Show dit Situation Gets Worse Forcing 1 Heavy Liquidations V importation porton Tangle Tagle Must liu Be Cleared Away Before rc Re Re- Relief Ilief lief Can Cn Come Opinions O i Vary as s to How Hov Long j Present Liquidation Will Wi Last F the tha credit situation d 0 eek e Wring Wring- the e 1 panic there I country Into Into y r. r reU u knowledge that the In n which wn liquidation cavy hugo of mac Inac bringing lla tho the field money one Into relief should soon b bo be tol felt felt t ti l me mc number of ot Instances bor bor- Jargo compelled to roduco thor thol were forced t to othern were eurel loans 10 per por cent and li In n their arc aro loans loans being being- bein made mado fo for reat anco fince th ol of time Short time the edict sent sent broadcast b by d' d edict Is This o. dora rYo e long for re drop rop In com corn prices 1 J of tho transportation lines line pee tho tile straight country has ha made credit edit situation more moro serious h In feet on 00 trader trade Piled Pled up goods holders of such moved it t t-bo t bo Oo cd beIng unable to borrow mony monty bing and tight credit condition ant love levo a 3 on their comes corn com realize unable u ble to COOIe COO COO- of Inability to move Its es b because aul Ie forced Into tho money mar- mar were with whatever securities the they wih collect This naturally brought bonds forcing of Liberty 1 flod of oC them along along- with all al other othe IC of to new flOS low prices what tt-what t what Is In tho the future Is s hard months edict There aro am several se ID I'D elapse edict the great volume honey Duel oney used bEloro in handling tho crops ta nation has S h to be be- put Into uey ue use fey y I naton be that the tho liquidation now nowr made mad stringent ent r z way Is s being eh ii h way so BO that the fall bl money needs forced all prepared for also the be e 0 al of securities under tinder under underway way Lie te alon In a large larbe part sufficient to lI tko decks of ot the the- business world transportation tangle at m the warped and goods can bo ho realized ho world will havo have funds c cat to hold back bacic another wild wl t ui ti i Credit nc of Wall nl Street says regarding tho credit following gency eucy etcy cause of or the credit stringency lias as been boen little emphasized Is tho the uP a of term short credits In 11 ex- ex extrade trade rade For nine months mouths ended Marh March our mer exports ed ted I the gigantic total of or 0 0 A large part par of tills this business handled on term snort ter credit furd fur fur- d by Individual American ex- ex ts many of whom hoped for later lter lance nee flee from the tho government or corporations formed under the tha bl This relief relo has not been coming and exporters havo have had bad to tock back ack ck upon the tha commercial paper ets t ts upon tho the pledging sIng o of their ment bonds or treasury or lor In n some cases upon tho the out out- out out- sale saie of ot the these e bonds In other they have bai to Issue their own and nd bonds at an average Interest o 0 them of at perhaps 8 S per pe cent cent and andAl andEl tl El hundred millions of such Is- Is milons have been nut put out out I out ther er ictor factor l lt In t this s connection 1 I Is our only source bf bt new cap capital capita onY lies Ue In our own savings After 1 ml war we drew heavily on the thi capital of at Europe Today To a I tg government g expenditures In Ing In- In ng n- n g iff foreign 10 loans ting Ung to almost In Ir inre pars fa re 20 1913 1120 we e not only onh cannot felD 19 1 from Europe but Europe 1 Is heavily upon us Liberty Bonds Dond to tho the Liberty Libert bond market Jt it Il Bing ID leg to bo be o felt fel more an and more mor government officials were unwise a short Interest out of ot these by appealing to patriotism Had Hac p been en a short hort Interest created In Ir tho debacle of the last week weak ha nave have 8 been averted averted it Is 18 ar- ar because because a s snort short ort Interest In an any it t l tends to take up the slack to t X o flood of oC securities flush ush theo the tho o 0 tho the course the government will wil 5 0 in handling tho the Jo Liberty and bond mal market et nothing definite ome ore out yet e During the er r patriotic appeal was made bj by bJ department for holders ol of issues not to bo be stampeded into Into I no n doubt distressing to the tho thoe theS S e American ci citizen who was waD eded 2 through his Patriotic mor mo- mo mota moto to ta the purchase of oC billions of at dolt dolf dol- dol f t r T Liberty IK bonds to see ce them conI conf con- con I f declining in market price Inn In- In being beinG K good od f for r at least lent I Ipar n par value uc as a was so ui by the tho promoters of lei lea ot of fauch such It I docs does not 0 create lc confidence In ilL our sove gov- gov e ot SL l or in the tho administrators a of affairs for fOl such a conto con- con to SSt exist Big BIB DI lond Issue h e Is 1sT T. T McFadden o of oC Pennsylvania b ber r of tho time House committee on ng and currency has ha suggested ur entire M entro public debt should be bo bor ded for tor r n a 1 period perlor ot or fifty fy years cr to restore re confidence In tho the financial lal transactions 2 Suggestion of oC f Mr Mr- Ir McFadden's be worthy of careful consideration may perhaps Prove pro to be the atlon aton lion tion of at restoring confidence and andal ng g a normal al Condition financial financial- Perhaps no other ther method could t t Is at least worthy of ot consider consider- er- er whether It would uld not bo be e w wIse for our entire PUblic debt form ot of Liberty bonds and Vie Vie- otes oles t together with all necessary al rr nC expenditures such as ns the sed a bonus to the soldiers fun funds s the ra railroads roads funds P ot l the le vast ast sums tums lost by operation of of tho to railroads s h r ss In fact ct not only 0 of or our Public debt but lut e Odds and ends 8 of our emor- emor debts possible expenditures and andover I toms put Ul Into ono grand fifty ny- over lent loan which could bo ho bor Id dat It at i 4 per pOI r cent Interest st especial especial- should bo be free treo from in- in inC tao C lan Tangle l tho l transportation tangle has bas had a fc such ch a serious effect tho the Boston News Dur Bureau BurgaU au 1 effect ot of railroad ent shortage o 0 and tho recent w strike triko has maui maui- Ibel In a U serious genera pUblIc opinion was tuH tac trie hal Kat practically cally Petered out at CondItions had been heen Ut th iw It tact fact Is ls that a great many man 9 e 0 men en have havo ay neVer returned haw ha lost lost their rat ratings and amI seni- seni rights right lick and hll such aa us have been hack back have hax boon ben en od on the same mo basis as s new hands It I 1 Is said that many of ot them have gono con I Into nto other lines linos of ot Industry and other others are still sUH loafing Tho railroads railroads' have boon beon laced faced wit with the tho great difficulty of ot trying to fi fill ti their places The men who went ou out outwell were well not so many In number but the they struck nt t critical points Statement by the railroads In their thel appeal to Congress for tor measures to re re- re I hero the present equipment and transportation transportation trans trans- situation that they were short freight cars can serves nerves t to toi i emphasize tho the acuteness of ot tho the transportation situation lc W W. J. J I nan Co of New V e York Tori lows review the business condition as follows follows fol tol- It I probably la is not going going- too far tr t. t to state that we wo havo never nevor had a n business business busi- busi ness outlook In this country which wa was beset b by more moro uncertainty or characterized charac charac- by b more confusing cur cross rents ronta Those Tose who tako a 0 hopeful am and constructive view find their forecasts r reduced to so much fatuouS optimism when confronted with ar u- u monts mont of or money stringency ncy labor In Inefficiency Inefficiency In- In efficiency wasteful production am and crippled transportation Those who predict panic aro are met by bY tho the counter counter- ar argument ent o 0 pt f underproduction am and scarcity of at both raw and finished hed pro products while precedent seemingly goes KOCS to t show that no lasting industrial I crisis can ensue when tho the world nod needs so much and and Is so anxious to buy bu I Those who can separate tho the wheat from from the tho chaff and who can attach I just the tho proper weight to tho anonia- anonia lomaI loma- loma I llos which the situation abounds i may moy be able ablo to make a n fairly fairly accurate forecast for the tho future future Tho The outlook I is is far from brilliant In some somo re- re re respects respects I It is la deeply discouraging At Atthe Atthe the he same samo time tm the elements clement of ot crisis have hav lava 60 so fo man many offsetting factors that thata a i prolonged period of depression would woul I seem teem to bo be out of ot the tho qUeston question unless a. a lacking i spirit of ot operation co-operation co is entirely Gold Gol Shipments Shipment Coleman as of ot May 15 16 say Is the federal reserve board playing Great reat Britain's game Gold move- move ments-It ments It Is somewhat difficult to Interest in- in terest Americans In n gold and silver shipments and their relation to credits credis and md trade trado but since wo are aro about tho the largest argest e sliver vcr producer of ot tho world 0 ril ald nd with Mexico Jointly responsible for tor or more moro than two-thirds two of tho total yearly early world output an in analysis of the tho ho report on gold Cold shipments Issued this ma wee week b by tho the federal board boar may lay tny bo more pertinent If J their relation to lower silver prices Is s discernible This his hs report shows hows that thal Asiatic countries countries coun- coun tries received c in ho tho last ten days das oC of April AprI i gold from this country countr Noarl Nearly ot of this was consigned to o British India During tho same c- c Sod led Dd silver siver shipments to tho the same samo country country coun- coun try ry were Quito quite small It I should bo be bl ro- ro that this mo Is Ig ij tho thA 1410 greatest l l n na- na nod for r silver s by by British h India and apparently gold old is supplied by b our federal federa bank bani this year as i it l substitute for tor silver This 1 Is exactly tho policy followed by Great Britain in maintaining Its financial Is with wih far eastern countries and time the somewhat natural Inference can bo be tc accepted IC- IC ac- ac by Americans for all al It i Is worth orth Tho The aspect probably 1 iS It the hurrah made by the federal re roseno ro- ro servo seno board and certain International bankers over the arival of gold SoM Into Irti this counts county and the painful silence W when E exports exports are re made Tho ho reports report ot of the board show received from Crom this year car but also sh show v 0 consigned to Argentina I If I Our Argentina r sold gold gol shipments an nrc I II I traced they will wI bo foun found l to finally finaly I II I reach London Furthermore If It th the I board am Is ls contracting loans and raising credit rates rates on this wo teal fee I sorry i fofi for th the tho ordinary business s man mai and finally time the domestic consumer Indicated Immediate Trend hero crr Is ls too much confusion contusion and iM lack of or leadership In n the general sit sit- to determine positive tr trend nd Th Thone The Theone ht one exception may be tho the readjustment In commodity prices discernable at tin the end of April and apparently likely to tc continue throughout the present month Offsetting factors factor's are too strong t to warrant the conclusion that this process process pro pro- cess will 11 bo be pronounced pronounce or Tho The st significant feature however howe Is is' 1 the tho fact fact that that commodity prices In most In Instances instances in- in n- n stances stance became prohibitive and and had hn to tc tobe tobo bo be regulated to a more consumable level ie both for Cor domicile domestic and foreign trade CV On the assumption that there thero win will bo be no sensationally adverse de developments de- de in our foreign trade tra e. e a n further period of prosperity is Indicated for tor the period beginning either in tho the early earh summer or fall Low Price 1 The Guarantee Trust rutt company compan ol ot Now ow york lork in Us its It latest review 11 It I there thero Is not danger of or forcing fore In too rapid deflation It I says sars The chief chie danger ii In the present situation Is that tho the desirability forlow for tor forlow low prices as an end In Itself Iselt ma may boso beso bo be boso so exaggerated as nl to lend lead to the attempt attempt attempt at at- tempt to force prices down through harmful measures for tor the control ot of I credit Tho rho notion seems teems to prevail pre that war time and rise in m the tho war war post war post prices was on the tIme whole disadvantageous disadvantageous to tho the country Prices move moved up irregularly with wih consequent maladjustment malad malad- some Individuals gaining whilo others were injured by b the tho changed Even when It is 18 granted ranted that hat resort In some degree to measures tending tending- to raise ralso prices was necessary luring during tho the war it is thought by some that tho thu evils 18 0 incurred by b the tho rising prices may and should now bo be matched by ay tho the supposed benefits of at falling o nI merely tho Those who ln look nt Cit lu IHO jt mechanical ch va nl i- i aspects Bp t tor or of ih the tho exchange s si i of or goods find so 80 much mono money and andI I cre credit ll on tho the one hand measured against so much of or goods s on thu tho other with with prices expressly roo tho the ratio rato between the two Accordingly l tho the desired do- do sired Ired lower prices es may lU readily bo be ob obtained oh- oh It Is thought by arbitrarily re reducing 10 ro- ro tho the volume of ot money or credit credi especially the latter later Such action nelon has ha been repeatedly advocated d. d There seems to bo ho no iio 10 question queston that speculation should bo be curbed by b restricting further the tho credit credi employed ed edin in such undertakings Beyond De ond this however there thero i is a distinct danger In attempting arbitrarily to reduce retuce gen gen- oral prices b by curtailing credit credi to busIness business business busi busI- ness undertakings |