The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-10-31
coMMENr ON FINANCIAL SITUATION

CONTENT ON FINANCIAL SITUATION
, BY Private ware 10 \. T.. Maslcn x Go.
p A. tayn.. Of iIurnhlnwcr Weeks. says:
! May We suggest that there Is Il good
d"rl OF ScnSrlrsS ana unintrll!Ecn critl--
CiSln riff concerning he recent action OF
the money committee. We HOPE you Will
81" your way II emphasize to Your ell
"ntS wSrr" Strh criticisms are heard
thu point "" made IN nur morning gossip
that il was no function If The money
committee 1" prn:"Ct thos" who over
speculate. especially after they have
been put uT0E notice that III" funds dia
not exist with which IL finance Srrcu-
lHtinn. Those clients or our houses,
who. in spite Of repeated money warn-
ings such as W. took occasion Ia send
UuI on wires on several dates. tn-wit:
. Aug 70. Aug. 2n. Aug. -. Aug. ~ ana
: Sept. !. saw fit To Interview themselves
and tclic what In" money situation WAS
: have their present worries rs conS"-
qurnCe. We wish 10 point out that no
matter when tho money committee made
it's announcement some fault would nave
been found with il, because no body OF
mon can handle so delivatc and complex
problem as the c"lla,"rll loan situation
Of New York in unprecedented cmer-
Ecnci"s and satisfy everybody. What VIC
should all bear in mind Is that u TINS
! Commute" had not assumed just the au-
| thority which Is now exercised. there
would have been 4 very close approach
! IL disaster in the money conditions sew
cral times during the past year when
nothing but their concerted action pre-
vented money from soaring well above
, tho six percent rate. and rs has been
pointed out We would then have n money
market and L security market situation
, which could have made very dii 'icu!t
/ the placing Of government bonds issues
I and the financing nt private corporations
: engaged III war work
DO not make the mistake hf arguing
. that because extraordinary tax reserves
! were set aside ny l.. S. Steel corporation.
! therefore, the situation is not as had ms
, IL seems Tho situation ~ Just what the
. figures show il To he. II" better ana no
! worse.
! Taxes arc going Ia be on when war
! earnings cease and "" nav" E"t u"
! Witness y rnsc in which II was profit
able to fight tho judgment Of the leaders
IT big business.
! letter DAYS WILL hr hero very shortly.
and in fact we. think the current r"hc-
! tiun will have run its cOurS" ny FRIDAY
! and We can then buy tn" stocks tnat We
! have been pointing out for several days
! In the meantime hear In mind that what
! Steel has started and viii cnntlnu" Win
respect I" died"nds If r"h*4na ABLY 1s
| Alcohol. ~ Y. Air Brake Republic
! IarkaXarnn steel and W" can see no
| reason that III, highest business court
| Of Judgment has passed upon inc pros
! rrcis nt war stocks with peace appear
| ing for DELAYING the sale Of war stocks
! tina, people may be carrying. Ef"n
while dividends arc continued YOU
! viii lose much more III thr pric" OF the
| stock. we think than can hr made up u!
| several quarterly dividends,
Ono Of tho large hnnks Ii"rc has sent
! out the following:
| In. accordance with the r"r"n'i'i'ud-
| ton Of tho Suh-cnmmitt"" al IN" l-'pcrlS
, Loan Committee, VIC request mat 81
| Crrlivr Nnv. 18th margins on loans WIN
this bank b" Increased as 'ol9"S:
on regular loans to 3o'r' on 1ndus'r'@l
''"''S !" ~ ". J. woLLA1AN & co.
w ]. WolInan says:-W" doubt II the
! ma rltet situation In the light 81 recent
! money Developments Is FUZZY UNDERSTOOD;
! W" cannot have anything nnt S1 rhIa
! market. Loans must l." rcduceu; ms
! rnIlrv cannot have Il hulliSh effect ana
! So long as il Is pursued We q" not s"e
how stocks can gu VI. The market 90
| far rs future transactions Is '"nc"rhcI
basis. At the sanln time wr have
| changed nur opinions rcGhrdinE tn" IN
| trlnsic values Of S"cHrlti"S. ms value
may be even SnfcEulrH"d ny 'nr present.
/ money Developments.
W, all attention tn tho sharp decline
in tho NOT earnings in III" Stool corpora
! tons earnings being twenty iilI'''"hS n'l
less than IN the previous quarter. rms
first reduction in tho extra GlFidSnd Will
mo- dnuh, he seriously analysed In all
Tunrtrrs. rs it seems Ia suggest tho
beginning uf now state of affairs. II
is NOT unlikely that other companies
which have been benefited ny tho. war
,riII nursuc n like course. moro pnrttcu-
larlv as the conservation OF cash re-
serves would appear 10 hr the vital nc
ccssity hcncrfhrth. especially at this
stage rf the war.
The United States director OF the d.