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.

?, ia A. decided tribute to the con-
,orvatism of American investors that
there has been lacking recently that talk
~ the existence of near-panic conditions
IN the financial markets which was ap-
,arent almost everywhere just after the
rows had been flashed that the stock ex-
changes were about to discontinue busi-
ness. The public generally has come to
realize that the country's credit Is safe
I, the hands of those who dominate its
1nances and 1t is disposed to take a
oo,,ner and more hopeful feeling of the
general situation
Contrast the feeling today with that Of
three or six months ago in reference to
,he need at all of the New York or other
,,ock exchanges. There were those who,
for wears, had made 1t a consistent habit
,o try and batter down every argument
in favor of exchange trading and who
u,ero loud in their demands that the ex-
changes be abolished because of their So
called "high- handed methods" and their
absolute unnecessty. These same calam-
ttv howlers are today loudest in their ap-
reals for an early reopenlng, so that the
temporary lull in all lines of business, due
IN the war situation, may be superseded
by that enormous trade development
which every one expects will follow the
restoration of peace in Europe.
II Is 10 their credit that these same in
4.rests are now going out of their way
10 help in every way possible to spread
the doctrine of confidence-that particular
attribute which, more than anything else,
1AI nt hi
strength to those at the financial helm
who arc persistent in their endeavors to
an shane the situation as to best con-
serve the interests of the entire country.
Iondon has appreciated the necessity
for this restoration of confidence by en-
couraging foreign investment in American
securities of high grade. New York. re-
flecting the foreign sentiment, Is MAIN
tanning an equal amount Of stable con-
servatism, and Philadelphia likewise, as
well as the other big financial centres
OF the country. Is doing It's 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 a general willingness to do busi-
ness, and the expectation is that 1t will
be only a short while before there shall
come a readjustment 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 $l5O,OOO,OO in gold
fund, as was recommended, to relieve the
foreign exchange situation. 1t was this
changed position en- the part of the
bankers that prompted the Reserve Board
to announce that, in view of the state
ment that New York city had completed
arrangements for her maturing obliSa-
tions and for providing for the necessary
gold remittances to Europe, 1t felt that in
might not be necessary to create the gold
fund at all.