Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-09
BLAMED FOR BLAST CURRENCY L00MSUP
Stevedores Boss Accused of Nav Yet Be Taken Up at Ex
Causing Alum Chine Disaster ira Session of Congress.
PLACED UNDER ARREST MEETS VIEWS OF WILSON
Declared to Have Jabbed Baehook Conditions
Into Dynamite Box pei Consideration Of Reforms
NUMBER OF DEAD IN DOUBT NO INDICATIONS OF PANIC
Many Mssing-Invesgatons More Law
Will Be Resumed Tomorrow a
May Yet Be Taken Up at Ex-
ira Session of Congress.
MEETS VIEWS OF WILSON
Believed That Conditions May Com
pei Consideration of Reforms.
NO INDICATIONS OF A PANIC
Observers Claim, However, Very
Would Act as Deterrent. q

Information reaching the new admins
tration leaders from important financial
sources in New York intimates the pos
sibility that actual and practical financial
and business conditions may compel con-
sideration by Congress OF currency re-
form at the extra session.
AS stated in The Star last week, II Is
the desire of the proponents of tariff re-
vision to concentrate attention upon that
subject to the present exclusion of all
else. and President Wilson Friday in
dicated his willingness to yield to their
Judgment and postpone currency legis-
lation.
But the precarious condition of the
money market may result in conditions
necessitating a change of program. For
the past three weeks the money market
has been showing signs which We're not
altogether assuring to big business, fore
shadowing a Tightening Of the market
later. The week closed yesterday with
no reassuring outlook for the immediate
future.
Condition Is World Wide.
The condition is not local to the United
States, but worldwide. and tight money
in Europe. especially in Germany. threat
ems movement of gold from these
shores. Indeed. engagements for export
already have been made. Money Is not
being diverted here to speculative pur-
poses for the stock market Is very duii
and the conditions are said to be en-
tirely the result Of natural causes here
and abroad
Neither is there anything in the present
and possible future situations bearing re-
lation to the change In administration
Not in the memory of statesmen -fnan- :
cers of this aneration has poiiticai
revolution SO radical and sweeping as the
present one been attended with SO little
effect upon the sensitive speculative
market as the change OF March ana
the succeeding days
No Democratic Panic" in Sight.
In fact, it has not created ripple SO
far, and it cannot be claimed that there
is anything like q democratic panic
either in present conditions or In sight
| for the future. Even the highly protected
manufacturing interests are not making
immediate outcries Of dismay. but are
waiting to see Jist what the new tarin
Will do and how 1t will actually anect
output and labor.
And that is just where the currency
situation hinges. II there should be ser1-
Gus disturbance to business through the
| operation of the new tarin, or IL money
takes alarm later at the threat Of 1t. OBJ
servers claim, the need for a more elastic
currency will be accentuated. After the
extra session had adjourned 1t would be
too late, and this thought is father to
| the suggestions coming to Washington
now to take up the subject at the extra
session.
Would Act as Great Deterrent.
1t is urged that the very existence of
a more flexible law may be sufficient to
ward of necessity for recourse to it,
The comforting thought that I'm an emer
T. gency relief is at hand is great de-
terrent. it is claimed. to disturbance o.
the money market Of serious nature.
Certainly the Observation-Disclosures
soon expires, will have to be renewed.
and i'm considering that legislation effort
will be made to attach few other pro-
visions of a remedial nature.
Should the Congress take up for action
the recommendations of the Pujo COM
mittee it is said that unquestionably All
offset to the drastic regulative measures
thus proposed will be demanded. or the
salutary character of that legislation will
be lost and it is claimed that more harm
than good would be done.
The admin -stratfon leaders. il is said.
clearly have no desire by either acts OF
| commission or omission to give occasion
for precipitating~ financial strngency at
the outset Of the new regime. According
to the best information at hand, very
careful observation will be made of the
money market and there VIII be no hesi-
fancy in interfering the currency ques-
ton into the proceedings Of the extra
session If occasion demands.
Wilson Ready to Respond.
Indeed, President Wilson is understood
to have yielded rather reluctantly to the
opportunities of the tariff leaders to side
track currency reform until the regular
session in December. and it is hinted that
he will respond quickly to any demand
for legislation which is created by ac-
tual conditions of business and not d
fictitious demand worked up by parties
i'm interest Nothing thus far indicates
a basis for the latter suggestion however.
There is absolute unanimity i'm finan
cial and business circles upon the prop
osft.on that currency reform is neces-
sary 1t is only question of when"
and how and If conditions do not i'm
prove In the money centers very soon il
is claimed I'm some quarters the first
question may soon be resolved into the
answer Immediately"