Show JAPAN DECLARES A MORATORIUM After the great earthquake Jap Jap- Japan Japan an was distressed financially but tho the country worked itself out of ot otUs its Us difficulties and the tho opinion pre pro prevailed in banking circles that Jap Japan Japan i ian an was making remarkable progress the tho to a ress res In restoring yen yell strong position But during the past week Japan has had a finan finan- financial cial earthquake has closed the banks of ot AsaKa Asala Kioto moto and Kobe iobe and tho government has I been compelled to declare a day 21 moratorium during ing which which- obliga obliga- obligations obligations maturing cannot be brought to forced payment i An upset of ot that kind is hound houM to affect the whole industrial life of ot Japan and give the country a period of at depression The rhe financial financial cial crisis is so far Car reaching that trading lading in New Z-ew York In Japanese raw ra w material which Is an Important Important Important tant article of Japanese export was suspended and arid this action wilt will further tend to embarrass of Industrial concerns the th big Japan The rest resl of the world will watch with Interest the struggle of Jap Japan Japan Japan an to work woric Itself out of ot its fi financial fi 0 difficulties It Is possible bie ble big money in the United States will be called on to help the he Japanese out of their troubles trouble |