Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-16
NAY PERMIT BOND
HOUSES TO SOLICIT
LARGER BUSINESS
r;,,Dci;al Situation So Much
improved That Exchange
Will Be Asked to Allow
s,lesmen to Go On Street.

- ,p,provement has been noted
20 ,o., few days in the philadelphia
% wv markets that the special com
pnsn ..nresenting bond houses dealing
,'nl,s,ed securities has arranged Tor
,",,tInr tomorrow with the spe ela, com
'u.,. IT,. ., the stock Exchange, dealing IN
'ni''.' .,.ots -, and bonds. at which will be
,',c,,,ed D the matter of sending out sa'es-
'. ~ "a solicit business under certain re-
,trlcsions. ,,.. ard
rn,,s has been such an active demand
IhsIs IhsI..,tes especially from individual
ior ..nys that the committee on unlisteu
lnVss, lnV,s.r. feels the time is now opportune
ts',,i, a more general trading market.
- the opinion that the situation
o materially strengthened were
NouN ,rve.tbrs invited to come into the
these A., "a larger way, and its sugges-
rarAst A.. stock Exchange will be that
hOn " s,iosmen be allowed to canvass Tor
ponu ,,,,sinoas. but only shall they put
nN ~ ssIps of securities in which their
'n.,,,or houses are directly interested.
rsIuVi1 Ia, 10 not TO permit mere trading
ie uS. but to encourage direct invest
Tor cash only, so that there might
n'ns, us,,or added relief to the money strin-
.sv through the liquidation OF BANK
~, nv the brokers disposing OF the
p..,i,i,ies. This new business would, OF
..sr,s lead to an influx of new capital
ss,Sh the banks are just now IN heeu OF.
"a Al the same time 1t would perInit
sroksrs to pay off some oil their heaNS
bans -,-..,,, .hot eucb saIes
n.,r,ifted will be subjected, as to
n,,us, n the scrutiny of the special com
s.,,,,n and no transfers are to be made
sd,soSt the committees sanction. should
~ stock Exchange committee agree TO
,hs nroposition, it is expected similar
Ill, viii be laid down for the govern
mani NJ sales in listed securities
I, Ia a decided tribute to the con-
..,r,Iisn of American investors that
,ssra has been lacking recently that talk
of the existence of near-panlc cond'tions
a. the financial markets which was ap-
n,rsnt almost everywhere just after the
s,s,v, had been flashed that the stock eX-
chabSIs were about to discontinue ousl-
,ss, The public generally has come 10
r,aIIze that the country's credit is seie
n the hands Of those VINO dominate lts
finances and it is disposed to take a
,,mer and more hopeful feeling Oh the
general situation
Contrast the feeling today with that OIL
,h,ss or six months ago in reference to
N. need AZ all of the New York or other
.incr eychanges. There were those who.
tor wears had made II "A consistent haDlt
| "A try and batter down every argument
h favor of exchange trading and VINO
we're loud in their demands that the en-
changes be abolished because of their So
talled high-handed methods and their
Absolute uunecessity. These same calam-
Nv howlers are today loudest in their ap-
ttsls for an early reopening, so that the
temporary lull in all lines of business. due
10 the war situation, may be superseded
| ~ that enormous trade development
which every one expects Will FOLLOW lhe
restoration of peace in Europe.
II Is to their credit that these same in
unstS are now going out of their way
/ % help IA every way possible to spread
n. t6etflae of confldence-that particular
attrbute which, more than anything else,
] 4 % badly needed at this time to give
ltrngth,to those at the financial helm
who are persistent in their endeavors to
10 shape the situation as TO best con-
ierys the interests OF the entire country.
London has appreciated the necessity
for this restoration of confidence by en-
touraging foreign investment in American
securities Of high grade New York, re-
fsctlng the foreign sentiment, is main
tanning an equal amount of stable con-
servatism, and Philadelphia likewise, as
we'll as the other big financial centres
OF the country, is doing its share TO
strengthen every weak spot that is to be
found.
There is brighter feeling everywhere.
Investors, confident that the situation. for
which there never was a parallel, is
sloWly but surely adjusting itself to
normal proportions are coming into the
market again. and both the listed and
uansted stocks and bonds are display
ing an active interest which is in every
way gratifying to bankers generally.
mere Is general willingness to do busi-
h"s, and the expectation is that it will
pe only short while before there shall
.Ome readiustment that will work out
10y the benefit of all concerned.
10 What extent Conditions information
.y nave improved Is reflected in the
s'utuoe now assumed by many leading
.ahAefs who do not see the necessity Tor
we creation of the sl5O.O0O.OOO in gold
,uta' as was recommended to relieve the
'Vtesn exchange situation. 1t was this
,Iansed position On the part of the
.snNeis That prompted the Reserve Board
announce that, in view Of the state
asht mat New York city had completed
sshsements for her maturing obliga-
.S yls ana Tor providing for the necessary
.,a sTL temlltances TO Europe, it felt that in
AlSnt not be neCpsSary ~ .,,nta tIa g,,lI