Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-26
4 GOSSIP OF THE STREET |
OPINIONS DIFFER
ON STOCKS FALL
Some Blame 1t on Tight Money /;
Others See Pessimism
as Cause

II was generally agreed in the fnan-
cial district yesterday that the sharp de-
cline TN the prices of stocks was the
result OF money conditions One well-
known broker said there was no buy
ing power, and every one wanted to sell.
AS n matter of fact there Is a strong
potential buying power. he said, but II
cannot get the money accommodations.
several clients left our board room to-
day." he said, who were wiling to buy
at today's quotations, but we were not
In position to extend the usual
courtesies TO them"
Asked IL he could see any immedi-
ate change for present conditions he
said, possibly in six months"
"Of course 1 mean" he continued
I'VE will have better prices and re-
sections right along, but there is so
much new construction and so many
manufacturers who will need money
right away that don't look for much
ease in the money market for quite a
while"
Opposed to, this opinion was the view
Of another well-known broker. "It's ail
nonsense" he said, ito blame money
restrictions for the conditions OF the
security market today. Five different
banks called US up today with offers of
money to loan It's the condition of
the country. We're all drifting to
Bolshevism with the exception of few
able men who will try to keep things
right The air Is charged with unrest
and pessimism. The condition OF the
stock market today reflects the dis
turbed unsettled state of peoples
minds and not the state Of the money
market"
A prominent banker awho is in close
stouch with what is generally known
b. as tho big interests said yesterday
when speaking of Mr.. McAdoo's resigna-
tion, that all the surm'ses and reports
which he has seen do not touch the real
cause according to his information.
Later on 1t will be known, he said.
that Mr.. McAdoo's health is the prime
consideration in the matter.
who VIII Direct Roads. ....
When railroad stocks began to de-
cline yesterday morning soon after
the opening of the stock exchange,
conversation in the brokers offices nat
urally turned to the resignation of Mr.
McAdoo. A banker remarked. in this
connection that he did not think the pro-
nounced weakening in rails was so much
the result of Mr.. McAdoo's resignation
rs the doubt and uncertainty over his
probable successor. and he said he
hoped President Wilson would appoint
two men as successors. one as Secre-
tary of the Treasury and one as director
general of railroads. \
The article published yesterday on the
subject of Mr.. McAdoo& resignation by
the Providence Journal, giving as the
reason, not the fact that the Secretary
had found 1t impossible to live on his
official salary but his insistence that
a do l,n aI tn
at the earliest possible moment after
the end Of. the war, infoppostion to the
views which, 1t Is said, are held by the
President, was generally accepted in the
financial district, ana many financiers
said public ownership of the railroads
would be the big issue between the two
parties in the next presidential cam
paign. A majority said that In taking
the stand which the Providence Journal
attributed to Mr.. McAdoo he woulq
have the country behind him.
Not all however. were Of this opinion
and some brokers were surprised that
the possibility of government ownership
should have any but bullish effect on
railroad stocks.
One well-known banker, whose house
10 closely associated with large railroad
interests, called attention to the report
of telegram having been sent to Mr.
AcAdoo by employees of roads operated
out Of st, Losls opposing his resigna-
tion and pledging him $4,000 month az
q part of his salary.
This" said the banker. introduces
q new element into the discussion, and
we ask ourselves what stand is labor
going to take in the matter IL 1t is made
a national issue2
II have no. doubt that labor will be
in favor of Government ownership. but
evidently from this telegram, labor be
lieves. Mr.. McAdoo is also in favor of it