The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-23
RELEASE MILLIONS
OF boarded GOLD
End OF Balkan War Will Surely
Clear the Financial
Sky
TIME NOW is FOR SMILES
Bankers owe Duty 10 Public, and
There Should BE No
Wailing.
ny u. e. FORBES.

Sew York, March @2-'The man
worth while - the man who can smile
when everything goes dead wrong
Pin that !nvigoratinG motto on Your
desk right in front of your eyes II
things nov along like song. it Will
10 no harm II discord arise If trou-
hles come. if your worries multiply
read the motto. bite your under lip
resolve to prove yourself "a rpan worth
while. and resume the struggle with a
stout heart with confidence in YOUR
self and solaced by the reflection that
while you may not command success
you viii deserve II.
This Is not prelude TO recital Of
woes, financial or commercial The
financial community has been meeting
trouble more than HALF way. Some
bankers have actually bcckoned it to
come along. They have worked them
selves into Weakening state of nerv-
BUSINESS over things that may never
happen-ou, worst troubles arc the
ones that have never hefalen US. you
know.
MY advice would be this
Bankers and other men OF finance be
calm, couras eous and optimistic
Business men. be cautious, slow TO
assume fresh Indebtedness, prudent in
laying plans for the near future and
frank ina your interviews with your
bankers Take them into your conf
,lcncc and learn definitely and expllc-
itely how far YOU can depend upon
Them for facilities.
Financial pessimism is being over
done
Business optimism has been over
done. bu, that is no reason Tor eN-
CitcdlN u LING TO the other extreme
Money scarcity Due to War.
Scarcity OF money. OF liquid capital
Is the present buebear of banking peo-
Tie and political hostility the prospec-
1.-Two bugbcar.
Well, what are the facts? April
is always a critical date on the hnan-
cial calendar for enormous payments
have then to be met, both abroad and
TT home. This year the conditions
have been aggravated by the costly
End unsettlinE European wars, for
small investors. the backbone of nnan-
tial Europe, lave withdrawn their
cash from the banks ana have boarded
rot less than half billion dollars
CS6O0. 0O0) This sum in ordinary
times would form the basis of some
tuo billion dollars $4,000. 900. 900 Of
credit. You can sec how serious The eff
feet OF this boarding has been can't
you?
In their efforts to raise funds for
cigners have sent huge masses OF
American securities to New York for
sale, and although we have trade
balance of nearly 5000, 000, 900 in our
favor for the current fiscal year. we
have been called upon to export almost
s50.0o0,000 gold since New Year Bus
mess here has been so active, and so
,nany industrial, mercantile and public
utility enterprises had been noated
with huge capitalizations. that our
bankers were in none too strong
position in the matter Of reserves. The
loans of national banks alone are more
than S30o, 00c, 900 in excess OF year
ago. Notwithstanding that they held a
smaller amount of cash than they did
then.
Needs of Railways to lie Met.
The monetary tiRhtness is also in
tcnsified by the tremendous sums that
must shortly be provided for the New
York City subway schemes, for the
Pennsylvania, New York Central. the
Hartman and other railroads. as well
hs for industrial and miscellaneous con-
Germs, not to mention States and NUM-
ciralities. whose borrowings are rap
idly assuming alarming proportions.
However April should bring marked
settled. and see no wquiokly the hum
rush back TO banking and Investment
channols a complete transformation
could be wrought in one week And
that such transformation viii be
wrought lis entirely probable.
This would have subs tantial effect
iera- although capital will not fall to
b iow prioe. Credit has been axtendnd
e5a tnsne Unit ~ f<tirat,rznd more