Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-03-22
MEXICAN CREDIT
STRAINED.
bsiness Depression Coming
kery Shortly, Says Noted
Financial Writer.
BY 9. c. FORBES.

great.
A,,'t foraet that inspiring fact during
,,rt six months. There will be need
rs,,sr,berinq il. The breakers that,
attn, AGO, we were warning people to
liar. for. are rolling towards the
That there will be a good deal of
,kaos can not unfortunately be
spb,.d. Those deep In debt should
I, NJ. TO extrlcate themselves without
Nv Credit has been strained until
il is crsakIne omInousIy.
MAI Streets pessimIsm has not been
Ahout basis. Latteriy II has been over
IA. BY the time manufacturers, I'm
hers. merchants and the like are wal
s.. ina In dependency Wall Street Will
81 rsaantns its courage.
N. are a great commercial nation, II
q, lust been emphasized. Glance at
..sss figures: In eight months we have
..borted merchandise valued at almost
u. and three quarter billions, a record
.sVsr before approached. And our i'm
"a total a billion and quarter also
new hlah-wster mark-two hundred
mhlioos above the previous maximum
Il isr2
ouR BALANCE OF EXPORTS OVER
,hPoRTs IN EIGHT MONTHS HAS
teeREeATED SAFE, 200, 900. Make note
n that faet-and recall it to mind when
+. breakers hit the shore.
Feoruary's total foreign trade was the
kssyiest for the second month Of any
sssr In our History. Exports we're $685.
Is 900 and imports $3.50, 900 900. That is
ssual to a million dollars an hour for
tAsys hours every day Of the month!
Nbtnns depressing IN that7 Each day
~ sold $500, 900 more than we bought.
hats not a fagsot for the sIumberins
as Of Industrial pessInism, Is III
would fain stop and not write another
Ncrd II is not pleasant TO have TO re-
90 facts Of another hue. But the
bkture must be ia rIy drawn and truth
LIN coIored. "Forewarned Is forearm
il" II we are prepared for commercial
asaonatIons they will brighten US less.
VI at we must look for series Of retorts
don't Ike to use the term "expIo-
sBns"- can not be denied.
-Nr
cver.expanslon Of credit lies at the
800 Of the trouble. Wall Street has been
euidatlna. Now trade must face slim
III ordeal Wall street has done its
shsre with a wonderful, an amazing
ksdom from casualties. Let us hope
IA the Industrial and mercantile worlds
VI bear themselves with equal forti-
iane and with a like absence Of casualties.
THE country's national banks last
ncnth reported upwards Of 100000, 600
alors loans than year ago but no in
slesss in cash to Justify this enormous
Mpanslon-lnstead, a loss of fully Sf7,
No 900. The ration Of reserves TO depos-
n IS the lowest for this season in
acsde-worse even than In 1907. The
ew York Clearing House banks re-
Hrves have fallen to the lowest point
khee the panic. The most influential IN
ntutons are refusing to lock up the
iands in time loans. Country banks have
Per the principal lenders in recent
weeks A total Of SAB, 100000 gold has
"a the country during the last two
mcnths-s2, ooo, 900 goes to-day despite
Me fact that call money costs twice as
ouch as il did year ago, and time money
s|most twice as much.
Abroad monetary conditions are worse
ne Bank OF England, the axis of the
Nhole financial world, is weaker than It
rs been at this time of the year In more
nan twenty years. Its discount rate has
~ been so high early In March for
Mcade, The Bank Of France has Vlrtu-
~ stopped paying out gold and Is Of
#4ng a premium TO attract supplies
pr America-It has taken 100000
tfee the opening Of January. The I'M
FRA Bank of Germany has been In even
Weater straits. 1t Is bidding panic rates
"a loans here and is drawing gold from
pfth London and New York. The big
RUSSIAN Government loan was failure
the first Incident Of the kind ever ex-
Pfrlehced. Austria is In a bad way
#Sy' Turkey, the Balkan States, China,
sppan and other countries are also run
P"n financially and must have money
matter what the cost. And small in
Fs'ors are boarding every penny they
N lay their hands on.
make matters worse, the mad
nHuptcy race for cost err ornaments
~ developed breakneck speed. Then,
RnoI EefnkA IT, Coli