Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-25

real conditions are better understood,
| but rather the time for every one to put
their shoulders to the wheel and take
an optimistic viewpoint of the outcome.
Things, IL is true, look mighty black
| just at the moment, but it Is also well
to bear in mind, in so far as the security
markets are concerned, that the actual
happening of condition Is not waited
for, but is invariably discounted
months ahead Of its realization. This
one particular point should not for a
moment be overlooked just at this
juncture, when all the professional
trading forces Of Wall street seem bent
upon completely destroying security
values.
Almost a year ago the market began
to feel the effects Of the corrective meas
ures to relieve the ovcrstrained credit
situation. For nearly a whole year
there has been almost an uninterrupted
declining movement. Not only were
the advances made in the big bull mar
ket in the summer of 1910 wiped out, brt
in the extreme swing of the market
pendulum many of the industrial issues
sold at the lowest prices touched in
several years. In other words, the
wars imitation in security values has
been thoroughly dictated and the fancy
|
issues are now simply thing of pleas
ant memory. In brief, Wall street has
succeeded in getting its house in order
and is, according to the views of rccog
nizcd judges, in q stronger position than
it has occupied at any time in the last
decade.
Industrial, commercial and general
business house cleaning may bring about
| some unhappy situations. Such an out
come Is hardly unavoidable in view OF
! the abnormally high speed at which gen
cral business has been running the last
five years. Measured, however, from the
rule stick Of market values. it is almost
positively certain that much of the un
satisfactory side has been discounted.
Everything ahead points to better
things, rather than the adverse side. 1t
has been trying year, but all hands
managed to pass through the ordeal
without much damage and therefore all
concerned or interested have many rca-
sons to be thankful that reckoning was
not more unpleasant.
Philadelphia Conservatism
In discussing the contrasting policies
of the New York and Philadelphia in
stitutions, an official Of one of the larg-
est local institutions said yesterday that
SUIllt VI lHe .NtN CbHuOt
stand the conservatism and straight lace
policy of the Quaker City bankers.
The matter was at first brought to
my attention several years ago." he
said. "while holding the craftsmanship
of the finance committee of the board
of directors of n nrominent industrial
corporation. One of the large individual
interests called upon me and suggested
the removal of the executive of the cor
poration, because, as he put it, the of
ficer had outgrown his usefulness. He
suggested that should take the duties
of the office and take the salary with it.
Upon refusing to accede to his de
mands he wanted to know what remun
Grafton I was receiving as chairman OF
the finance committee. My reply that
was filling the office without return
completely dumfounded him, and he
could not comprehend why should have
devoted so much of my time without
some compensation. Upon informing
him that l was merely a representative
of large interests with which l was
closely affiliated. he replied that he
thought / wis the biggest fool he ever
met. In New York, he told me, men
filling q similar job would demand big
pay.
about year ago the same condi