Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-23
| GOSSIP OF THE STREET !
TRADING is HIT
BY TIGHT MONEY
Stock Market Recently Not Re.
fiecting Country's Condition,
Saws Broker

"One would think that instead OF WIN
ming the war we had lost or were losing
It," said the manager OF One of the city's
largest brokerage concerns yesterday as
he called attention 20 the QUOTATIONS on
the board of a number of leading issues.
One thing is certain, he said. The pres
ent stock market does not reflect the
country's pulse or condition as we used
to pride ourselves in saying that it did.
1T is all the fault OF the money com
mittee, the Federal Reserve Banks, the
Secretary of the Treasury, etc. all down
the list.
DO you know. he Continued, yes
terday was the first day for three
months when we were offered the loan
OF money voluntarily"
~ The complaint about tight money Is
|. very general in the fnantial district.
and many 60 to say that not only is It
stransling the security market. but it is
having a serious effect on business in
general. 1t is said that the managers of
large concerns DIRE watching the war
stocks not for the purpose of Investment
or speculation, but for cancelling and
withdrawing of orders for peace ma
terial, which. if the market were
stronger, would be placed. If change
does not come soon to relieve the money
situation many predict we will expert
ence an epidemic OF pessimism which
will almost spell panic.
There was little change in the con-
duct of the stock market yesterday. as
compared with the day before At the
opening there was some strength and
prices remained firm as a rule, but later
In the day toward the close prices eased
off somewhat, and the market was weak
Conservative brokers were advising eli
ents to purchase rails on recessions. but
generally ON other issues to keep hands
on for the present. One well-known
house expected Steel to go to 103Ss vet.
Speaking of Steel. well-known
broker said that he understood that
enormous orders are waiting to be placed
for building and other domestic pur-
poses and that the steel companies
would be glad to make concessions in
prices if they could only get these or
ders at once so as to get their plant s
back on peace basis, but that If build
ers and contractors keep holding off they
will likely. be obliged to pay higher prices
Tor steel year from now. Customers
in the brokerage offices fought Shy OF
motor stocks yesterday. This was par.
ticularly true of Studebaker A leading
house said they were reliably informed
that against $11 100000 OF inventories
the Maxwell Company only owed $1,000
600, with $4,000 900 payment coming
from the Government for work done
The stock market is in a tery nervous
condition, and some maintain it will re
main so for several days vet.
The two big questions for discussion
which are looming up, not in the finan.
cial district alone, but generally al
over said a banker Yesterday. are
Government ownership" and national.
Ism VS.. .,internationalism"
They are not very loud at present y
he remarked, but the time is not far
distant when they will demand the al.
tention of financiers in particular and
OF the people in general. In trying tc
sound out some men who occupy re-
spoHs'ble positions which are bettcr de.
scribed as semlpublc than by any other
term he continued. IT find that few
have gone into the subjects to form de
cided opinions. but almost without ex
ception the idea of Government owner
ship affects them as a red rag to Il bull
Invariably" he said, they frs
bring UP the recent statement of Direc
tor General McAdoo, that Goyernmen
control Of the railroads had produced 8
deficit of s200.000,0O0, and that thi.
dehcit was piled up In the face of sucl
favorable circumstances as increased
freight and passenger rates, with eco
nomic routing and the heaviest tratii,
In the annals of the natiotr.
IT am not willing" he said to pas
judgment on the present management
! of the railroads till they have had a fai
(. trial, and till the problems which hat
to be met in the transformation from
peace to a war basis and now back to
peace basis again have been given
chance TO show what can be done. | an
opposed to downright Government own
fership, but my mind is open and I an
hopeful that instead of such a propost
,tion way will be found to combine tn,
former private ownership with a bette
and more liberal supervision on the par
of the Government than we have ha,
In the Interstate Commerce Commits
sion. But" he continued, "the idea o
Government ownership is in the air, an,
It looks as though it will soon breal
out to be fought to finish.
las for the other question of nation
alism or internationalism, the time t
discuss that will be after We see wha
the peace conference will bring forth
but my opinion briefly is that tn
United States. as a world nation, has i
this war broken the shell and steppe
out where 1t belongs. and YOU can neve
put a chicken back into the shell again.