Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-10-26
GOSSIP OF The STREET
EDICTO ON MONEY
CHECKSTRADING
Bigger Margin Rule Expected If
Necessary to Stop Specu.
latiOn

The stock market reflected the action
Of the money pool committee AT the OPEN
Ing yesterday by considerable selling
Later The market was strong, but not
particularly active, and 1t eased of at
the close.
There seemed to be only one topic or
conversation in brokers' offices and
board rooms yesterday, and that was
the nc; ion OF the money committee. The
Presidents reply to Germany of the
day before seemed to be entirely in the
background and was rarely referred to.
speaking of the restr rctions placed on
speculative buying of stocks by the
motley committee a well-known down.
town bror er said the only thing he won
9ered n: was that the committee did
not make their announcement Garner
in the week and allowed first a million
share day. then a million and Il half
share day and finally a 300, ,O00-share
day 10 pass without some action. He
sa:d ii looked suspicious to say the
Least. Nevertheless, he said. ii was the
proper action to take. In fact. the uni
versa verdict In the financial d'stric.
approves The move.
their opinions on the probability of an
early reply from Germany to President
Wilson's last note said matters In Eu-
rope seemed to he in such a chaot C
condition that they would not hazard "a
guess, hut the Sentiment under the sur
face Is in favor of an early reply-not
from the chancellor, but from the Ger
man people.
One banker, speaking along these
lines said he paid little attention to
any OF the reports coming from Ger
many at present, either of the Chancel-
lcr's majority on Il vote of confidence
by the Rechstag or the demand OF the
populace for the abdicatlon Of the Kali
ser; That he steered a middle course be-
tween and did not expect to see an end
to the war very soon.
Pool Action Diseased
The check placed upon stock loans by
the honey pool committee in New York
was a fertile topic for discussion in the
financial district yesterday. A we'll
known broker said that such action
must be expected so long as the Gov
ernrnent has needs for all the available
money in the country, and If the money
commit ee's request for 80 per cent in
stead OF 20 per cent margins does not
stop speculation, they will make 1t a
40 per cent margin, and II that fails
II viii be made SO per cent or any other
!. per cent which will accomplish the pur-
pose.
Another broker said I'm his opinion fin,
rule would work n hardship to some
concerns, but recently many houses
were demanding II 80 per cent and iii
cases OF certain highly speculative stocks
4 much larger margin. He went on to
say that for some time past more stocks
ments than Tor Years nast In fan, ho
said he could not recall n time v,b
.uch q voluH. NJ hiyh graao =, ooi,. ,,.',,,'
erdiny THAR wav to cus,nmors, s,,.l,a
hoxes
hanLer yho ;s ,,,nosaa o., h Il,
clo.. ,n,,cn with tho Nfw Vnr,, ~, @ ~
cn,n,,,,,tsa s.;d tha, ,,a ,a, ,; i;io"e.
tic In some quarters but the tendency
of loans to expand as they did dIrjn.
the recent million and million-and "a haIl
share days early this week the commit.
tee no doubt believed the time had come
to place some check on speculation, aho
~ the same time give a warning as to
what may be expected from them in The
future
4 The declaration hv IN. p.,,,.,.,,
\ Steel Company of the regular auarteri,
a Sii,idend nf 81 50 a share nn ~ -: -
"a oon,mon .,ocls was no .,,r,,'.i. e a.. a,''
S,rsst cnsaLinS NJ Tho ,,,h,,..,ss - ,"e
49,, =, tha o,,,'nan,,'., tnnn. s'a.e,
har,,sr rs,,,s ,.,sed th,t ,ha po,h,nhn., om nhnu
N raye the amount In dollars. while IN,
n tinted States Steel Corporation referre,
~ 10 the same item as untitled tonnage n n,
W gave the amount in tons. Neither piai /,
he remarked Ia particularly satIsfactorv
AZ most OF he contracts held bv thes,
sons:rn: are : r, sunjsS, ! to cansslIaiion