Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-04-01
AMERICA BECOMES
BANKER FOR WORLD
This Country Threatens to Drain
Europe of It's
Gold.
SECURITY POSITION STRONG
All Market Props, Placed When
War Broke Out, Are
Removed.
SECURITY POSITION STRONG
ny B. G. FORBES.

ny B. c. FORBES.
NEW YORK, March 3l.-The United
States declared it's financial cmancipa.
tion from the European war this even
ing
The ante -belleum status quo was re-
stored by the New York stock EN-
change.
In other and palmer words. the props,
fixed minimum prices, placed under
American securities when the war
broke out. were all removed after the
market closed to-day. and all rcstric-
tions on bond dealings were also abol-
ished.
This is OF national, not merely Wall
Street. Importance
1t means that the financial guides OF
this country are confident the nation
can stand on it's own financial feet
without crutches.
1t mSans that all fears of over
whelming selling Of European-owned
American investments have passed
1t means that our banking position
is so strong that 1t can take care of anv
eventualities
1t means that American stocks and
bonds have been tested and not found
wanting.
EUROPEAN INVESTORS
HAVE FAITH IN u. S. ISSUES
1t means that European investors
have more faith in the worth Of Amer
lean securities than those of their own
country.
1t means there has been such a re-
covery in values here that no artificial
protection is necessary.
1t means, finally, n proclamation to
the whole world that sound. normal
financial conditions rule here, and that
any person, no matter what his ma
| tionality. can enter our security
markets and buy and sell to his hearts
; content, or his credits limit.
The New York Stock Exchange was
not the only significant official an
nouncement made to-day.
OF cuual moment was the formal
statement of the State Department. that
this government has not felt that 1t
was justified in lnterposing objections
to the credit arrangements which have
been brought to its attention"
| This is another testimonial to the
among the nations of the earth
When powerful New York bankers
approached the government on proposed
loans to belligerents early in the war
the reply was that Washington would
look with dlsfavor upon the expectation
Of American dollars to European fight
ers--a stand which was generally com
mended in economic circles, as Europe
was then trying TO drain America of
gold.
To-day America threatens TO drain
European countries of gold if prcven-
tive measures are not taken, either that
OF our enormous sales OF mcrcha ndise
to Europe will be cut or
ASSISTANCE DIFFERENT
FROM STRAIGHT LOANS
The financial assistance now being
granted Europe is very different from
the straight loans. involving exports OF
gold. proposed six or more months ago.
Current loans do not entail ship
ments of American gold, but facilitate
and stimulate shipments OF American
| goods.
The borrowers are simply given
credits, that Is. drawing accounts,
solely for use In this country. We
keep the cash. Europe devotes it to
| buying our materials, thus enabling
our farms and our factories to make
profits and our workers to make wages.
The largest credit of all was form
; ally ratified yesterday. namely. $40
10000 to France, piece of nancing
that was foretold exclusively in these
articles as long ago as Tuesday OF last
week.
Not dollar will be remitted to
France. Every penny will be spent
/ here
England will he given Il drawing ac-
count of probably 100000. 600 to start
with. the amount TO he increased if
necessary
f. Germany has just placed $4,000 900
| short-d notes among financial in
stitutions and investors here.
! Russia got $25.o00000 in one block
also for use within our shores
Italy. Denmark. Sweden, Switzer-
land Argentina, Canada are among the
other nations which have come TO the
! United States for financial succor.
AMERICA HAS BECoME
BANKER FOR WHOLE WORLD
America. in short. has become the
banker for the whole world, tenn
porarily.
In the nine months since the war
began our exports OF merchandise have
exceeded our imports by the UNI
| parallcIcd sum of S700.00O,000. II cir
cumstance which has had much to do
with our ability and willingness to
grant credit facilities to our foreign
customers OF unquestionable standing.
Every international exchange rate in
the world to-day is in our favor. an
eloquent tribute OF our enviable finan-
cial and commercial position.
Is 1t any wonder all artificial sup
port for our stocks and bonds has now
been Withdrawn with perfect safety?
Bnnk Robbers Escape.
PITTSBURGH, PA. March 31.-Detec-
tivcs and police Tonight searched un-
successfully for the four men who, late
n -dnN hound aud rrnrnad Chn rlna I,nli