Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-02-17
STOCK EXCHANGE
APPROVES PLAN
OF REGULATION
Financial and Commercial
Interests Give Hearty
Support to Program.
PAUL WARBURG REPORTS
ON WORK OF COMMITTEE
Cites Resolutions Adopted by
Richmond Real Estate
Board.
no .CURTAIL IMPROVEMENTS
Less Tiiau Fifty Formal Appiica-
tions for Approval OF Security
Issues Received.
70 CURTAIL IMPROVEMENTS
Less Tllau Fifty Formal Appiicn-
tions for Approval OF Security
Issues Received.
IDy Associated Press.

WhSHINGTON. February l5.--Finau
ral and commercial interests have
given hearty support 70 the govern
mcnts program for voluntary !esula-
;ion OF big capital expenditures. Pau!
~ WarburS. chairman Of the Federal
Reserve Board capital issues commit
icc. said to-day. In statement con-
tanning tho first Official summary OF the
committees work sirrn its organization
several weeks ago.
He cited resolutions adopted by tac
governing committee OF the New York
stock Exchange. the League Of Kansas
municipalities and the Richmond
Hca! Estate Exchange as examples Of
: support, which he described as most
oncouraSins."
The action .. the Nrw Yorl: stock
Exchange in requiring the approval OF
The capital issues committee as u con
dt.on for the listing OF new capital
ISSUES, said Mr.. warUurc. indicated
tAat the government cou!G rely to
great eS,en, on The supper, oc Grancal
interests without compulsory lcgisla-
tio5. The Kansas League Mun.ti-
uauttes urged that cities during the
war undertake paving and other public
improvements only &c they arc immc-
diatcly necessary. The Richmond Real
EHtatc EXCHANGE suIEcs:od that the
PRESIDENT and Secretary McAdoo ap-
peal TO GovcrncrS TO have STATE and
ioca! officials cur;a.l improvements
wherever possible 10 conserve capital
for the war.
somewhat less than MT: formal ap-
p!icationa for approval OF proposed Sc
curity issues have been received by the
committee. but many Informal requests
aud inquiries have been made. In
scores OF eases the committee. atter
consultation with it's ad. lsory body.
headed by Allen r. Forbes. has asked
;or more Information on contemplated
iSsues. No announcement is made OF
actual aDpr""als or d!sapprovals given
The committees nolicy or applica-
lions involving the rc:.cwal cf ma:ur-
Ing obligations, Mr. Warburg explained.
has been favorable. and :. similar at
'itnde has hc1n displayed in dealing
with tne :IEdins OF banking DEBT IN
cured before February l.
Ia :"St construction. The committee
has been moved primarily By the con-
sid.%ration o. whether these roads arc
-'5f either military or economic im-
rortancc ana whether the results or
,hc new construction may be cXpcr!-
cnccd within the present year. For cx-
tension OF electric power plants. The
comnittec's action generally has been
favorable. since IL was felt that the
power would he used primarily for
purposes connected directly with pyosc-
rution OF the war.
In dealing with municipal a.id :;:ttc
issues tho decisive factor in tho ctu,-
mittcc's dccis.o has been %hc;h2.
the expenditure Is necessary for ;ha
health and welfare OF the community
Personal presentations OF applica-
,ioms are beirg made 10 the crma'it-
tees advisory body. Only individua.
Issues OF more than S5tooG0 arG pub.
tic utilities is&Le; OF more than S"!C-
900 are considered.
The system has not been IN on:ra.
tion long enough to insure that the
committees approval or disaDnrcy:.l
Will definitely decide the market fate
OF securities. Tncy believe. however.
that issues which have been refused
approval will meet serious dinicui;ic,
OIL the market