Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-12-30
WILD CAT FINANCE
MENACES NATION,
SCIENTISTS HEAR
Professor Conway , $
Enormous Losses Are SUIT
fered Through Sale OF
Worthless Paper.

y.,aoo, and worthless securities WIN
=. ,,,roriant factors in future oanA'"s
nroblems in the United States, uec'A's -
THOMAS Conway, Jr, FroieSSoi
r,rsrce. University Of PennsylVania' To-
dav. speaking before the convention "
,,n American Association for the Au-
vancement of Science
Financial experts who are animated WIN
ha,l,ing institutions in various perts oi
tho country attended the first Oh 'he
third days sessions
professor Conway said no person eouiu
tell the enormous aggregate Of capi'a'
which is lost yearly by the pubic through
the sale of securities which never return
the promised profits.
The problem of the security Market
Professor Conway said. consists largely
in the wedding out of undesirable secur-
tics and men who folst them upon the
ignorant investor.
In regard to future banking problems OF
the United States, with reference TO tne
war, Professor Conway said, III part!
"The United States should get over It's
fear of disastrous and uncontrollable
liouidation of foreign-held American
securities. The liquidation In the last te"
DAYS of July, preceding the closing OF the
stock Exchange, was the result Oh
frantic but belated attempt to make every
posshle provision for the prosecution OIL
the war.
''The circumstances have so changed
that n repetition of this movement is un-
likely. The Stock Exchange could not he
opened until our current Indebtedness hau
been cleared UP. When this was au-
justed, the exchange was opened. IN tne
meantime, the balance of trade was rum
ming strongly in our favor, and II present
conditions continue, l am confident that
our normal trade operations VIII ehaoie
us to pay interest and DIVIDENDS on
foreign security holdings of from S2Oo'-
OoO,0O to $500, 900; the expenditures OF
our tourists abroad, estimated at $3.50 'OOo'-
900 to $2000OO,0O0; the remlttances ny
Americans to friends and relatives IN
European countries, estimated at SlOo,OO,-
900 to $3.50 600, 900; and payments to foreign
ship owners for freight, estimated at w.
OO0 900 to $4O,OOO,0OO
with our merchandise exports running
above normal and our imports running
considerably below normal; with like
lihood that tourists expenditures during
the coming year will practically disap-
pear, and with the encouraging news that
remlttances In the past few months by
persons in this country to friends and
relatives abroad have materially de-
creased, 1t seems altogether probable that
we will have a real excess balance In the
neighborhood of S300000,O00 a year which
can be used for the repurchase OF Ameri-
can securities"
HOW CITY HALL is KEPT CLEAN.
Keeping the City Hall of Philadelphia
clean and in sanitary condition is
diplomatic task. according to William ii.
Ball. chief of the Bureau of City Prop
erty. Mr.. Ball told the out-of-town Wis
ltors how the municipal buildings were
kept clean.
For every square foot of the Offices Of
the Board of Viewers, Mr.. Ball said, the
city spent So cents yearly OH cleaning
The average cost for keeping the whole
City Hall clean Is l6 cents per square
foot.
Under existing conditions, Mr.. Ball ex-
it cost Philadelphia three times
IS much to keep that place spotless as
IN offlce building of. equal size,
ut is from diplomatic point of view
hat we must study the real problem OF
cleaning public buildings" said Mr.. Ball.
BY an ordinance we pay cleaners 81
lay and we must be generous in the
natter of holidays"
Greater efficiency on the part of en-
,loyes in the Bureau of Water of Phila- |
lelphia has been obtained through a sys-
EN- of keeping records, according to
;arlton L. Davis, chief of that bureau.
'The head of each branch" said Mr.. |
Davis. "has been made to feel that every |
eport he submits is carefully scrutinized |
nd gone over. Various records have been |
established and at minutes notice a |
ontrast can be secured relating to water |
onditions in Philadelphia for years way |
ack."
The meeting OF the scientists today was |
he biggest since the opening OF the con- |
ention here on Monday. The scientists /
eld meetings in nearly every part of the |
University and at the Academy of Nat
raj Science for the discussion of their
ndings in the world of research during |
he last year.
A public lecture will be given tonight
! the Asbury Methodist Episcopal
hurch, SD and Chestnut streets, by Dr. |
William II. Nichols. of New York. on
The War and the Chemical Industry"