The Birmingham age-herald., 1915-07-09
BROCHURE WRITTEN BY NOBLE ON WORK ,. OF STOCK EXCHANGE Tells in an Interesting Way How Crisis Was Met
 Last Year VALUE OF VISIT OF
 TWO ENGLISHMEN Sir George Paish Gave Optimistic Advice During the Fall Which
 Encouraged Reopening
 of Exchange
By HOLLAND

New York, July S.-tSpecial.)-A Htlie over a week ago there appeared, uncopy- righted pamphlet of 90 pages in all ap- proximately 25000 words which will he looked upon hereafter as perhaps the best memorial of the marvellous achieve ment of the banking and securities world in the perilous days which immediately followed the breaking out of the war in Europe The monograph has been read and reread and it's permanence as work of history is assured
 It was prepared by the president of the New York Stock exchange, H. G. $. Noble, and was distributed gratuitously with the compliments of the New York Stock exchange, In the future this brief publication will be read probably quite as much for the unusual conciseness and clearness of style in which 1t was writ ten as for it's subject matter. IL shows the business mind, but 1t also shows the capacity of some men of finance, not now so rare as it was few years ago, for telling a story based upon finance, the securities market and kindred sub- jects with the fidelity and charm of the
  fish tongue There are several features associated with this publication which per haps are of quite as much importance as is the information which it contains of the crisis in the summer of 1914 and the manner in which the New York Stock exchange met it's own responsibilities with respect to that crisis.
 Value of Securities Market
 Many times since the monograph was published the comment has been made that it furnishes the best proof as well as the best illustration of the value of a securities market a great market place where values can be tested in country like the United States, The story told in this monograph will serve to silence much of the criticism which in the past has been aimed at the New York Stock exchange Nobody pretends to say that men of great power and equal experience in skill have not at times in the past combined to manipulate the securities market But that is true of all lines oi endeavor.
 The Fundamental principle upon which
 
 the esta blshment and direction of a great market place where security values car be tested and where authority is given to governing board of a voluntary as socia ton, thoroughly to direct the asso- caton's movement along the paths oi integrity and honor. is made clear in this monograph. Had it not been that in the United States whether in New York or any of the other large financial centers a chief securities market had been estab- lshed with men of experience, integrity and a sense of responsibility in charge of it as a governing committee, no one can tell what a cataclism of disaster would have befallen the United States in the late summer and early fall of last year.
 Theer are some incidental comments con- tained In this monograph which gratify those who know much of the history of the momentous days of August and Sep tember, and in fact the history of all that was in progress between the closing of the stock exchange and the opening of its doors four months later. The grati- flying paragraph is the cordial acknowl- edgment which is made of the service rendered by Sir George Paish and his as- socate, Basil G. Blackett. Sir George Paish and MT. Blackett came to the United States in October of last year al most if not quite, as official represen- tatives of the British treasury and ot Lloyd George, chancellor of the ex- chequer. When it was first announced that Sir George was on his way to the United States many were the surmises respecting his mission. IL happened thai at the outbreak of the war merchants and manufa cturers of the United States owed creditors on running account in Great Britain large amounts of money. These
 
 barrassment because by reason of the an- normal quotations for foreign exchange