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Show CREDIT STRAIN IS WORLD IDE Is Factor of Overshadowing Importance in Securities Market NEW YORK, May 8. The world wido credit strain continued as a fac-i tor of overshadowing importance in the securities and commodities mar-! kets this weeg, causing pronounced! curtailment of dealings on the stock exchange. Quoted values in the more popular, issues were Indifferently maintained and it seemed to be the general opin-j ion in conservative circles that the, entire financial structure rested on a shifting foundation. Bankers concurred in the admonl-i tions and warnings of the local federal 1 reserve bank respecting the impera-j tlve need for further liquidation of i non-essential loans. Except for moderate mod-erate renewals of short term accommodations, accom-modations, time funds were again ai-j most non-existent Interior banks drew heavily on their reserves hero mainly, n was Deuevea, to neip tue early movement of crops. From most out of town points of financial Im-portande Im-portande a marked reduction of demand de-mand for paper was reported. In the international market, dealers deal-ers reported far less than the usual volume of business in foreign exchange. ex-change. So far as rates showed any change at all. however, they moved in favor of London and continental Europe. Eu-rope. Frrther depreciation of domestic war fluctuations, as represented by Liberty bonds and Victory notes, directed di-rected greater attenttion to the latest offering of the British government, which virtually carries a guarantee of seven per cent. Bankers regard this rate as Indicating protracted tension or dislocation of the credit of the old 'world's foremost power. |