OCR Text |
Show DEFLATION BE GREDJJS NOTED Further Depreciation in Values in Stocks Is Feature of Week I : NEW YORK, May 1. Deflation ol credits proceeded apaco throughout the country this week, accompanied by further depreciation of quoted values on the stock exchange. Cnll money rose to 15 per cent and time loans were limited largely to May renewals. In view of the recent adverse showing show-ing by branch banks at .lending western west-ern and southern centers, little surprise sur-prise was manifested at the further tightening of control by the federal reserve board. This took the form in part of closed scrutiny of bany acceptance accep-tance and advances of discounts where reserves were lowest. There was lively discussion in financial finan-cial circles of the statement by the comptroller of the currency that the country's bank deposits had suffered a shrinkage in excess of one billion dollars. dol-lars. This was largely attributed to strike and other labor disturbances. The quarterly statement of the United States Steel corporation indicated indi-cated a marked revival of the war boom in lhat industry. ou- the railroad strike still to be reckoned as a deterrent, de-terrent, promises serious Impairment of prediction in the year's second quarter. quar-ter. Advances from principal mill cento's cen-to's pointed to the tendency by steel and iron manufacturers to divert much of their fabricated materlalp from automobile parts lo railroad equipment, for which demand is increasing. in-creasing. Curtailment of national extravagance, extrava-gance, lower commodity costs, reduction reduc-tion of comcrcial borrowings and elimination elim-ination of speculative loans are prime essentials in the opinion of bankers if the era of domestic and foreign reconstruction recon-struction is to be carried to a successful success-ful conclusion. |