New-York tribune., 1918-04-28
wv HEN the other day the Stock
wv Exchange caused to be pub
lished q signed advertisement

W. HEN the other day the Stock
" Exchange caused to be pub
lished signed advertisement
Of its resolution "unreservedly" back
ing up President Wilson's declaration
for "force to the utmost, without stint
or limit" as means to end the war, it
drew attention to various shatterincs
of tradition and precedent on behalf of
the Liberty Loans and what they stand
for. In its century and quarter Of
existence the exchange has accreted a
considerable body of unwritten law,
indefinite reticences and stated Gus
toms, for although doing a public duty
-"balancing, like the governor on an
engine, the otherwise erratic course of
prices"-it has been on the basis of
private club administered from within.
Promoting Liberty bonds as it never
promoted other bonds, the exchange
was merely keeping true to the primal
purposes of exchanges everywhere
Dutch, Italian, French and other ex-
changes and bourses-which was to
serve as market place for the trans
fer or popular distribution Of public
debt. When it violated tradition by
using advertising and other methods Of
inducing support of the constituted
government it emerged for the time be-
ing from the passive state to exert
active energy by any effective modern
means at hand. At the outbreak of the
war for the Union by the firing on
Fort Sumpter the exchange in a reso-
luton pledged "a resolute determine
tion to stand by the government under
an circumstances" 1t appropriated
$1,000 for the 9TH Regiment when it
left for Washington, and presently re-
solved again "in the present condition
of the country the board will devote
all the money in it's treasury to sus-
tain the government" Next it resolved
that members will not deal in or ne
gotlate the securities of any state is
sued subsequent to the act or declara-
ton of secession, and any member vic.
latlng the resolution will be expelled
from the exchange" But these mat
ters were simply spread on the records
not given the public Importance and
influence of letting them be known
throughout the land.
Pledged to
The Limit
1t is remarked by students of the
history of the exchange that in it's
Civil War declarations it did not men-
tlon President Lincoln by name as in
Inc latest instance it mentions Presi
dent wilson. In the latest instance the
exchange does not speak of devotine
all the money in its treasury" for tho
declared national purpose-but in the
words of Chairman Remick, of its
Liberty Loan Committee, it is now
pledging "all we are or hope to be-"
And as the exchange is the chief
financial institution in what has be-
come the monetary centre of the world
those of little faith, who think thew
see a slump in the third Liberty Loan.
might bear that pledge in mind.
Hitherto the exchange had held that
there was nothing it should advertise.
Members had not been permitted to
advertise one in discrimination against
another. But for the Liberty Loans
members and members partners were
allo"ed to play up Liberty bonds.
Members thereupon turned over their
advertising space in newspapers TO
Liberty bond notices, sent our scarcely
anything except Liberty bonds circu-
lars, dispatched their salaried bond
statesmen on the exclusive business. of
Liberty bond selling, virtually giving
their offices and equipment to the nro-
motion of Liberty bond subscriptions.
without commission, and at no cost TO
| any one except themselves.
Lifts Ban on
Catch Phrases
Noo long ago, in its constant effort
TO maintain high business ethics amono
| members, the exchange ruled that in
their advertising members mus+ W.
use catch phrases Some pretended
not ent'relys to understand what was
meant by catch phrases, since in COM
mercial advertising catch phrases arc
often main reliance for attracting at.
tentlon. 1t was made plain to them
'hac no devious eye-arresting methods
OF addressing possible customers wera
allowable. This was to prevent s+oc,-
Exchange business from being confused
with the business of firms in the street
not amenable to it's discipline and
standards Of integrity. For the sake
OF the popular distribution and s,,c-
cess OF the Liberty Loan, however
members have been permitted to revel
to their hearts content in Liberty
bond catch phrases-"Bonds or Rond.
age = "A Bond in Time Will CONQUER
the Rhine," "In Twin It," and all
the other efforts to do bit of wit for
the raising of the means to victory
There isn't chance that stirring 3D.
VcTLlSlnP will ho