Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-11-14

Carrying with them confident prophe-
Ces. made by great bankers from all
over the United States, that the period
OF depression in this country has passed
the low ebb. and that all indications prom
ise in the immediate future a period OF
fnancial and commercial prosperity which
win surpass anything this country ever
has known, 400 bankers, who were dele
gates to the third annual convention OF
the Investment Bankers Association OF
America in this city, left for their homes
this morning
Optimism was the dominant note sound
ed throughout the daily sessions OF the
convention. And it was this spirit of
hopefulness for the future, this belief
that confidence is being rapidly restored
and that the time of economic unrest Is
past, which the bankers took with them
TO apply in their business.
The final business session was held yes
terday afternoon but at the banquet last
night financial men OF national promi-
nence spoke and gave further support TO
the belief that finance and commerce will
soon resume their normal conditions.
Sir George Paish. of London. England.
was the most notable speaker of the even
ing. He expressed his appreciation OF the
expressions OF friendship and good will
which have greeted him on every side In
this country, and then plunged directly
into discussion of the present trial Eng
land is suffering.
His address, however, was not without
a thought OF confidence, for he said:
Great as will be the cost OF this war
to England. we hope to pay for It out
of our own savings"
Sir George gave the bankers assurance
that England would not unload American
securities on the nited States with
the opepiug OF the stock exchanges. He
added however. that she would prob
ably require the payment OF short-term
railway and other notes.
The speaker told of the wonderful ef-
forts made by his Government to over
come the great difficulties which grew
out OF the emergency OF the war. The |
greatest OF these difficulties. he said. wns |
the breaking down OF the worlds credit |
at a time when the worlds bills drawn
on London amounted to E400. 900, 900 |
sterling. The financial world no less
than the English people will welcome. |
he said, the expiration of the mora
torlum.
The financial obligation resting upon |
america was brought plainly before the |
bankers when he said as a parting word: |
"It Is for you gentlemen to nurse credit,
restore confidence. then the people will |
borrow in normal way. II is for you
to induce Investment and restore pros
perlty."
Politics. too, came in for Its share OF
attention at the hands OF the banquet
speakers. Tho stamp of dsRpproval was
placed on the financial legislation OF tho
Wilson Administration and the wide
spread Republican victory on November
was hailed as a significant forecast for
returning prosperity.
Among the other speakers were Con-
gresham George S. Graham. OF this city,
and Scott Bullitt. of Louisville: George
B. Caldwell. OF Chicago, retiring president
of the association.
Seated at the speakers table were Sam
uel Rea, president of the Pennsylvania
Railroad; +. T. Stotesbury. OF the Phila-
delphia and Reading and the Morgan
firm: John Blunt. Jr.. Robert X, Cassatt,
y. w. Clark, Jay Cooke, 3d. George Dixon,
George II. Frazier, Alba b. johnson, pres
ident OF the Baldwin Locomotive Works;
w. A. Law. Director Norris, of the De-
partment OF Wharvss, Docks and Ferries;
c. Stuart Patterson, Henry Tatnall and a
number OF others,