what form
this financing will take, whether pre-
ferred stock or an issue Of short-term
notes, and opinions vary also as to the
amount, some say $40, 900 900. but a ma
5ority assert $5,OOO,0o0 will be the
amount.
News of the action of a committee of
six Of the most prominent Independent
steel manufacturers In organizing a
corporation with nominal capital
which can be expanded Indefinitely but
which may not exceed S10.000.000, for
the purpose of taking up an active cam
paign for foreign business came to hand
yesterday. The United States Steel Cor
poraton already has such an organ'za-
ton. From the reports received on the
subject, the plan Of campaign proposed
is somewhat similar TO the German
full before the war.
A number of matters which In or
dinary circumstances would have cre-
ated considerable discussion in financial
circles. but which received little atten-
tion on Wednesday. were the reported
probability of appointment of Bernard
Baruch as successor to Mr.. McAdoo, and
the announcement by Secretary McAdoo
IN letter TO bankers explaining the
Treasurys program for floating certf-
Gates of indebtedness and bonds during
the next six months The Secretary
said the plans for a continuous sale OF
Government bonds had been abandoned
and instead plans should be made for one
more popular campaign. It Is under
stood that the campaign will be planned
for the last three weeks In April 1913
The agitation over the tight money
situation and the money committee'i
restrictions still occupies the minds OF
| many bankers and brokers. One we'll
known investment banker remarked. ir
this connection, that the bankers ant
| merchants and manufacturers of this
country are urged to establish credits
abroad for the purpose of increasing the
commercial supremacy Of the United
States as an after-war program. but
| he said. how can we establish credits
abroad when everything is being done
to prevent the establishment of credits
ut home? Our indus ries. he said. are
being throttled throug the Withholding OF
| credit and the restrictions of the money
committee are depressing the securities
of our industrial plants, so that when
the owners in search of credit offer to
nut up their securities at the banks foI
| loans to buy raw materials or to carry
on their business they find they can get
| little or nothing on them. What's the
use Of establishing credits abroad II our
manufacturers are placed in the position
that they have no surplus stock to sell
abroad because they cannot get credit
at home to carry on their bus'ness?"
Our Finance Experts
This Is the day of the experts ir
finance and economics" said well.
known banker few days ago. az
mean" ne continued. 1T Is their adver.
tising day. They all get a place in the
papers no matter what they have to say
and so long rs the public (Which is pre-.
stunned to know less on the subject) car
associate what the experts say with
personalities of profound wisdom. look.
ing very wise and serious. what the,
| say gets through even though they
contradict each other fatty. The public
reads lmpartially both sides. religiousl,
| forgetting one side while 1t reads the
other side and vice versa. Therefore
what the experts say goes.
Here's an expert who pays for the
space to tell the public the absurdity OF
~" t'rited States loaning money tc
| England at 6 per cent, which II has
| ,orfowed from the people at Az pei
| cent. and asks IL we are ever to become
| International bankers II we thus con.
| tinue to finance our Allies while our owr
credits are so congested we can make nc
advances to our people for the oppor.
| tunities which will never come again
| while on another page is the address OF
| another expert who says In reference tc
| the future extension OF foreign trade
| that whatever Is purchased from Amer.
! lean producers must be paid for by
| credits established by American banks
II cannot be arranged through the ship
ment OF foreign gold to us, for we al
| ready have too great a proportion of the
| gold supply Of the world on our hands
| II cannot be arranged through trade
| balances, for foreign government.
| must have raw materials and other sup
niles, too. promptly, and we hope that
| the trade balance will not move against
US. II must be done. then. through for.
rIgn loans In this country.
Then take the subject OF the Govern.
ment ownership of railroads, and expert
opinions are equally contradictory. Ny
impression Is that as rule flnanciers
/ and the public generally are In favor OF
It, What holder Of railroad securities
would not prefer to have his securities
branded as Government securities if
| preference to what they are today? The
number OF railroads In the United States
which have not at one time or Other
| been In the hands of receiver could bt
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