New-York tribune., 1918-11-13
Stock Exchange
Partners Form
Money Committee
"Inequalities' in Present
Situation Source of
Worry to Brokers

New expression was given to the dis
Stock Exchange ruling that loans be
reduced to the level of September 16.
1t was learned yesterday. by the for
nation Of committee to represent the
members of the Association of Part
ners Of Stock Exchange Firms.
Officially, it was said that the new
body was chosen to cooperate with the
Money Committee of Bankers the
Committee of Five which the Stock Ex-
change appointed on November "to
consider the present money situation
with relation to borrowings by mem
bers and their firms and TO confer with
the loan committee of the banks in re-
gard to the same" Unofficially, it was
reported that the new committee was
organized as a protest against the de-
lay of the previously existing commit
tees in changing what some critics
maintain are inequities in the present
restrictions on Stock Exchange loans.
The following are members of the
committee just formed: Albert Nc
Clave, of McClave & Co., the president
of the Association Of Partners of Stock
Exchange Firms; Sol Wexler. of J. S.
Bache Co., vice-president of the as
sociation; James L. Laidlaw. of Laid
law & Co., and John II. Holden, of
Babcock, Rushton & Co.
How the Committees Differ
II. G. S. Noble, president of the Stock
Exchange, is chairman of the Com
/ mittee of Five, and his associates are
Winthrop Burr, H. X. Pomroy, Donald
G. Geddes and William H. Remick AL
though the last two named are mem
bers of the Association of Partners of
Stock Exchange Firms, it was made
clear yesterday that the Committee of
Five represents the Stock Exchange as
such, whereas the new committee rep
resents the Association solely.
In giving voice to their displeasure,
with the ruling making the level of loans
on September 16 the standard to which
present loans must conform several
representative brokers said that they
experienced considerable difficulty in
bringing their loans to the required
level, although they were receiving
and were keeping their margins on
loans up 70 80 per cent, in ac~
cordance with the money committees
request, in order that there might be
no further expansion of credit" and
no undue speculation
Since its appointment the committee
of five, it was authoritatively ascer-
tanned last night, has been in steady
touch with the money committee yet
members say that there has been no
change in the situation. Brokers who
holi ho of
worked especial hardship on them re-
ceived al opportunity to present the
facts in their cases before the COM
mittee of five, which holds conferences
daily.
Lid To Be Kept On
From sources close to the money
committee 1t was learned that the
signing of the armistice with Ger
many Will probably have no immediate
effect on the restrictive policy of the
money committee and that--in me par
lance of the street.-the lid will be
kept on. In this connection it was
pointed out that the demands of the
government would continue to tax the
probably six months al least. BY way
of illustration, bankers said that the
government would very likely spend
S1,700,000,000 this month. just as it
had spent about $1,6oO,0o0,O0 in
October
Easier Money Expected
Bankers also expressed the belief
that, although the credit situation will
probably continue substantially un-
changed for some months, the condi
tions of the money market would be
somewhat easier. The successful move
ment of the crops is expected to re-
lease money for other purposes. and
probably nutil February, it is said.
the money market would be q trifie
easier, as it normally is toward the
end Of the year.