Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-16
GENERAL RETURN OF
CONFIDENCE SHOWN
IN FINANCIAL MARTS
Those Who Protested Exist
ence of Stock Exchanges
Now Loudest in Appeals
for Their Early Reopening.

=, is a decided tribute to the con
.o,yatsm of American investors that
,toro has been lacking recently that talk
~ the existence OF near-panic conditions
l., tbc financial markets which was APP
noront almost everywhere just after the
nows had been flashed that the stock ex-
changes we're about to discontinue busi-
,ess The public generally has come to
realize that the country's credit is safe
IN the hands of those who dominate its
enances and it is disposed to take a
canner and more hopeful feeling Of the
general situation
Contrast the feeling today with that of
tbre, or SIX months ago in reference to
tbp need at all OF the New York or other
stock eNchanges. There were those who,
for wears, nad made 1t consistent habit
"a trv and batter down every argument
In favor of exchange trading and who
were loud in their demands That the en-
changes be abolished because of their So
called "high- handed methods" and their
absolute unnecessity These same calam-
itv howlers are today loudest in their APP
meals for an early reopening, SO that the
temporary lull in all lines of business, due
10 the war situation, may be superseded
nv that enormous trade development
which every one expects will follow the
restoration of peace in Europe.
II Is to their credit that these same in
terests are now going out of their way
10 help in every way possible to spread
the doctrine of conference.-the particular
attribute which, more than anything else,
Is so badly needed 8t this time to give
strength to those at the financial helm
who are persistent in their endeavors to
go shape the situation as to best con-
serve the interests of the entire country.
London has appreciated the necessity
for this restoration of confidence by en-
couraging foreign Investment in American
securities of high grade. New York, re-
fectng the foreign sentiment, is MAIN
tanning an equal amount of stable con-
servatlsm, and Philadelphia likewise, as
well as the other big financial centres
Of the country. Is doing its share to
strengthen every weak spot that is to be
found.
There is a brighter feeling everywhere.
Investors, confident that the situation, for
which there never was a parallel, is
slowly but surely adjusting itself to
normal proportions, are coming into the
market again, and both the listed and
unlisted stocks and bonds are display
ing an active interest which is in every
way gratifying to bankers generally.
There Is Il general willingness to do busi-
ness, and the expectation Is that 1t will
be only a short while before there shall
come a read'ustment that will work out
for the benefit of all concerned
To what extent conditions internation-
ally have improved Is reflected in the
attitude now assumed by many leading
bankers who do not see the necessity for
the creation of the $3.50 0OO 900 in gold
fund as was recommended, to relieve the
foreign exchange situation 1t was this
changed position en- the part of the
bankers that prom ted the Reserve Board
to announce that in view of the state
ment that New York city had completed
arrangements for her maturing oblisa-
tons and for providing for the necessary
gold remittances to Europe, it felt that in
might not be necessary to create the gold
fund at all.