Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-29
FALL IN STOCKS
NOT EXPLAINED
Some Say Money Committee Rule
Was Cause; Others, War
Uncertainty

Was Cause; Others, War
Uncertainty
Several reasons were offered in the
financial district for the easing or in
prices in the stock market yesterday
just before the close.
One was the restraining effect Of the
New York money committee. 1t was re-
ported that during the day 1t had
called down" two large New York
houses for unusual activity in Southern
Pacific and Mexican Pete"
Another was the feeling of uncertainty
as to what may happen after peace Is
declared. which some place only fifteen
days distant, while others say fifteen
months.
AS to the first, a certain broker said
that while the report OF the reprimand
to two houses by the money committee
did not mention any particular houses.
he believed he could give an accurate
guess as to the one active In Southern
Pacific tnanring one of the most promt-
nent houses in New York;. Most people,
ne said. in dealing in Southern Pacific
imagine that Southern Pacific" mea ns
the railroad, when az matter of fact
It is the holding company. II am cred
IDLY informed" he said. that the COM
pany will pay per cent next time, al
though it has earned much more. and
being the holding company 1t Ia not
circumscribed in it's action by the rail-
road administration payment under the
standard contract
As to tho other reason, the uncertainty
of what may happen in the event OF an
early peace, another banker said that at
the present prices on the tape no one
Ill Ma
is not one Of these big concerns. he said
whose stocks are classified in the public
mi ind as war stocks that has not care
fully put away surplus which Is far
more than sufficient to wipe out any
depreciation 1t may suffer from for
years. and few, II any, will find that
they will have TO curtail output to an
appreciable extent for two or three years
at least.
War believed over
The prevailing opinion In the financial
district yesterday after the opening Of
the stock market was that the war was
virtually over. Reports coming from
Europe of the various events which
we're transpirinR, were following each
other too rapidly for assimilation. The
resignation of Won Ludendorf, the re-
ported resignation of Won Hindenburg
the reply OF Foreign Minister Solf to
President Wilson's last note requesting
the terms Of an armstice, the arrival
of a similar but more pressing request
from Austria. coupled with the news OF
depIorable internal conditions in that
unhappy dual monarchy. and. last but
by no means least, the reported PROPOSE
tion from the Kaiser to hold on to his
title under the permanent hereditary
- he rAnnbIic This
everywhere In the financial district was
laughed at in a plying kind OF way as
the terrible come down 'of the man who
n few months ago was Dragging about
tho mailed fist and shining sword.
The impression in the banks and
brokers' offices was that all these things
had been discounted In the past week
or so, and that complete surrender fol-
lowed by peace parleys ie only matter
Of days
No one could be found who believed
that the remnants of the German army
now stubbornly opposing the advance Of
the armies Of the Allies. would hold out
much longer, as the news of Ludendorfs
resignation and its significance, together
with Germany's request for terms Of an
armistice, will soon reach them at the
front.
There ie still a good deal of talk about
the action Of the New York money pool
committee In the brokers offices and
many are Of the opinion that it's action
was q little too drastic under the cir
cumstancAs Investment bankers report
a good bond business and maintain that
there ia plenty Of money all over the
country In the hands of the investors
Some of them claim that this condition
will be selfevident when a number of
attractive short term high yield issues
come out in the near future, and II will
be seen how they will be oversubscribed
in some cases and readily absorbed when
not oversubscribed.
Public Utilities' Troubles
As throwing a light on the real dim
culties under which some OF the public
utilities In this country have been labor
ing Portland, Ore, paper publishes the
following:
Colonel Alexander p. Moore, pub
Usher of the Pittsburgh Leader. has been
one of the worst corporation batters In
the country. He never overlooked an
opportunity to iampoon and attack the
street Railway Company of his city. He
turned loose ali his chain lightning and
heavy batteries In the most vicious form
when the company found that II would
have To raise Its car fare or 80 broke.
Hare In Colonel Moore's own story. ~
told by himself In the columns of his
own paper;
"I was very busy attacking the con-
many In Pittsburgh. and strove as earn.
sstIy as I could to see that II didn't sV
the increased fare its ohicials said II
must have II II was to live.
.As an outcome OF the fight learned
something. The company was denied the
raise and driven into the hands Of
receiver. Some unthinking ones believed
that victory. II wasn't. II was . defeat.
The receiver quickly proved to the court
that even a six-cent fare wasn't enough