Show THINKS PANIC THING OF PAST Stock Exchange Chief Tells Advertisers of 1 New Day CHICAGO Feb Fb 28 By 5 By The Associated Press Preas Belief that however the th economic winds of ot the future may veer and change chance fi- fi financial fi financial disasters of bt the past never will reappear was expressed by E B EH H H SImmons president of the New York stock exchange In an ad- ad ad address dress today before the th advertising council of Chicago lie recalled some lome of the tho th business crises which have hav occurred d during the th last twenty years and traced steps taken since sino In the th direction of preventing recurrence PRAISES DA BANK K Development of the splendidly I staunch and flexible federal reserve banking system was held out as asa aaa I a conspicuous example The war after collapse In 1920 1 for the first time tim In the history ot of American finance was iras met resolute resolute- resolutely resolutely ly and Intelligently by the American banks bank under the leadership leader- leader ship of the tn federal reserve system he said The Nw New York Tork stock exchange he be said belongs belonis to this same samo am group of Institutions Institution which are art particularly useful to the entire American business community durIng periods of pressure pressur and strain TRA TRADERS DEnS WILT ASSIST Based Baled upon It Its past Palt record I have no hesitation In saying sayin that should American business be son seri seriously menaced In the th future the stock exchange will be bo found fight Ing Ire ficht shoulder to shoulder with the tho federal reserve system and other constructive of the land to restore preserve and ana cutain busIness prosperity Mr SImmons said laid that one of the greatest greatt services es the th stock exchange renders lies In the part It plays play In dIrecting Investment capital particular lines line of business where It Is II needed and can be b profitably and diverting it from other businesses where additional capital Is I neither required nor jutI justi fled thereby averting the th and maladjustment reo no r for tor a large larre lari part of past business de depression I |