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Show LONDON ACTIVE, NEW YORK DULL Plnanclal cables from London nnd the dispatches from Wall Street tell widely different stories. In New York money Is tight, securities nro dropping In value, nnd tho productive produc-tive activities of tho nation show a marked reduction. In Lombard Street money Is a drug, stock values aro easily maintained, and England Is humming as never beforo with Industry In-dustry running at tho peak of production. pro-duction. Why tho difference? It is due in part, perhaps, in large measure, to tho unstinted loans which tho United States has mado to her allies In the European war. So long no English, French nnd Russian funds glther In gold or In our own securities wero being sent hero In payment for war material which wo wero producing, thcro was cheap money In America, mounting values In all lines of finance, Intenso activity in production, high wages nnd tho greatest of prosperity. As soon as wo began to provide tho money for the payment of bills which Europo was contracting here, their own money was kept at homo, our funds wero not Increased, n heavier burden was placed upon each ono of our dollnrs, interest rates began to soar, production began to dip. Added to this was tho expense of our own preparation, mado the more costly by tho threo years of Inactivity Inactivi-ty which preceded our declaration of war; so that, In tho last six months, wo havo not only boon carrying our own burdens but a largo portion of those of our allies. It Is small wonder won-der thnt London draws Its financial breath with caso whllo Now York is beginning to gasp. |