Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-25
M SIIEEF !
PEACE PROSPECT
AGAIN DOMINANT
Tape Indicates View of Majority
in Market-President's Note
Approved

President wilson's reply 20 Germany
was. of course. the leading topic for dis
cussion in the financial district yester.
day and, while there were different ex-
pressions of opinion. all crystallized into
one of universal approval. II Is felt that
the President has placed Prince Max
and his supporters In such position
that the next move. no matter what II
may be, will clarity the situation.
AS to the results which may be ex-
rected soon to follow from the note.
there were two views, one that II meant
early peace and the other that 1t meant
at least another year of war. That
almost infallible barometer. the tape.
showed that majority were in favor
Of the peace idea. as there were general
advances in all the peace stocks!
The disturbing element in the market
curing the last two days, the decision
fhe money pool committee might ar
rive at was still puzzle. up TO the
sCiosing of the market yesterday.
II was announced later. however. by
the committees chairman, Benjamin
Strong. .Jr., governor of the Federal Re-
serve Bank of New York, that on ana
after November 4 the banks would re-
quire for the time being 80 per cent
margin on all regular loans and an in
crease In margin on other loans. the
margin had been 20 per cent on regular
loans. and the new requirement increases
that margin by so per cent. with cor.
responding increase on all other loans.
Governor Strong's announce enent took
the form of letter to II. q. $. Noble,
president of the New York stock EN-
change. with a request that he commune
cate the information to all members OF
the exchange. 1t was written by unani-
nous authorization of the members of
the money committee. The'lette shows
that the action was taken to prevent fur
thcr. expansion in the ioan account, and
the statement was made officially that If
conditions should require it the commit
tee would find it desirable to recommend
q further increase in margin.
Z -
There was a time yesterday when
railroad stocks suffered Il reaction. This
was attributed to the decision of the
Interstate Commerce Commission assert
ing its authority to alter railroad freight
rates initiated by order of Director
General McAdoo. even without afiirma-
tive showing that they are wrong. The
commission also announced that the
railroad administration assumption that
such rates are presumed to be right and
just is incorrect.
A well-known banker, commenting
on this stand taken by the |. {. e.,
said he was not surprised. but as the
action of the |. C. G. in the past which
brought the roads to the verge of bank
ruptcy was not very popular he guessed
that under present war conditions ahy
court would decide that what Mr.. Nc
Adoo says, as director general. goes
! More German Propaganda
German propaganda aimed to injure
the American export trade in South
American countries. especially Brazil. is
reported to have made Its appearance
in this city and New York. 1t seems
that German agents are busy I'm these
countries and are telling the native mer-
chants that peace is near and that when
il comes German exporters In the father
land will be prepared to sell cotton
goods to Brazilian buyers at prewar
prices.
Among exporters of cotton goods in
this city the report is considered as
quite plausible the belief is that the
German exporters have no cotton fabrics
available for export.
! 1t is pointed out that Germanys mill
iary requirements have been such as TO
account not only for all the raw cotton
hand at the beginning of the war in
i g14, but for such small supplies as may
have found their way into Germany
during the succeeding years of the war.
The two largest exporters of cotton
goods In this city are the Millville Man.
nfecturing Company and William Simp-
son & Sons.
The manager of the latter firm said
that his attention had been called to
the matter by the manager of its New
York house on Thursday morning. There
was one customer in Brazil. he said,
who had Cancelled an order. but whether
1t was due to German propaganda or
in the regular course of business or on
account of delayed delivery Of the goods
he could not say. OF course, such prop
uganda is absurd. he said. as Germany
cannot deliver the goods; but her propa-
ganda agents do not mind small thing