Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-11-14
GOSSIP OF THE STREET
PEACE CLOUD DIMS
FINANCIAL VISTA
Uncertainty Over Rc.cstablish-
mcnt of Industries Blamed for
Crisscross" Market

Describing the stock wnr&e. trans
actions yesterday az "crsa-croas."
prominent banker aud broker said That
investors were trying to fine what were
and what were not peace stocks, and
we're experiencing difficulty IN making
the distinction. For that reason the
market is in nervous condition, he
said
Another broker said he expected the
present unsettled conditions {, continue
for some time tin the larger industrial
concerns take the lead in the process OF
changing from essentials to wnat up ~
/ the present were nOncssentialS. Whether
these changes would he sudden. tn, rrhy
throwing many out Of employment for a
considerable time or would lie gradual,
meanwhile giving continuous employ
ment to those already employed. he
said, was something which time alone
would n'rOw.
!; IS thi" fear of a n.rEo uumbcr Of
persons being thrown su1lNuly cut Of
empi"%m,rt which was tn" dor0lii.Et
| idel under discussion ia Tia, hmn' al
| dl strict Yesterday. aur fhrIc s"cmrl t.
be aa many different opinions On n"
subject az there were disrulanis. Th"
report Of the discharge Of >Drna 100
workers. from an airpauc fartny in
New England only served TO > rc"Eth"r
! IL" argument uf those who maintain ""
were facing Il serious TIM" with TIC TN
, rmpioycd. one man pointed our thai
acy such forecast by iiuanciCrs Was more
likely to he wrong than right ~" IN
@jHmCCd the action of the stock md"EcJ
o. Tuesday last. which was the r9N":Se
IF what every one predicted
-,
yer the outlook. Tlpy expect 4 Ir;'S-
son of prices for a short time to be fol-
loved by an era of high prices. with
great demand for stocks. especially rails.
OILS and many industrals.
Expect Adherence to First Plans
\ banking house in this city largely
interested in the organization of the Es-
seIital Industrial Finaurc COrpo; alton.
which WAS created especially 10 all
pubic utilities whose operating cos's
r,sc greatly during tho war, said hat
the 1,pOrt from New York stating that
th" plans originally contemplated would
not Dr carried out was premature. az
lh"r" was a meeting Of the commit "e
h"iuG held ~ N'N York Sc" rNry an |
they PAD,,ted the original plans you'd
be earned out. There may II" +olao mod
incatiuu OF these plans, it was SAD, but
8
sought aid would now enter the open
market was not likely. especially as the
capital issues committee in Washington
wi! Ftill continue to investigate each
issue Of new securities for Il C1nsideTa-
bic time to come.
Country Banks Hold Few Liberty Bonds
\ well known bond salesman, who
represents prominent investment house
in this city. remarked yesterday when
speaking of Liberty Bonds. that in his
travels out side Philadelphia in various
parts of the state. he found that few
Of the smaller country banks. and those
In the smaller towns. held any Liberty
Bonds. They had sold their total sub
Scription to their customers. and had
none left This, he said. is so much in
contrast with our banks here. all of
which carry large amounts of Liberty
Bonds in addition to those sold to their
clients. Il believe" IIc said. this situa-
ton is due to large extent to the
ignorance Of the officials Of these smaller
banks TO grasp what valuable collateral
Liberty Bonds are in their dealings with
their Federal Reserve Bank. They have
been told this, but they don't seem to
grasp the idea.
To watch Municipal FlOtations
A dispatch from Washington yester-
day said that restrictions will be con-
tinued by the Governments capital
issues committee on the floating of
securities for building road construc-
ton and development enterprises not
absolutely essential, despite the war in
,luslrics boards partial rrrpoval of limi-
tatons on nOm-war construction and
4 manufacturing
lii, y,f ,, .tlT L.l1l -l,f,
is in close touch with the members Of
the CAPITAL ISSUES committee in Washing
ton. said that the principal reason for
continuing this supervision lay in the
necessity of the Government obtaining
another war loan in the spring. The
q Treasury. with which the capital issues
committee is closely associated, holds
that the securities market must con-
tinue to be left open largely for Govern
! ment securities AS consequence, even
. though business interests and munich
Dalirips may find no difficulty to secure.
building aud road materials, and neces-
sary machinery for construction, they
twill be called upon to demonstrate that
their projects are needed or advisable in
the light of the national situation before
the capital issues conlmitl"" approves
the stock or bond issues,
Tn reference TO sinalteT pIoJe'lS "hlcn
would be financed without issuing any
securities, this banker said that such
instances would easily be looked into
bv the committees extensive organtza-
tion of the Federal reserve districts and
local committees of business men and
bankers, who have received instructions
to use their influence against new
financing operations not compatible with
national ~interests.
Since the committees operations are
based OH voluntary and not compulsory
cooperation. this banker said he ques-
Toned whether they would be able to
carry out their suggestions now that
peace had relaxed zach restrictions TO
degree.