Lame newbie question: moderate = yes doesn't work?

["Larry O'Brien" <larryo @ wco . com>]

A million apologies in advance for such a silly question, but setting
moderate = yes in our .config file doesn't appear to prevent messages from
propagating to all on the list. Is there another variable that must be set?
(This is majordomo 1.94.4 with Perl 5.003)