Evening star., 1919-04-27

versy between the railway depart
ment and the industrial board. also
the attitude of the steel makers in
tho matter. He referred to the cor
previously observed that any public
statements he made were intended for
shareholders and possibly the steet
Industry generally. but not for Wall
street. The country was left in as
much doubt as before the meeting
concerning the probable declaration
which will be made April 80 as to tho
! rate to be paid or the common stoch.
The policy OF the corporation. he
said. is to maintain at least the > per
cent rate as long as possible. with a'-
ton each time a declaration is made.
depending. not upon the resources OF
the corporation nor the prospects or
trade in the future, but upon The con-
ditions existing MT the time of acfien.
This, of course, makes the rate as
nuctuating as current events.
AS to the controversy on the price
of steel, all responsibility WAS dis-
avowed and the steel makers seem
now to be going ahead on their own
initiative. The Iron Age considers
that an open market for steel has ek-
listed since the failure of government
departments to agree. but that thefe
has been no pronounced pitce SulNls.
Without any agreemen; among tae'"-
selves. the manufactures are thhHtas
operations to the business coming H,
with the result that there has befn
further shutting down of blast fur-
naces and curtailment or working
time at steel works. The L. :. Steel
Corporation is running on capacity
of so to 20 per cent, and the independ-
ents at about so per cent.
Henry Clews-This Is Henry tfews
twentieth reason for encouragement:
THE now Congress shouid oe
brought to realize that government
extravaganza and unnecessary eN-
pendtturss must stop. The whoie
world must and will economize for
some wears to come before IT can MI
the vacuum of ordinary necessities.
OF which this country ls the oh'E
nation possessing "A surplus. here'n
lies much of our present great s""d
fortune
that during the last eight or ten
weeks the stock market has eNpe-
rienced one OF the most striking OUT
bursts OF activity in its history. there
are many persons who have viewed
the movement with more or less sus-
picion. To these skeptics it appears
that we have had an ilI-considered
wave of speculative. buying hey
day of cats and dogs. while SO
called standard securities have been
passed by. Consequently they refusei
to be impressed by the spectacle or
successive million share days SO long
as the favorites Of the, past are neg
1ected. -, ..
Each market is a law unto ttsetf-
In stock market circles precedent
counts for much, but market move
ments are not controlled .bG pfeoer
dent, for they discount -Ae future.
not the past. Speculative sentiment
once more has been vfndicated by
the selection of the stocks on which
attention has been conferred. True.
the standard issues have not been
prominent. But what makes stock
standard" except a. seasoned 'dfvi-
dend record with ample assurance or
maintained disbursements? Are the
railroads, the favorites of our otd
bull markets, in this class to-day?
Let the taxpayer who foots the deA-
cit answer. Is there anything suprr-.
latively roseate in the prospects for.
the steel companies at a time when
it is running at 60 per cent Ca
pacity and the question Of prices IL
still up in the air? Coppers have.
turned the corner, doubtless and,
present dividends seem faAEly safe.
but we all know that wage scales
for a long time will compete with
profits. thus leaving THIS group
largely In the hands of the patient
investor. .,