New-York tribune., 1918-10-23
III. G.. S. Noble
Confers With
Money Committee
Members Decline to Reveal
Subject Discussed at
Reserve Bank

The members of the money commit
tee met yesterday for the first time
since the end of the fourth Liberty
Loan campaign. For more than two
hours the bankers who constitute the
committee conferred in the Office OF
Benjamin Strong, governor of the Fed
cral Reserve Bank, and, although no
pubic statement was made, it is be-
iieved that the broad stock market OF
the last few days in relation to stock
exchange loans was discussed.
II: G. S. Noble. president of the Stock
Exchange, was invited to appear before
forty-fivc minutes comforting with the
men. )ers. Upon leaving the Reserve
Bank Mr.. Noble referred all inquirers
10 Governor StWng. The presence Of
Mr.. Noble was interpreted in market
circles as probably indicative Of the
fact that the question OF Stock Ex-
change loans had been taken up.
Besides Mr.. Strong, Gates W. Nc
Garrah, president of the Mechanics
and Metals Bank; Albert II. Wiggin,
chairman Of the Chase National Bank;
Frank a. Vanderlip, president Of the
National City Bank; Walter f. Frcwr,
president OF. the Corn Exchange Bank {;
Charles H. Sabn, president of the
Guaranty Trust Company, and Jackson
Reynolds, vice-prcsident OF the First
National Bank, partic ipated in the con-
ference. These men referred all re-
quests for information about the meet
ing to Governor Strong
Mr. Strong, after the meeting, sent
out word to reporters that he would
have no statement to make on the meet
ing, and, IN response to an inquiry as
to whether he would answer questions.
the governor replied that he was "too
busy now
No official intimation was given as to
whether any new restrictive measures
would be taken to cut down Stock Ex-
change loans. 1T has been the policy
OF the money committee to keep down
the supply of funds to investment needs
and to discourage a large speculative
market.
yesterday that loans from New York
banks for Stock Exchange purposes had
not expanded during the last week as
a result of the broadening Of the stock
market
An official of bank that. plays an
important part in the call money mar
ket told the Tribune that in some cases
call loans had recently been reduced.
"The funds to finance the new broaden
ing markets" he said, "are coming from
the interior Of the country. New York
banks have not increased their loans
for Stock Exchange purposes.
1T is a mistake to look upon the
Stock Exchange as New York inst
tuition instead of as q national institu-
ton Tight money conditions in out
of town banks have disappeared as q
result OF the large expenditures of the
government, and they are advancing
the funds TO finance the rise of the
market.
"Wall Street is virtually unanimous
for unconditional surrender, and the
movement OF stock prices cannot be
regarded as an index OF its sentimen.
on the end of the war Undoubtedly
the many signs that peace is nearer
are regarded as bulish argument bv
large numbers of people in the interior.
who have more money now than ever
before
"The money committee has control
only over the New York banks. There
is no machinery for restricting the
loans of outside banks at the present
time, and out Of town money has been
the rise"