Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-03-26
RALKAN PEACE To
BETTERF|NANCES
Millions of Hoarded Gold Will
Be Released at End of the
War, Says Expert.
BY 8. c. FORBES.

..--ra man worth while is the man who
--r smile when everything goes dead
wrong.
Din nat invigorating motto on your
-. right in front of your eyes. If
,.rg- flow along like a song, it will do
rr .srn II discord arise, if troubles
.,r.s If Your worries multiply, read the
r.-a bite your under lip resolve 10
--..s Yourself a man worth while. and
-a-.ms The struggle with stout heart,
r.n ..radence in yourself and soaced
t.. -.a reflection that, while you may not
..rm.n. success. you will deserve il.
m.a- is not a prelude to a recital Of
--. financial or commercial. The finan-
Ola. Immunity everywhere has been
meeting trouble more than half way.
some Eastern bankers have actually
ra.earaa IL TO come along. They have
r.---G themselves into a weakening
state .f seriousness over things that may
never #auuen-our worst troubles are the
ones that have never befanen US, you
In.w
". advice would be this:
Bankers and other men of finance: Be
calm. aalra geous and optimistic.
Business men. Be cautious slow to as
same fresh Indebtedness. prudent in lay
ing mans for the near future and frank
IN saGr interviews with your bankers.
Take them into your confidence and learn
definitely and explicitly how far you can
depend upon them for facilities.
Financial pessimism is being overdone.
Business optimism has been overdone.
tr- that is no reason for eXcitedly flying
&. lie other extreme.
MONEY SCARCITY DUE
TO WAR IN THE BALKANS.
Scarcity Of money, of liquid capital is
rs present bugbear of financing and po-
Ia.aI hostility the prospective bugbear.
W,. what are the facts? April is al
ways 8 critical date on the financial cal
an.ar. for enormous payments have then
+. he met. both abroad and at home. This
YEAR tire conditions have been agra
waited hr the costly and unsettling wars.
FIR small investors. the backbone of
financial Europe. have Withdrawn their
cash from the banks and have boarded
r.. less than half billion dollars $500
0na 000l This sum in ordinary times
would form the basis Of some two billion
dollars s. 600. 600 0OOl Of credit You can
500 how serious the effect Of this hoard
ing has been. can't YOU?
u thag efforts TO raise funds foreign
cs have sent huge masses Of American
securities TO New York for sale, and al
'mga we have a trade balance of near
$500 600 600 i'm our favor for the cur
r1U' fiscal year, we have been called
umon 20 export almost $4,000 900 gold
since New Year Business here has been
81 active. and so many industrial, mer-
camille and public utility enterprises had
been H0ated with huge capitalizations
that DIR bankers were in none too strong
q position In the matter Of reserves-the
leans Of national banks alone are more
than 800 600 900 in excess of a year ago.
Notwithstanding that they held a smaller
amount of cash than they did then
NEEDS OF RAILWAYS
ALSO TO BE MET.
The monetary ughtness is also intensi-
fed hr the tremendous sums that must
shortly be provided for the New York
.'E subway schemes, for the Pennsyl-
'ana New York Central the Hartman
and other railroads, as we'll as for indus
trial and miscellaneous concerns, not to
mention states and municipalities whose
borrowings are rapidly assuming alarm
"E proportions.
However. April should bring marked
f. abroad Let the Balkan war he
settled and see how quickly the hundreds
f Hums OF hidden gold would rush
i.- N complete transformation could
De wrought i'm one week. And that such
condemnation viii he wrought IS en-
t""l. probable.
This would have substantial effect here,
although capital will not fan 70 a low
price, credit has been extended over
i.o much TO permit of that and, more
OYER The oyerhanging demands are Of
l.uronodcnted volume
Business men should not count upon
unlimited assistance from their bankers.
ia'-s-strings are already being frightened
and weak concerns will in some cases be
allowed TO go to the wall.
But bankers will deserve severe cen
sure II they act as despondently as some
n' them now talk. They have RESPONSE
".,tes Their duty does not stop at TAX
Ing in money; they must pay money out
aaa pay it ungrudgingly when by so do
ing they can tide solvent customer over
temporary difficulty.
FALL OF INOUSTRIALs
POINTS A WARNING.
have repeatedly warned investors
against buying at fancy prices the shares
or rev and grossly overca pitalized manu-
ia"'1rlng and mercantile ventures.
a"od will patents" leases and
sto0ike items have been placed on some
balance sheets al wicked igures-as high
as $4,000 O00. The inevitable is happen
fs al the first mild blast of adversely
me market quotations of these shares
lave umbled demoralizingly.
he promoters apparently accept no re
ons.hGty in the way Of providing
market for the questionable wares they
'e"Mea off on the public. And now that
'L|r|USI. values are being closely scrl4-