Show I ECK ION Of CREDIT ADVICE fEDERAL BANKS v w. w P. P G. G Harding 0 Of l Remedies for Crisis 9 Confronting U. U S. S l Br Dr jinson May IS WILh lS-WILh With bankIng tl ta i of th the United Suites States expanded Ithe Be extent of eleven billion dollars production of ot vital commodities created 10 per cent th the country ma may 1 od 4 nuJ tseI confronted with Ith a serious erous uton on unless tho public is s made to tot t th th necessity of or economy of or e er- er demands for banking dl an and ures i It ls was th keynote kenote of ot an Important read b by Gov Go W. W P. P G. G Hard Hard- I board at a 0 lr federal fal reserve fed tho r got at or of ot the board held today to to Beau scull Ilea the financial problems probIen o of the thet I t tion vernor Harding told the membern I the board that tho the continued cx- cx Ix-I Ix o of s Wl has 3 o eb cb ule of ot the thc Victory l t loin ion t May Mar In the face ac of oC dec decreased proof pro pro- I tion of ot Js Jt one anc of or the i iV u features o of the present i V sandal I De Decil Credit E tho steady stead expansion of during the period since April tho described Jit Harding 15 9 Governor Go 1 L as t follows from Front April IllS 19 to April 1 I 19 0 the Increase In n Ink nit nic I loans loan I was i 1 approximately fl l c mi m. 2 25 per perI the nt L al BUU anu U e. e H He M e eIn In commodity prices was as ab about ut 26 r r. r cent Assuming an Index number f f. f one hundred for the year car InS 1018 for forch or ich ch of ot the following following H c stock rain ain rain lumber Jumber coal petroleum pl pig Iron ted tul Ingots Ingot copper cotton colton and wool 4 the the average Index number r LY the thee the same amo articles In 1919 Is 59 0 a falling off of ot at least o 0 p pr r cent In the actual output ot at goods In ten Important lines lt It Is this tendency of production to feline particularly i In some essential IHM which which constitutes a er very factory clement dement In the pl enl out- out oak ook r It Is evident that the country countr cannot canot can can- not at ot continue to advance prices and amI ages re-ages to 10 curtail production to e ex expand ex- ex and credits and ann to attempt to enrich b bY nonproductive operations and transactions without fostering discon- discon l ent nt and radicalism and that such a ourse If persisted In In will eventually bring on a a. real crisis r Arc rc Offered In hn n pointing to the remedies for this alarming Irmin situation Governor GO Harding stated that the first necessity was vas to heck further expansion of or credits hut but that t this s must be he effected without h hock k to Industry Produce more ST. save saxe c more and conme consume con con- sume me nit lc less this v Governor GO Harding uld Id should be the publics public's motto In Healing ealing with a situation which Is rapidly becoming dangerous s. s Un his frank frant outline of or the present financial situation Governor larding arding sounded Bounded a warning to th the of or banks incorporated Into Intoe e federal reserve o system These he heId heId hed Id d should lean loss 1085 heavily upon upon he federal reserve banks and rely ore upOn own resources resources He I the banks to discourage c by br every I means In their power until necessary any ha habitual borrowings |