The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1915-04-07
j. S. BANKER FOR
ENTIRE WORLD
Owing To Our Strong
Banking Position.
SOUND FINANCIAL CONDITION
Of This Country Apparent
Foreign Nations Taking
Advantage Of 1t.
MUCH GOLD COMING THIS WAY

New York, April 3.-The United
States has declared it's financial
emancipation from the European
war.
The ante-bellum status quo was
restored by the New York Stock
Exchange. The removal of fixed
minimum prices placed under Amer
lean securities when the war broke
out and the abolition of all restric-
tions on bond dealings are of ma
tional, not merely Wall street inn
portance.
1t means that the financial guides
of this country are confident the ma
ton can stand on its own financial
feet without crutches.
1t means that all fears of over
whelming selling of European-own-
ed American investments have pass
ed.
1t means that our banking posi-
tion is so strong that it can take
care of any eventualities.
1t means that American stocks
and bonds have been tested and not
found wanting.
haf HIM L
ors have more faith in the worth OF
American securities than those of
their own country.
1t means that there has been such
a recovery in values here that no
artificial protection is necessary. :
It means finally a proclamation
to the whole world that sound, nor
NAL financial conditions rule here
and that any person, no matter what
his nationality, can enter our secur-
ity markets 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 here.
OF equal moment was the formal
statement of the State department
that this Government has not felt
that it was justified in interposing
objections to the credit arrange
ments which have been brought to
its attention"
This is another testimonial to the
strength of our position financially
among the nations of the earth.
When powerful New York bank
ers approached the Government on
proposed loans to belligerents early
in the war, the reply was thatWash
ington would look with disfavor
upon the expectation of American
dollars to European lighters
stand which was generally COM
mended in economic circles. as Eu'
rope was then trying to drain Amer
lea of gold.
To-day America threatens to drain
European countries of gold If pre-
ventdve measures are not taken
either that or our enormous sales
of merchandise to Europe will be
cut off.
The financial assistance now be-
ing granted Europe is very different
from the straight loans involving
exports of gold. proposed six oil
more months ago.
Current loans do not entail ship
ments Of American gold. but facill'
tates and stimulates 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 II &c
buying our materials, thus enabling
our farms and our factories to make
profits and our workers to make
wages.
America, In short. has become the
bankers for the whole world tenn
porarily.
In the nine months since the wal
began. our exports of merchandise
have exceeded our imports by the
unparalleled sum of 7oo.0oo.Oo0
a circumstance which has had mucl
to do with our ability and willing
ness 10 grant credit facilities to oul
foreign customers of unquestion
able standing.
Every international exchange rat'