Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-16
MAY PERMIT BOND
HOUSES TO SOLICIT
LARGER BUSINESS
|, ;Dancial Situation So Much
Improved That Exchange
Will Be Asked to Allow
salesmen to Go On Street.

e. much Improvement has been noted
-. last few days in the Philadelphia
.,,ai markets that the special COM
~. renresentins bond houses dealing
...,,.,ed securities has arranged for q
,,. ,on,orrow with the special COM
",,,,,s Of the stock Exchange. dealing In
,,.,.s stocks and bonds, at which Will be
I,,,cus.ed the matter Of sending out sales
% sollcit business under certain re-
stricions' s.,
/ Tbers has been such an active demand
s.s,ritIes, especially from Individual
9o s,ors that the committee on unlisted
n,a,tsrs feels the time Ia now opportune
a more general trading market.
q of the opinion that the situation
.,,n he materially strengthened were
.S ,nvestors invited to come into the
.rSs, In a larger way, and It's sugses-
~. a. the Stock Exchange will be that
va salasmen be allowed to canvass for
". m,siness, but only shall they put
.s..,sh sales OF securities In which their
..r.tc,,Iar houses are directly interested.
IN. idea IA not to permit mere trading
j :, honds but to encourage direct invest
I.,.r,s for cash only, so that there might
X. sivsn added relief to the money strin-
4 s.noy through the liquidation OF bank
1Ssrs by the brokers disposlng of the
3..eur,ties This new business would, OF
eourse lead to an influx OF new capital
s'SIch the banks are just now in need of.
VA AZ the same time 1t would permit
|troters 10 pay off some of their heavy
loans , .,.-
j u nermitted, will be subjected, as to
ry,ees 10 the scrutiny of the special conf
,,l,,ee and no transfers are to be made
without the committees sanction. should
'ths Stock Exchange committee agree TO
'Lhs nroposition, it Is expected similar
Smss will be laid down for the govern
ment Of sales in listed securities.
II IA a decided tribute to the con-
l.,ryatism Of American investors that
kbsre has been lacking recently that talk
III the existence of near-panic conditions
IN ths financial markets which was APP
nsrsnt almost everywhere just after the
nsws had been flashed that the stock ex-
changes were about to discontinue busi-
nsss The public generally has come TO
t,alize that the country's credit Is safe
n the hands Of those who dominate It's
dnances and It Is disposed to take a
talmer and more hopeful feeling OF the
general situation.
Contrast the feeling today with that OF
three or six months ago in reference 10
m. need at all of the New YORK OF. Other
stock exchanges. There were those who,
FOR years, had made II a consistent habit
to try and batter down every argument
IN favor OF exchange trading and who
we're loud in their demands that the eN-
changes be abolished because of their So
called h-handed methods" and their
absolute unneCessity. These same calam-
|I!y howlers are today loudest In their ap-
peals for an early reopening. so that the
temporary lull in all lines of business, due
10 the war situation, may be superseded
by that enormous trade development
which every ono expects will follow the
restoration OF peace in Europe.
II is TO their credit that these same in
t.rests are now going out of their way
10 help In every way possible to spread |
the doctrine OF confidence--that particular
attribute which. more than anything else, |
Is 80 badly needed at this time 10 give |
strength to those at the financial helm |
who are persistent in their endeavors to |
20 shape the situation as to best con- |
erYe the interests OF the entire country. |
London has appreciated the necessity |
io7 this restoration OF confidence by en- |
foreign investment in American |
securities of high grade. New York. re-
laining an equal amount of stable con-
seryatiSm. and Philadelphia likewise, as
well as the other big financial centres
n the country, is doing its share to
.trengthen every weak spot that is to be
'ound
There Is a brighter feeling everywhere.
investors. confident that the situation. for
Which there never was parallel, is
NoWly but surely adjusting itself to
formal proportions, arc coming into the
market again, and both the listed and
Unlisted stocks and bonds are display
hs an active interest which is in every
Eay gratifying to bankers generally. |
mere is general willingness to do busi-
'ess' and the expectation Ia that II will
'e only short while before there shall
ono readjustment that will work out
OF the benefit OF all concerned.
10 what extent conditions information
NY nave improved is reflected in the |
ilutude now assumed by many leading
'ahSers who do not sec the necessity for
ne creation Of the Sl5O0OO0O0 in gold |
H"u' as was recommended. to relieve the
Isgn exchange situation. II was this
.usnsed position On the part of the
'sHAers That prompted the Reserve Board |
= announce that, in view OF the state
asht that New York city had completed
lshsements for her maturing obliga-
avus w.. and for providing for the necessary
,TI w., Iemittanoes 10 Europe. It felt that in
"ss ,~Sst not be necessary TO create the gold