Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-01-11
GOSSIP OF The STREET
SUBSTITUTE LOAN
PLAN IS FAVORED
Financial District Welcomes Sug-
gesiion of Philadelphia Banker
as Sound Proposition

The suggestion made in this column
on Wednesday, in an interview with one
OF the leading bankers of the city as to
the substitution for an issue of a fifth
Liberty Loan of an equal amount of the
bonds of the Allied nations, guaranteed
by the United States Government, is a
subject of very favorable ommen in
the financial district. The principle in
NolNed meets with almost unanimous APP
prevail. not to say enthusiasm, in some
instances. one banker remarked yester-
day that 1t was the first and best sug-
gestion he had yet heard of a plan 10
place a large proportion of our loans
to the Allies in "a tangible negotiable
form. He also said he had heard the
plan commented upon favorably in New
York financial circles.
There was one point" said a promi-
nent investment banker, in connection
with the plan which appealed 10 me-
but which was not brought out IN the m
terview. 1t is that with such an ar
rangement there would be no occasion
for another Liberty Loan mpa 10
again upset business at a time wien We
want to do everything to ADJUST anu
build up business, and that Is, II these
bonds of the Allies were given TO the
bankers throughout the country u sell
and the Government could afford 10 give
them "A reasonable commission Tor sen
ing them, they woul he sold IN snort
order without any noise or luss VT us
location OF business"
1t is significant in this connection tnat
n dispatch from Washington is TO the
effect thai Secretary of the lreasurs
Carter Glass has under consideration
the removal of the embargo on the SAFE
of foreign bonds in this country
There was a difference of opinion
among bankers who attended the Penn
s~ylyania Bankers Associations annual
dinner Thursday night over the speech
delivered by Frank A. Nandcrlip, presi-
dent of the Nat onal City Bank OF New
York. The majority opinion sala ne
was too pcssimistic in his outlook ior
the future. The manage OF one OF the
largest investment houses in this city
remarked that If he and his associates
entertained such views they couldn sell
many bonds. We must no; FORGET ne
added that We are in a trans ton period
and therefore must not expect business
as usual although he said his hrm
had no cause for complalnt-quIte the
contrary.
I'VE all nave u blue days lie add
ed, but this Is no time to let others
know we are blue. even for a minute
I could have wished that Mr.. Nanderiip
had let a streak OF MS USUAL sui'eit'o
into his remarks" .
Anothor banker said he was most
agrceably surprised at Mr.. Nanderl ps
remarks. The world, he said, Is now
facing the solution of the greatest prob
lens in history, and by no means Inc
least is the labor and wage questions,
which are almost inseparable.
"I in common with several others be-
lieyed when Mr.. Vandcrlip strayed into
that field in his remarks, he would use
the big stick or the big fiTt as a remedy,
! when to our surprise he approached the
subject as q statesman, recognizing as
one of the big vital questions OF the
day the closer communion between cap
ital and labor, that labor is not a COM
modify and advocating the granting to
workers a larger share IN the aunllnls-
tratlve affairs of the nation
The railroad discussion still seems to
dominate the financial district. In
giving his opinion of the plans advanced
through II. Dewitt Cuyler, chairman OF
the railroad executives committee, 10
the Senate Committee on Interstate
Commerce, a well-known banker said
that what surprised him most was ina
after all the excavations heaped on the
heads of the Interstate Commerce Com
mission in the past, when every on
blamed them for an the evils which
befell the railroads. finally forcing then
TO the verge of bankrupt, etc, that
the aforementioned plans include tbs
placing of the Interstate commmerc'
Commission in a much more important
extraordinarily as a court or las
resort on everything connected with TN
roads, Several others made remark: