Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-05-24
BUSINESS OUTLOOK
/ IS MUCH BRIGHTER
Judge Gary's Interview and
Placing of Steel Order by
! Director Hines Helpful.
ON THE LOCAL MARKET
By I. A. FLEMING.

Judge Gary's optimistic predictions
regarding the future Of the United
States. industrially. and the first plac-
ing Of an order for 100000 tons of
steel rails by the director general of
the railroads. although accompanied
by . plant against the manufacturers
for Adhering to the SAT ton price
fixed by the Industrial board. and alb
solutely refused by Mr.. Hines. gave
real encouragement to the business
world. Judge Gary stated that the
business men were making prepara-
tfons for the trade that was coming.
and the steel industry was in the fore
in getting ready for the assured bust
ness.
Judge Gary IL q believer fairly in
competition. but more in cooperation.
As often expressed. We believed in
this before, during and after the war.
1t 10 a principle that will not yield to
destructive forces. although it is
sometimes selfishly forgotten"
Some OF the wise men of the nation
have taken the stand that the rail-
roads must be reha bilitated, and Con-
gress displays a tendency to carry
out their views to the betterment of
the general situation.
A few observers find even a more
friendly attitude toward the public
utilities, class OF securities that
have had fewer friends than the rail-
roads, with utility commissions la Dor
unions citizens associations and high
cost OF everything all combined
Paul NJ. Warburg. who has been in
yited to act in an advisory capacity
in the framing of new railroad legis-
1ation. has gone on record as believ-
fed with strong competing railroad
lines and fair returns to owners
He shows that while the cost Of
goods has increased 200 per cent since
1895. the cost Of transportation has
increased 40 oer cent for passengers
wage increase. according to Mr.. War
burg. estimated at $500, 900 900,
equals three times the entire annual
payment Of dividends to shareholders
British Treasury Bills offered.
British treasury bills bearing 5h
per cent interest, dated May 26, are
being offered in the American mar
ket At discount of 5H per cent.
1t 10 understood that the demand for
these bills 10 very large, the rate plus
discount ae to price being a big in
ducement to investors and also to
bankers for the temporary employ
ment Of funds.
Our own Treasury certificates bear
one point less interest and are sold
at face value.
Railway Preferred Strong.
On. today's session of the local stock
exchange Warrington Railway and
Electric preferred shares were decid-
edly strong. advancing to 63A and
SS14,. with fairly large sales. This is
an ex-dividend price. which would,
dividend on. make the figures about
"a. or I points better than at the
time the passing Of the common divi-
dends was announced ana the declara-
tion made on the preferred. The for
mer notion was evidently helpful to
the preferred shares
CAPITAL Traction shares steady at
Washington Gas sold sparingly at
20 to II.
Columbia oraphophone stock sold
At 500 to 291 for the common and at
81 to SIN for the preferred
sale Of Washington Market cold
storage IS was reported at 81, the
only bond transaction Of the day