Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-18
GOSSIP OF THE STREET
STEADIER MARKET
rs EXPECTED SOON
Uncertainty as to Reconstruction
Period Cause of Irregularity,
ItIs Believed

struction Is said by soma bankers and
brokers TO have its effect on the security
market. and In this way they account
for the irregular movement OF prices not
only during the Saturday half session.
but during the last week as well.
OF course, the fluctuations In certain
leading securities could be traced to
particular causes, but taking the stock
market as a whole there seemed TO be
a lack of leadership.
Many brokers are looking to the
present week to clarity matters, when
II will become more certain what
the Government proposes 10 do in the
transition CT the nation from a war TO
q peace basis.
As rule not much change is antici-
pated In the prices of stocks for 1T
tie and while new issues of short-term.
hieh-yield bonds and notes are in high
favor at present, some of the larger
bond houses do not expect the present
high levels for bonds can be main
fained continuously and are locking for
slight decline In prices
There Is an almost universal feeling
IN the financial district that there should
be, n, permanent hodv under Govern
ruept supervision like the present capt.
tai issues committee to pass upon all
new Issues and prevent the floating Of
all kinds OF wildcat schemes which
will surely, follow return TO peace
conditions. One banker said either
such permanent body should be Gre
ated. or the present capital issues COM
mttee made permanent for at least five
years II for no other purpose than to
protect the holders of Liberty Bonds
from narting with them for worthless
securities which will he offered with I'm
possible promises OF interest earnings
by glib salesmen.
:. Another banker said he did not quite
favor the idea of permanent board to
pass on AL issues, he did believe that
legislation is badly needed to cover the
situation. There are many States he
remarked. that have drastic laws &c
cover such abuses. but so long as other
states lend their regulations in grant
Ing charters for all kinds of companies
there will be wildcat schemes hatched
by the shysters who make their living
by proving on their poor dupes. Ger.
tainly," he said. ,',I am in favor of any
legislation to stop such business"
well-known broker said he favored
any plan. whether through legislation oil
through a permanent capital issues com
lnittee II II would accomplish the enc
in view. Phe most, Objectionable fea
gture he remarked. Fsbout the appoint
sment of a permanent committee Is tn,
enormous power which would necessarily
sbe vested in-such a body. We have hat
sone experience he remarked in the In
tterstate Commerce Committee which
tcame near wrecking our railroads, ant
swe don't want r. repetition
Z Some, argued that IL the postal law,
iwere rieidly enforced good deal o
sthese wildcat schemes could be wipai
sout before much damage could be done
bOn the whole. n majority were. In favoi
gof continuing the present capital issue
Scormittee for. at least another year.
/ The plan OF taxation relief announce
nby Secretary CT the Treasury Meade
shad a favorable effect in the fnancia
Sdistrict While there Is no difference Il
sthe total amount of taxation to be ra Sc,
sthis year from that contained in tn
5Senate bill there was considerable salts
kfaction expressed that the levy for mex
year will be $4,000. 900. 900, or two third
scf. that proposed for the current yea,
The suggestion that the taxes be pai
sin four instalments instead Of one lum
sum was a subject for general congratu
4ation. Some bankers in this city re
SnArked some time ago that several cor
operations as we'll as private individual
were Obliged to- borrow money to mee
ttheir taxes. )
In connection with the recent vlolen
fluctuations In the stocks Of the Inter
national Mercantile Marine and the ru
}nors both official and nonofIical whicl
shave been published the New York Su
says: q
! The seSerity of the decline in Inter
national Mercantile Marine preferre
tcaused, much unfavorabe comment 4
the financial district, and It would no
ibe surprising II the matter was brouSh
. tbefores the governing committee of tn
New, York Stock Exchange with n re
quest that II be made the subject of a
Investigation. SIT is true that nothin
has been heard about the investigatlo
sof the transactions in Mexican Petro
eleum by the exchange authorities. bu
sthe .erratic fluctuations Of Marine share
and the ffty-seven varieties of storie
shat have been circulated at differer
times to account for the breaks and ad
vances In the shares seem to warrar
some curiosity by the exchange, accord
Ing to brokers who have the best interes
kof the exchange at heart. Investigatio
of the Marine transactions and the ru
naors that have accompanied each wild
fuctuation in the price of the share
should be an easy matter In view Of til
fact that a member of the Sovernin
committee Is member Of the board {
directors of the International Mercantii
Marine Company.
Il The information in the last paragrap
has not been generally known in finar
Scial circles In this city.
n J. 49,, I
IT Comptroller of the Currency 7 s
WILLIAMS speaks confidently of the abil
|, lily Of the banks to meet economic cor
tditions growing out of the cessatio
iof hostilities. He says: THE firm hol
which the Government found ii neces
lsary to take to prevent runaway mar
;kets for the necessities of life and fc
ythe raw materials needed In industr
.smay now be exercised in a conseryatiy
and healthy way to establish a reason
fable equilibrium and to prevent destruc
tive and sudden movements, which some
times in the past have preciptated par
5tcs. There Is no reason why this cour
TRY need fear such commercial revolu
ttions or financial crises as those throug
which we have passed in the Garlic
tyears of our history. ,.. .-., ..,.,..... ..,.
As"The agricultural, mining and ir
.dustrial activities of this country ar
enjoying generally phenomenal prosper
ity, and from a, financial standpoint ou
banks are today stronger and bette
able to cope with any situation whic
may arise than they have ever been /
the past. -.
I'VE have raised In the last eightee
months nearly $4,000. 100000 from tn
psale of> Liberty Bonds. and yet the d.
posts Of oug national banks today al
several billion dollars more than the
were before we attempted TO place III
Sfrst Liberty Loan"
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