Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-08-01

ClOSeO, Win HllllOHS upoL
millions of securities ready to
be dumped upon American markets
n with tremendously heavy commits
sions in sight, the members of the
New York Stock Exchange did a
patriotic thing yesterday when they
decided to close the exchange until
further notice. They missed a bit of
very profitable business for themselves
but they saved the country from a
panic of large magnitude and vastly
disastrous effects.
At a time like this there rests a
great responsibility upon the business
men, the bankers and the stockholders
of the country. Whether or not a
European war of the magnitude that
threatens shall result from the pres
ent turmoil remains to be seen, and
there are some few signs to-day that
indicate a peaceful outcome. But the
situation nevertheless is one Of utmost
gravity and it Is a time for COO heads
and good judgment. The closing of
the stock exchange was wise, not only
from the STANDPOINT of its immediate
effects. but will give the people of the
country a new understanding of the
patriotism of the men who are handl-
ing a large bulk of the national
finances, and who have been suspect
ed of creating panics for their own
benefit rather than of preventing
them.
The United States at this time has
a big opportunity to increase its pres
tige as a financial center, if not to take
over the balance of financial power
from Europe. With conditions abroad
upset as never before M absolute
quiet in this country there will be
ample opportunity for European
fnanciers and the man who has money
to invest to give thought TO the pos
sibility of placing it in a country
where there is less chance of disturb
ances than there is in Europe. the
nations of which are living constantly
on the brink of a volcano such as is
now in danger of exploding.
The Manufacturers Record, of Bal
timore, calls attention to this feature
of the situation in the following
language:
Every banker in America ought
to take more than a local view of
the situation. He ought to have a
national horizon. and while pro-
tecting to the utmost his custom
ers and safeguarding their inter-
ests. he ought at the same time to
do all in his power to
and add strength to the great finan-
cial centers upon which the burden
of responsibility will fall. Wall
Cfrnaf will hn va RI Tnnnf tho gittfn-
ton. and Wall Street will have to
stand like a stone wall against
pessimism and the fear that would
overrun the country without some
great central point whose leaders
are broad and big enough and
world-commanding enough in their
power to hold the situation in hand.
If this be done through the enthu-
siastic cooperation of the bankers
and the business men of the whole
country, the center of the worlds
finances and worlds activities will
quickly shift to the United States,
and. though we may suffer from the
suffering of Europe, we will sud
denly find ourselves the dominant
financial and business power of all
the world. Courage of the highest
order. financial and business skill
that will test to the fullest the stuff
of which American business men
and financiers are made, will be re-
quired. In the light of this situa-
ton, whether Europe be engulfed
in wal or whether peace parleys
NNAAH "N@E ~ - AASAAN ZIG
opportunity which faces this coun-
try will be almost as great as
though a universal war swept over
Europe.
President Wilson and those who
make UP the personnel of the national
administration at this time can do
much to assist in this respect and
there are strong indications that they
are rising to the responsibility. This
is a time when all party feeling should
be laid aside. There is no room for
it in a crisis of this kind. Republicans.
as we'll as Democrats, will uphold the
President in anything that he may do
to protect the finances of his coun-
try, to Increase confidence at home and
to create in the minds of European
the thought hat however harrassed
they are at home. their investments in
the United States are absolutely safe.
PRESIDENT DEAF TO BUSINESS
4 BIG delegation of Philadelphia