The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-11-21
Were in Midst of Great
Changes, Which Will Eventu-
ally Mean Prosperity" De-
clares N. Y. Financier
INDUSTRIES GETTING
USED TO NEW TARIFF
Big Trust Company Official
Visits Detroit to Attend
State Y. M. c. A. Meeting

No serious financial troubles can
BE- seen by William NJ Kingsley, vice
prpsident OF the United States Trust
no. Of New York, and chairman Of
the New York state committee OF the
Nm. c. A., who was the guest of the
Michigan Y. NJ. G. A. executive com.
mittee. Thursday.
lst IOur troubles in New York are
largely concerned with "a slump in
the real estate market--you can I even
give real estate away. nowadays-and
with unsettled conditions on Wall.st.
EJn'IY. M. c. A. work, we're bothered
with an attempt 10 raise $4,000 900.
M Dan zee 100000 of 1t. but hanged
.tf can figure where we're going TO
Get the extra million"
4r. Kingsley didn't a oar excited
about II. He smiled quietly and
2ARed quietly. He didn't buster
EAb4Mt dark outlook. and on the other
hnqd he didn't talk in large terms
n9qut = utopian era of prosperity.
We've come through many situa-
&tIops that were harder than this" he
SAID The country can be trusted
Ito face the emergency.
inc eastern situation does not
Ipeem to have spread into the west.
and hope II will not. should say
that the depression In New England
Nd due primarily to the tariff. and next
ITO the unsettled condition due to the
currency bill, with the presidents con-
templated action against the trusts
Ens third factor The tariff has un-
s1ettled great many industries, which
ere gradually getting used to the new
kechedules. OF course. the tariff ac-
}tlO4 WA foreseen, and the companies
sc0ncerned had good deal OF time to
Y prepare for the new situation: and
this WAS q good thing.
THE general effect OF the depree-
SDtOn has been to remove from the
market great many securities with
which the market was overloaded.
Merchants and manufacturers are pay
*}ng closer attention to their finances
here are fewer short-time loans; there
4 - general contraction OF credit.
This, In the long run. Will be good
+ ~ the country.
\ r look for the currency bill, In
&ghGkever form Il passes. to cause a
komporaFy contraction of circulation
EMh1lo the reserves OF the regional
hhIs are being built up. That at
MT. = The fear generally expressed,
IN congress and bankers are at work
k1f111G to safeguard matters until the
HUoofcnnl hanks are established, and
1d situation may not become very
S&1E1ous.
W. are in the midst of many great
eXnf tafrreaching changes. and We are
otng very we'll. under, the circum-
<o&cos. We cannot be said to have
Is Al the midst Of great prosperity
*41ft1. these changes have been con-
6Iatel and planned. but when they
<&Fe once established. they certainly
E4li4ht to pave the way for very pros
SDorons era.
The f1alure Of Fl. b. Hollins 4 Co
= ma not cause much excitement, be-
l|enxaNa 4 was not unexpected. The
$|Hos1pnuy had interests In Cuba and
1e1loo which were not REGARDED as
*Ynl1 promising. It did very little bust
[1 IN the street, 30 the stock mar
INK Fas not hit to any extent. How
SDyeG the failure gave rise to many
R$lm0rs. saw the president OF the
stock exchange, before leaving New