Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-10-29
AUSTRIA TRIES
TO PASS CRISIS
Government Giving Help to In
dustries About to Become
Bankrupt.

Venice, Oct. 2S-Austria-Hun-
gary's industry and commerce have
been brought to sudden standstill
by the war. Exports have ceased;
manufactures, with few exceptions,
have been shut down and merchants
and storekeepers are without custom
ers. The army has absorbed the
great majority of the workers, and
Of the remainder many thousands
have joined the ranks of the unem-
ployed.
Agricultural interests are in a
somewhat better position, with prices
Of corn and cattle steadily advancing.
Although the majority Of farm labor
ers have been called to the war, the
harvest for the most part had been
gathered before they left. But the
land proprietors and peasant farmers
are now confronted with the difficulty
of finding labor for the autumn field
work and sowing, which cannot all
be done Iby the women and the few
old men left at home.
Fear Collapse.
Finding the ordinary moratorium
insufficient to protect the business
and financial interests of the mon
archy, the government has been fore
ed to resort to other expedients to
prevent total collapse Of the indus
trial and mercantile fabric. War
credit banks and loan institutions
have been founded to finance neces-
sitous business enterprises, and sys-
tenn of insolvent firms has been in
augurated to prevent an overwhelm.
ing number of bankruptcies.
The first of the war credit banks
is being opened in Vienna, with a cap
ital of $1,2OO,O00 divided into shares
of 5000. The purpose of this bank is
to lend money to manufacturers and
merchants to enable them to meet
current obligations. in bills and ac-
ceptances and other commercial pa.
per falling due, and it's operations are
limited to Vienna and Lower Austria.
For smaller manufacturers and the
middle classes Of merchants and trad
ers chain of local institutions is
being organized under the admins
tration of the Austro-Hungarian bank,
the state bank of the monarchy.
These loan banks will issue non-in-
terest bearing treasury bills, which
will be legal tender in all public of
fees, and also in the Austro- E[ungari-
an bank, and in general for all pay
ments not specifically required to be
made in currency. Their chief oh
jec: is to tide business houses over
the war by granting loans on mer-
chandise and inland commercial Ia
Per. Bus.
Bankrupts Continue.
In cases where business house is
Temporarily insolvent a special pro-
visioral system of official upervisioh
has beer instituted to enable the bus
mess to be continued. On the april
cation OF either the trader or his
creditors. the courts are empowered
to appoint experts to act as guardl-
ans c" trustees, to superinteEd the
carrying on of the business in the
general interest of the creditors so
as to prevent unnecessary bankrupt
cies
The greatest commercial interests
In the country have already been
forced to appeals to the state 1Or ald.
The sugar industry has been espe-
cially hard hit and it is expected that
the refiners will take. up nearly one
half Of the issue of the loan banks.
They have lost for the time their best
foreign customers-Great Britain and
1ndia-and now they are at their
wits end to know how to dispose Of
the enormous stocks suddenly accum-
ulating on their hands.
The great textile industries in Mo
ravia and Bohemia are in not much
better position. With the bulk OF
their operatives in the army, they
have had to shut down many of their
factories, and those which are stiD
running are finding difficulty in pro"
curing raw material. Efforts are be-,
ing made to procure cotton direct
from America through Italy.
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!: THE WEATHER. :
!: Tri4State-Fair Thursday and :.