Show FL r MONEY ONEY RATES GOING HIGHER T i e May Hold Hold- Back Work and uto uto Buying DD IE UI I of ot T c I d l d-l 4 Ight 1923 iT 1 lay May l i lq iTh Tho Th Tt oll Ik ar flU begun to climb II I V h to 0 years scars Idle dol- dol dol the tho marJ mar- mar J exceeding demand but t IC past fortnight Interest ye C begun to 10 stiffen calls THE lib re e hose hole ha e poured into ABL a an rapid rat rate dit lit has tightened Borrow Borrow- Borrow On today todo Is not the NI It a was two to t 0 months ago ato ao 0 nn n bOrrower er Is s p paying a 0 hither I ni-I k- k i A billion dollar doll r Inae Increase In t n loans within tl the voir r nd nd the po governments S 5 recent ear ar In the I mony markets markt with Ith a 0 demand fori forIt or orM lit M least 1400 HOO hale hae JIM con con- con contributed I tribute d to the up upward ard tendency 1011 1 I run IIII I III m 1 I CONSUMER un I IA A rise ot or o one per cent In the In- In Interest In Interest terest rUes rites appears small to the th f imm mun in the street but here herp point out that in th the aggregate aggregate gate it means mean a ta lax on business ot o not less than 1000 a 11 day dav the countrY v 0 oer 01 er and In times ot great suh activity such as th the i re- re rent res resent hen ent-hen ent nt- nt when hen the use ue of ot credit be- be becomes be becomes comes general it may to top that fig fig- figure ure tig-ure tire ure several times oer over for tor briet perIods The pric price of ot mone mono ot of core is paid finally lIy by the ul- ul mate ul-mate mate the consumer consumer the general pub pub- public and lie lic and enters Into the cost of ot all commodities the higher Interest rate rates in prospect are confidently expected b bv commerce and ury tras UJ lily department officials here tol to check the tle runaway tendency test mini fest In the building trades Are I A re- re recent re recent cent sur survey surey ey Indicates that the I of r nce r nce construction In th east cut is about fourth one gr greater pr than It wa was 1st tall fall From New Tork ork and re- re reports ports within the last few millions of ot dollars of ot contemplated contemplated contemplated plated building work has been postponed because of ot high prices AUTO BUYING The stiffening ot of o Interest rats rates Is s expected ted here to 10 place a healthy balance upon further increase In building costs It would not surprise officials ere It If the higher interest rates e In slowing Blowing down the au- au automobile automobile au automobile to a I more more nor nor- normal nor normal mal mat speed The world has nevet neve seen such a demand for tor autom- autom hues biles as that of the pst St 60 das Bank r records Cords Indicate that about half of ot ill the cars manufactured art are bought on credit and In such case mostly b bv bs persons a hose hosp credit Is greatly strained b by b the A rough estimate ot the demand denind on the bank banks for cred credit credit it of this kind places the total at about boul 1 a a month for tor forthe forthe the st p ee months S BUDGET n B As a direct result of ot this situa situa- situation situa- situa situation situation tion the government felt tell it des des- des to announce recent that Its budget bud would balance this veal that that Is that there would be an excess cf ef revenues over oer expendi- expendi i t tures The announcement was usi made macia by Secretary f Mellon In con con- connection con connection with aith Ith hl hit his ot of bonds which Incidentally carry all au attract I interest rate Mr Mellon was asked pointedly by some of the country's chief bankers banken In advance of ot the whether such an announcement could be made mode They told him that thaI the public would respond much mon quickly to his plea pica If It could be that government fl fi- fi finances finances nances were on nn a a sourd business business- Ilk like like businesslike hasl basl basis There has been talk or of ora ofa ota a Inthe deficit of ot sma small proportions In the ear s operation and Mr Mellon w-aa w as advised to dispel dispI a all doubt It if I the fieth f by making It clear that the government was Wl not nol exceeding Its Income In conducting Its affairs EXCESS CESS OP OF RECEIPTS In tho the light of this suggestion suggestion- the outgrowth of ot developments I In the more morcy morey the markets the secre secre- tar tary secretary of the treasur treasury made a care care- ti care fol investigation and was Wa enabled to tate state th th-it the government was operating this year at a rate would leave about excess of ot receipts over disburse disburse- disbursements ments ments I |