Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-06
GOSSIP OF
THE STREET

Tho railroad situation promises fair
70 again become n live factor in shaping
he course Of security values. For the
moment attention is centered in the Chi
,ago conference Of railrond union heads
and the outcome Of the meeting In New
York Of the railroad executives. There
Is confident feeling the representatives
Of the Big Four brothcrhoods will rec
rmmend the acceptance Of the Labor
Board decisions. Those who are sin
ccrely interested in the transportation
industry consider Of vastly more i'm
portance the exchange Of views between
the railroad managers looking to a set
tlcment of accounts with the Govern
ment.
1t .was pointed out yesterday by sew
cral competent authorities that IL the |
railroads recedc from their former idcn |
Of charging the Government heavily for |
lack of replacement and upkeep as an |
Offset to work of that nature actually |
done, IL is believed by these same inter
csts an amicablc settlement may be ar
rived at Immediately, whereby the treas
ury will accept the railroads securities
on @ per cent basis for ten years and
VIII at once release to the roads nearly
half a billion dollars now being held
up
Others equally competent in sizing up
the situation expressed the belief that
a compromise basis will be found soon
and that its effect will be widespread.
Can Lease BE Broken?
A fuller understa nding Of the decision
handed down on Friday by the Pcnnsyl-
rania Supreme Court in the case to
determine the right of the Public Serv-
ice Commission to regulate the rentals
paid by the Philadelphia Rapid Transit
Go. to underlying properties. brought
forth nm entirely different interpreta..
tion of the courts ruling. Several
prominent railway interests declared
yesterday that any such regulation can
be accomplished only through addi.
tional legislation.
This put quite a different light to
the picture painted on Friday. when the
snap judgment Of the decision sent Phil
adclphin Rapid Transit stock soaring to
17h. Yesterday, because many were
Of the opinion the rental could not be
touched. both Union Traction and Phil
adclphia Traction scored similar sub
stantial gains.
While no competent authority
vouched their opinion which deduction
was correct, the old traction crowd
still stood by their guns and declared
the real situation was not altered an
iota by the courts decision. They as
serted. as they have all along. that the
contract of lease must be lived up
to the letter of the law until the date
nf Tee 'Thoy onptonl INV
decision to the contrary would make
null and void every agreement and lease
in force. and thereby completely upset
the entire business structure and
morale.
Investment Bankers Association
Official announcement is made by r.
X. Fenton, secretary of the Investment
Bankers Association of America. that
the next meeting Of it's board of gov
ernors will be held on July % in Mil.
ports Of vital interest to the invest
mcnt bankers Of the country will be
discussed, also details Of the forthcom-
ing annual convention, which is said
to be held at New Orleans, La. on
October 81, November 1 and 2. Sec
retary Fenton states that, according Ia
present indica tions, a record number OF
delegates will be in attendance at this
convention.
r. 8. Hecht. tie New Orleans mem
ber of the Board of Governors, ha.
assured the association that the Local
members are planning to make the en- =
tertainment features of the next con :
vention most elaborate and a credit to
the South, which always has been noted
for its hospitality; but the business
of tpIIl
much, IL not more, than on previous
occasions.
For the first time in the history OF
the association there is 10 be no ban
quet this year, but the Banquet Com
mittee has planned to close the conven .
tion Wednesday afternoon, November ,.
with a golf tournament, followed by q
dinner dance.
Heavy Inflow OF Yellow Metal
Gold imports into the United States
in the fiscal year just ended aggregate
in round terms $3.50, 900, 600 or more
than in any year except 1917, when
they aggregated $977 ,000.00
The beginning of the war period
says a statement by the National City
Bank, of New York, saw a flood Of gold
pouring into the United States from
| i'utoPc NhSil louhu HUT S'oIts VI tHc
yellow metal the quickest means OF
paying for the supplies which she must
have from us. and the quantity Of gold
entering the United States in the fiscal
year 1915. the first full year of war.
was $172, ,OOO, 900 or more than in any
earlier year in the history of the coun
| try. But that was only the beginning
Of the gold food, for in 1916 the total
of gold imports was S404 900, 900 and
that of 1917 SOFT 900. 900 Then we
began to loan the Allies the funds from
which to make their purchases in the
United States and in 1918 the gold
imports fell to S125 ,000, 900, and those
of 1919 to $82 900 900. But with the
cessation of our loans to Europe, god
| began to come again and was S150,-
| 600, 900 in the fiscal year 1920 and
| $3.50, 600, 900 in the fiscal year 1921
just named.
In fact, the quantity OF gold i'm
ported into the United States since the
beginning Of the war is more than half
that imported during the entire century
since the records Of gold importatiouS
began. The very earliest official record
of gold imports began in 1921, and we
have thus at the end of the fiscal yeat
1927 record of the full century :
imports of the yellow metal the amount
imported from 1921 TO the end of the
fiscal year 1914 having been $2,3S6,
600, 900, and from 1914 to the end of
the fiscal year 1921, $3.50, 900, 900,
making the grand total imported during
the century $5,O16, 200, 900, of which
81 per cent entered since the beginning