South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-04-01
BAN IS LIFTED
ON ALL SALES IN
STOCK MARKET
Minimum Prices Are Abolished
Which Means u. S. Declares
Its Financial Emancipation
From European War.
BY B. G. Forbes.


&EW YORK, April L. The Unit
ed States declared its financial eman-
cipation from the European war on
Wednesday evening.
The ante bellum status quo was
restored by the New York stock ex-
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 Wednesday and all
restrictions on bond dealings also
We're abolished.
This is Of national, not merely Wall
street importance.
1t .meane shat the financial guides
OF :hls country are confident the ma
ton can stand On its own financial
Feet without crutches
IL means that all fears Of over
Whelming selling -Of European owned
American Investments have passed.
1t means that our bankin0 position
is 80 strong that il can take care OF
any eventualities.
Found Not Wanting.
1t means that American stocks and
bonds have been tested and not found
wanting.
1t means that European investors
have more faith I'm the worth of the
American securities than those Of
their own country.
1t means that there has been such
a recovery in values here that no ar
tificial protection is necessary.
1t means finally a proclamation TO
the whole world that sound, normal
financial conditions rule here and that
any person. no matter what his ma
tionaiity, can enter our security mar
kets and buy and sell TO his hearts
content or his credits limit.
The New York stock exchanges
was not the only significant official
announcement made Wednesday,
OF equal moment was the formal
statement ofthe state department that
this government has rot felt that it
was justified in interpOsing objection
10 the credit arrangements which
have been brought to its attention"
Testimonial OF Strength.
This is another testimonial 10 the
strength OF our position financially
among the nations of the earth.
When powerful New York bankers
approached the government on pro-
posed loans TO belligerents early in
the war the reply was that Washing
ton would look with disfavor upon the
expectation OF American dollars to
European fighters stand which
was generally commended in economic
circles as Europe was then trying to
drain America of gold.
Today America threatens to dri in
European countries OF gold if prevent
i've measures are not taken-either
that or our enormous sales OF mer-
chandise 10 Europe viii be cut Oft
The financial assistance now being
granted Europe is very different from
the straight loans involving exports of
gold. proposed six or more months
ago.
Shipments Not Entailed.
Current loans do not entail ship
ments OF American COLO, but facili-
tates and stimulates shipments OF
American goods.
The borrowers are simply given
credits, that is drawing accounts sole
Is for use in this country. We keep
the cash. Europe devotes 1t TO buying
our materials, thus enabling our farms
and our factories 10 make profits and
our workers to make wages.
The largest credit OF all was for
malIy ratified today, namely $4,000
GOO 10 France. Not dollar of this
will be RENTED 10 France Every
penny will be spent here.
England VIII be given q drawing ac-
count OF probably 500, 00O,0 00 to start
with. the amount 20 be increased II
necessary.
Germany has just placed 10000
600 short date notes among financial
institutions and investors here.
Russia Gets Credit.
Russia got $25. 100000 in one block.
also for use within our shores.
Italy. Denmark, Sweden, Argentina,
Canada. are among the other nations
which have come 10 the United states
for financial succOr.
America in short has become the
banker for the whole world temper
arily.
IN the nine months since the war
began our exports of merchandise
have exceeded our imports by the un-
paralleled sums Of 100000, goo, cir
cumstance which has had much TO do
with our ability and Willingness 10
grant credit facilities 20 our foreign
customers of unQuestiOnable standing.
Every international exchange rate
in the world today Is in our favor, an
eloquent tribute OF our enViable fl
nancial and commercial position.
Is il any wonder all artificial sup
port for our stocks and bonds have
now been Withdrawn with perfect