Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-19

people win wonder why they ever ques-
toned II. Take Steel,' he said, Tor
example. Why, j. I. Morgan years ago
saw its future when he told friend
OF mine that IL he were to say the price
his grandchildren would have to pay FOR
United States steel common he would
be considered fit subject for an insane
asylum"
Several others held similar views and
said that railroads were not interest
ing any longer especially in their pres
ent chaotic condition, and the future
did not seem TO hold out any hope for
better.
Opposed TO these views were just as
many in the uptown section who have
an abiding faith that before very long
the railroads will be placed in better
position. financially and every other
way, than ever before, and they argue
that the success of the industrial estab-
lishments is dependent so largely upon
the success of the railroads that they
cannot be considered separately.
There was considerable speculation as
TO which one of the large banking
houses" had made the statement In the
first place. Tho only point OF agree
! ment in this connection was that II
, was not Harris, Forbes &c Co. as they
never deal in industrial securities.
/ Speaking of the future of industrials,
n prominent banker called attention TO
the enormous surpluses which many Of
them had piled up during the war
period and how eventually this must he
reflected in the earnings.
New York fractions
\ fair degree of Improvement was
noted In the New York traction issues
following the rather severe declines OF
the last week. the New York Railway
adjustment income bonds advancing
about four points from the low levels
of last week.
marlborough Rapid Transit first ano
refunding 5s have advanced about three
points to around 10.
International Mercantile Marine sink
ing fund Is sustained Il considerable de
cline marketwise on Tuesday, and this
was followed by considerable uneasiness
in this issue throughout yesterdays trad
ing. This was brought about by reports
in Wall street that the plans calling fol
the sale of the companys British ton
mage TO the United states Government
had struck snag and that the only
manner In which this transaction couIt
be consummated would be through tn,
medium of n special act of Congress
permitting the purchase by our Govern
ment OF SlareS OF STOCK OF IOTeiSu COnl
panies. IT was stated by an authority
that the statute books at present con
tanned no such provision.
Foreign Government continued to dis
play marked strength with substantial
turnover in this character Of issues. Tht
Anglo-French 5s are now quoted at clos,
to o.. United States Government Lib
erty fourth ANS at $3.50, with an un
usually large turnover being recorded Of
each day of the current week
Railroad and Industrial bonds general
~ were quiet with only n moderate vol
ume of transactions being recorded.
There was one cheerful note in tn,
financial district yesterday in the mids
Of all the dcnunciations over Mercantile
Marine. one prominent brokerage hous'
said that while It may be true tina
neither the British Government nor tn
United States Government wishes to Sc
the tonnage sold, the vessels are makini
splendid earnings which are piling III
and basing values on that feature alon
The preferred stock was worth every cen
| l.. nd