Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-24
GOSSIP OF The STREET
PUBLIC ABSENT
FROM MARKET
Professional Traders Only Ones
P~resent-Holiday Spirit Domi-
mates All Activity

A visit to the leading brokerage Of
fees in this city would soon convince
any one that the public Is not in this
stock market to any extent, even II the
volume OF business transacted fails to do
so.
The holiday spirit has taken all in
terest out of trading, but in spite OF
disappointing declines one thing Is evil
dent, namely: there is no investment
liquidation. Bankers and brokers in the
financial district are still talking OF the
wonderful success OF the sale Of the
$4,000 900 Pennsylvania Railroad long
term bonds. A well-known banker said
in this connection that 1t goes very far
to prove that the investing public Is
not frightened over the prospect OF
whether the railroads are going under
Government control or are to be returned
to their owners.
While some financiers hold that the
dispatch from Washington published by
the New York Sun yesterday announcing
the completion of arrangements for the
purchase by the United States shipping
board Of all the vessels of the Merchant
MOL AhiV =" AAANAh = AA - aA ~
the British interests may be true. they
will suspend judgment till more official
announcements of the details are given
out. Many, however, refuse to believe the
report, as they feel they have been hood
winked so often by press dispatches in
this connection. 1t was evident hat early
in the day yesterday some credence was
given to the statement. as the preferred
stock showed a marked advance, but
declined on a reaction. There was no out
right denial of tho reported conclusion
Of the sale arrangements, n many were
at a loss to give any reason for the de-
cline other h the doubt in the public
mind over the matter.
Conservative brokers are advising their
clients to be cautious. and not to buy
stocks to hold till February, but at the
same time to hold stocks already bought
till around the close of the first week in
January. They are also advising the pur-
chase on reactions In the present market.
Railroads weakness
The weakness in railroad stocks was
| said by brokers yesterday TO be due to
the uncertainty OF the ina decision as
to whether they be returned at once to
private ownership or continued for a
number OF years under Government con-
troll. Not a few bankers and brokers
are in favor OF Director General Nc
Adoo's fve-year trial plan. One we'll
known banker said 1t Is a very fair pro-
position as far as he can see. He
argues that at some time in the future
the question sof Government ownership
will come up whether we want It or not.
He Is not in! favor of Government own
ership ga It Is generally understood. but
lie says that no better time could be
had to give the plan a fair trial. If the
roads, he says. continue under Govern
ment control and operation for the
twenty-one month limit after the close
of the war, millions must be spent by
the Government to place them in proper
condition and for equipment. extensions
and betterments. Twenty-one months,
he argues, is too short a time to get the
proper outlay, and while some may think
five years is too long, the chances are
that, In addition to his W knowledge
OF railroad matters, Director General
McAdoo consulted with the best railroad
talent in the country before he made
his five-year proposition. ' In n few
years, he continued. a wave may sweep
over the country demanding at least 4
trial of, Government ownership of rail-
roads and public utilities generally, and
IL the roads are now returned at once to
private ownership without a fair trial
we will be obliged to go over the whole
mess again that we a when the Gov
eminent took the railroads over for war
purposes. ] believe, ne remarked, that
after a fair trial Of Government opera
ton and control the people of the coun-
try will be glad TO 20 back TO the old
plans again, but until there is a fair
trial they Will have the hallucInatIon
that Government ownership Is the wade
meeum' and this Is the time to give a
fair trial. ,..