Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-30
GOSSIP Of the STREET
WAR AND STEEL
DISTURB MARKET
Uncertainty Traced to European
Rumors and Corporation
Dividend Action

numOfs asu OOfpOHSho"
Dividend Action
The tone Of the financial district yes-
tsfday was one Of uncertainty. The
end OF the war. which TO some looked
as not so very, distant the day before,
didn't look quite 20 near as II had. The,
report OF desperate heht,ns on practi-
caily all Of the western front. as well
a. on sixty miles Of the italian front,
the report Of the preparation by Won
'HindenburG to strengthen the defenses
Of Antwerp, the Interpretation placed on
Germany's last letter to President will
son through Doctor Self and which saw
owed Of the usual German trickery. were
all freely discussed and could not offset
the reported separation Of Hungary, or
the idea that notwithstanding Austria's
appealing plea she was In complete ac-
cord with Germany and that the mill
tary caste were stik the masters of both
countries.
II was to the uncertainty produced
by the above reports that the stock
market opened rather weak yesterday
Next to the chaotic conditions In Flu.
rope the principal point for discussion IN
the brokers' offices and by investment
companies was the action Of the United
States Steel Corporation directors In the
matter Of dividends.
Expect Rise In Copper Prices
Brokers interested in copper stocks
expect to see q large advance in prices
mn q r.
tain. They argue that now that the price
has been fixed for another term at the
FORMER rate. the cost Of production will
decrease wonderfully in the event of
peace. enabling them to make good
profits at the ruling fixed price. In dis
cussing the copper situation the Ma
tional Conduit and Cable Company
says:
Heavy consumption OF the metal
stands out prominently as the big fea-
ture Of these extraordinary times. Pro-
ducing interests evidently are putting
forth strenuous efforts to provide the
necessary tonnage. but, Notwithstanding
the great exertions being made. many
properties have suffered large shrink
age In output because of the serious
shortage of labor. Mines and refneries
are alive to the situation. and IL Is hoped
that the near future will show an ap-
preciaSle expf nson In output. a great
wave Of activity is expected when re-
construction sets in after the war.
Strong buying support may be looked
for from abroad to replenish stocks and
provide raw material that will be
urgently needed for numerous enter
prises that were sidetracked when war
broke out.
Look for Liquidation In Steel
1T is dif1icult to say what would have
occurred in the stock market IL the cut
in the United States Steel Corpora
tons dividend had been announced be-
fore the close" remarked a prominent
broker, but 1t is safe to say that it
would have caused a break in quite q
number of other stocks, especially the
steels and equipments"
Immediately after the markets close
II was announced that the directors of
the United States Steel Corporation
had declared an extra dividend of 2
per cent on the common stock of the
corporation. Three months ago they
declared an extra on the common of
3 per cent. and it was generally ex-
pected that they would do the same at
the meeting today. They also declared
the usual quarterly dividend Of IN
per cent on the common and ~ ON the
preferred
he uuiIHetS Vi iHIuSuIIlIieT peTNducu
the financial district yesterday. In many
OF the brokers' offices and board rooms
the attendance was not only small! bul
apathetic. No one seemed interested and
for long periods quotations were un
noticed. Part of these conditions was
traced to the conditions of the money
market and the restrictions placed by
b the money committee on speculation, anc
partly TO unsettled conditions generally
with 30 many important matters In sus
pense. especially the increasing doubt,
about an early peace when the terms o.
the armistice are known.
There was quite a little talk abou
the action Of the New York Stock Ex
change authorities In calling the repre-
sentatives Of a number Of houses and in
sisting on their reducing their loans b,
substantial amounts at once so that thei
loan position would be brought down t.
a point approxtmating September q
last.
American Tobacco Notes In Demand
There was an excellent demand fo
the American Tobacco Company seria
per cent notes. the quotations fo
which ranged we'll above the offerings
level. Obviously. many of those who dit
not receive all the notes they subscribed
for were anxious to obtain the difference
in the open market, with the result tina
they were compelled TO pay higher prices
than would have been necessitated OF
the subscription basis. This Is an un
usually attractive security. and its popu
larity was Immediately shown following
the Official offering.