Bisbee daily review., 1914-01-04

extended financial or credit situation being readiusted.
 It has been frequently and with | justice said that the Balkan war and l its attendant evils did not cause. but | rather precipitated and revealed the worldwide financial strain of 1913. It must with equal justice be held that most observers failed to adequately measure and forecast the effects. d.
 rect and indirect, of the war which.
 starting in october 1912, drenched
 the Balkans and European Turkey in
 blood. converted eastern Europe into an armed camp. caused hoarding of gold in ustria, France and Bermany put practical period to the European financial and commercial boom, and | in steadily widening circles reached
 into and affected the finances and trade on countries thousands of miles
 sway from and apparently uncon.
 nected with the hostilities. No coun-
 try proved immune. and all felt the
 strain Of an already greatly over
 extended credit situation, inability to
 borrow new loans and difficulty in
 getting old issues refunded. Brazil
 and India, ermany and ustria France
 and Finland. Canada and Mexico, as
 we'll as the United States, were af-
 fected. this country. perhaps least of all hananca nF nftr n1arftf1
 trade balance cushioning the impact
 upon us of the outer worlds forces
 Once again our membership in the
 family of nations brought home to
 us the real interdependence of the
 countries, and when we confidently
 expected relief for our work financial
 needs from our enormous export bal.
 ance, instead of gold supplies paid us
 in settlement of these balances. we
 received back our own securities,
 which in other years of general strain
 sold most readily in the worlds mar
 kets. Indeed, as the result of three.
 cornered exchange operations. We found ourselves paying other nations
 balances in markets where our own trade interests require payments to instead of disbursements by us, of
 the worlds chief circulating medium
 The worlds financial difficulties bulked large in our list of problems . but there was no lack of items of do , nestle concern. In session of Con
 gress remarkable for it's lengSl two
 much agitated and frequently fought
 over questions were forced to con Y clusion. The tariff was revised, bn |. it's enactment. by the way. was coin q cident with shrinkage instead O n the predicted enlargement in our i'm l. port trade, and co-incidentally an in y come tax law was put in operation E. for the first time since the civil wa $ period. The, currency measure, de ,i signed to take the place of an out e worn and often discredited system
 also became law. The Union Pacific IS Southern Pacific Railway merger wa lt dissolved, and terms were agreed upol 3, between the telegraph and telephon IS interests and the countrys law oce IT witAout the aid of suit, thu i. pointing the way to an ending of tn t. ten.year period of marrying so-calle h big business through the courts.
 O. Despite, however. the numberou pr drawbacks arising from money scai X. city and credit strain. the discussio is of new economic measures in Cor lg gress. the continued agitation of ne' n. and old laws affecting the rights ( ,e combination. the lowering of the ta al iff the unequal, in some cases del ie cient, yields of staple crops. the yer e. high levels of prices of commoditic w numerous failures. heavy liabiliti' n and industrial output were set U he The backing of thrilled orders c O2 hand. which were Of their maximul en at the opening of the year. tended mt decline as the spring advance, in Money scarcity was in evidence fro vi- early in the year onward to It's clos ss. seeking the form of close scrutir oh of credits rather than that of acu es high rates. which indeed were rath ng consplcuonsly absent. Much need' in support to trade and finance was gi nix en at a critical time. early in June. di- the Secretary of the Treasurys a he nouncement ss to the possible use an emergency currency and the placiI