The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-12-09
Was = Factor In the Financial World
and Contributed Largely to Bet
tor Feeling In Commercial
Circles.
CLOSED FOUR MONTHS
Trade at Home Dull, Due to Declin-
ing Railroad Earnings, contrac-
ton In Building, and Busi-
moss Failures.

able developments followed the much
dreaded partial opening Of the sock
exchange. The bond market COM
menced surprisingly steady and many
Quotations showed considerable
strength. which happy result was fore
Swallowed in my previous weekly let
tiers. Foreign liquidation was not an
important factor, although some sell
ing was occasionally noted. In fact so
positively encouraging was the expert
ment OF partial opening that the ex-
change for the first time since the war.
issued official quotations on stocks sell
ing at or above the minimum prices.
This very practical display of conf
dence, which should be encouraged,
will doubtless have a widely beneficial
result It will tend to establish opin-
ion as to values. It has already dem
onstrated there is no such wholesale
liquidation in prospect as at one time
feared; and it paves the way for an
early resumption OF trading In stocks
on the exchange. The action of the
bond market may be taken as fair
indication Of how the stock market
would act when reopened; and there
is no longer any serious occasion for
delay in gradually removing the pres
ent restrictions. There are intima-
tons that the London stock exchange
may be opened by the middle of the
month, provided permission of the
british government can be obtained.
1t Is now over four months since
the New York stock exchange closed,
and no business organization in the
United States has made greater sac
rifices or greater efforts for the pres
ervation of our national finances than
the members of that body, either In
diyidually or collectively OF course,
they have been largely guided by in
telligent self interest as well as by an
appreciation of the consequences
which might have followed the debacle
arising from the war had it not clos
ed. Nevertheless, everyone In the
financial district well knows that the
stock exchange was quite as much in
fiuenced In it's action by consideration
!, OF national interest as by It's own i'm
mediate affairs. When the emergency
came, far-sightedness, sound judg.
ment and public spirit promptly push.
ed self interest to the rear; and the
New York stock exchange through
prompt and unselfish action prevented
the gravest financial crisis this coun.
try has ever seen from running into
!incalcuIable disaster Now that this
danger has completely disappeared
and become only a matter of history
this fact Is no secret; and is mention
ed not as boast, but merely as a mat
ter Of justice to an institution tina,
has had to hear much more than Its
share Of abuse, and whose shortcom
iings and mistakes are infinitesima
compared with the services which Il
has rendered to the business commun
ity. Many OF those who loudly railet
against our various exchanges arr
now only too glad to see them resum
ing normal activities.
The local money situation show.
rurther Improvement. Funds are &C
cumulating and rates declining. Thes,
tendencies must be attributed first, tt
the beneficent operations of the new
reserve banks, which have greatly ex
banded credit facilities, and second t.
the dullness Of trade, which lessen
the ordinary demands for accommoda
ton. The lowering of reserve re
uuirements under the new system nee