The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-10-17
The Securities Markets

Inquiries by investors a to when the securities markets will reopen
Tor business are becoming daily more numerous. This is regarded as
an encouraging sign by many who have given the subject thought. 1t
cannot be denied that since the stock exchanges closed on July 80 there
has been in this country a vast accumulation o. investment funds. This
money, it would SEEM, should find employment. Lying idle it is of lit
tie use to its owner. There is a great volume of stocks and bonds for
sale. Mannestly there should be some way for buyer and seller to be
brought together. The present situation is altogether artificial and in
the very nature Of things. it would seem, cannot last much longer.
In regard to the markets in the United States the thing that seems
to have occaNoned the greatest apprehension, says international Invest
ments, published at Chicago, is the expected flood of European offer
mgs and consequent lower prices. 1t seems to us that American stock
exchanges sooner or later will be obliged to accept all that Europe will
have to offer, be the prices what they may. However, there NAV not be
the slump ST many have expected should Americans themselves enter
tain the faith in the future business of the United States that conditions
undoubtedly warrant. European holders OF American securities may
not be so eager to dispose OF them when they find that Americans have
an abiding confidence in themselves and their countrys future Con-
fdence impels confidence. 1t is a situation such as the present, when
American markets refuse to take European holdings, that makes Euro
pean investors more anxious to unload.
Many plans have been proposed for opening the EXCHANGES HIT
the thing most needed is courage. 1t was undoubtedly a good thing to
close the exchanges, but now that nearly two months have elapsed since
their activities were suspended it would seem that it is about time to
resume business, even under certain restrictions. 1t doubtless would
have a distinctly acceeratng effect on general trade. A rough estimate
places the total amount of railroad, industrial and other securities list
ed On the various stock exchanges of the United States at more than
twenty billions. A considerable proportion of these securities is used
as collateral of individuals and corporations o N moneys advanced by the
banks for the conduct of business, including new undertakings, i'm
provements and general expansion of trade. During the period in
which the stock exchanges have been closed borrowers and lenders
have been deprived of official quotations on which to base sales of &C.
curites o to negotiate loans. The consequent impeachment to business
therefore has been far-reaching, as cary shown in the shrunken w,el-
.y clearing house figures.
There has been a gradual clearing up of financial difficulties but
considerable debris yet remains to clog the wheels of commerce. When
international trade can be resumed with something near normal condi-
|tons it will do much toward solving the entire financial problem There
already has been what seems needless delay. Business in the limited
States particularly is ready to expand the moment it is given the ~
In fact it can scarcely be restrained. No doubt it will be conducted O
quite a different basis for some time, IS money rates probably will he
temporarily high. However, countless undertakings have been held :,
allegiance until conditions improve and many of them will be carried
through even with dear money when confidence is restored.