Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-19
GOSSIP OF The STREET
THEORIES DIFFER
ON POOR MARKET
Money Committees Restrictions
Blamed by Some, but Argu-
ment Not Well Sustained

y number of reasons were advanced
yesterday in brokers' offices for the
sloppy condition of the stock market.
First and foremost was the standing
complaint about the restrictions of the
money committee. a peculiar feature
In this connection was a dispatch from
New York on Tuesday giving as rea-
son for the market declines the news of
an early dissolution of this much-abused
committee. when, according to all opin-
ions, such news should have quite the
reverse effect.
The fact that the public is not in
this market is given as another reason
for present conditions, and third rea
son is the indefinite and confused con-
dition surrounding the railroads.
In defiance of all this, optimism
rather than pessimism, is the prevail
ing tone in the Street, and, in fact, all
over the financial district. Some brokers
expect n continuance of present market
conditions till after the new year. while
others expect at least one good rally
before that time.
Next Railway Meeting
There was little interest displayed in
the financial district yesterday over the
meeting of the Association Of Railway
Executives formerly the railway OK
ecutives' advisory committee, to be held
! in the Grand Central Terminal III New
York tomorrow to further consider the
problem of returning railroads back 70
private ownership.
! One banker said that as the general
public is in the last analysis the most in
terested party, there should be some
way devised to secure an expression of
opinion from it. He said that "a.
far as his knowledge went, those he had
spoken to on the matter showed widely
i diverging opinions, and that as far rs
the number SO consulted was concerned
the vote would be about even. He did
not believe that his experience would he
the same as the result of a nation wide
canvass, as he believed the West and
South would overwhelmingly line W
in favor of further trial Of Govern
ment control and operation under more
normal conditions, which are likely to
prevail as soon as final peace is
signed. He was not in favor of so long
period as five years, as suggested by
Mr.. McAdoo, and believed a three-year
| trial would be.sufficlent.
'hSh uShSu opIilpIl VI Tue dppdl1
ent extrava sance of Government opera
ton. as reported in the increase in the
wages of car inspectors from 500 q
month before Government control tc
$252 after, he said there was undoubt-
edly an explanation for sucH figures
and, not being railroad man. he could
venture no opinion.
Another banker said he understood
there was a good deal of disagreement
among the members of the executive
committee. but on one point they were
all agreed. and that was their objection
to Mr.. McAdoo's tive-year plan. Up tc
the present nothing, u was SAID ha:
been definitely decided upon as an al
tentative, and it was limited by this
banker that nothing will be done til
after their conference in Chicago shortl,
after January 1.
There was wide difference of opin
ion yesterday over the publication in
! New York newspaper which stated tina
| one of the great banking houses ha
privately stated that il was throug
| with railroad securities and that here
after the big profits and opportunities
for the investment banker would b
found in industrial and foreign securi
ties.
| A peculiar feature in connection witt
this statement was that, as a rule.
was indorsed by bankers and brokers il
the downtown section, while those II
! the vicinity OF Broad and Chestnu
streets took issue with it. one of tn
best-known bankers in the downtown
district said he has held and acted oil
that opinion for years, and he said tn
| wisdom of II will become so self-eVi
dent in the near future, when tn
industries get properly started, thai