Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-10-29
AUSTRIA FEELS
PARALYSIS Of
EUROPEAN WAR
Drastic Measures Taten Inv
Government to Prevent All
Business and Industry From
Topping TO Rum
c,..oeia,ed Press Correspondent,


Venice. oct H. ustTia-Uunga,,,.
Industry ana commerce have bcoi,
brought to sudden standsul b. ths
war. Exports have ceased. mannf,,.
tories. with few exceptions. haye hmm
shut down and merchants ana stove.
keepers are without customers Tho
army has absorbed the great naiorlt,
81 tn workers. and of the renaipd,r
many thousands have Joined the
ranks Of the unemployed
Agricultural Interests are IN
somewhat better pofition, with prices
Of corn and cattle steadily advancin,
Although the majority OF farm Labor.
ers have been called to tn war M,
harvest for the most part had bce,
gathered before they left But the
land pfoprietoTs and peasant farmer
are now confronted with the difficult
81 finding labor for the autumn field
work and sowing which cannot an D.
done by the women and the lea old
men left at home.
Drastic War Measure.
Finding the ordinary moratorium
insufficient to protect the business
and financial interests Of the mon.
archy. the government; has been
forced To resort To other expedlents "a
prevent total collapse Of the industrial
and mercantile fabric War credit
banks and loan institutions have boen
founded to finance necessitous bus
ness enterprises. and a system Of off,
cial supervision of insokcnt firms has
been inaugurated to prevent an over
whclming number Of bankruptcies.
The first Of the war credit banks IS
being opened in Vienna. with "A capi.
tai of $1.20O000 divided into shares
Of 5000 The purpose OF this bank ia
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 its operations are
limited to Vienna and lower Austria
ISSUES Treasury Notes.
For smaller manufacturers AMI lhe
middle classes Of merchants and trad
ers chain of local institutions is be-
ing organized under the adminlstra-
ton of the Austro- Hungarian bank
the state bank Of the monarchy These
loan banks will issue non-nterost
bearing treasury bins which will be
legal tender in al public offices and
also IN the Hungarian bank.
and in general for all payments not
specifically required to be made IN
currency. Their chief object is to tide
business houses over the war h.
granting loans on merchandise and
inland commercial paper
In cases where q business house 2
temporarily insnlvcnt n special pro
visional system Of official supervision
has been instituted to enable the bust
ness to be continued. on the appli-
cation OF either the trader or his
creditors. the courts are empowered
to appoint experts to act as guardians
or trustees, 10 superlntcnd the car
ryng on of the business in the geu-
eral interest Of the creditors so as to
prevent unnecessary bankruptcies
Appeals for Aid 10 State.
The greatest commercial interests
in the country have already been
forced to appeal to the state for aid.
The sugar Industry has been especial
ly hard hit and it is expected that the
refiners will take up nearly one-haf
Of the issue Of the loan banks. They
have lost for the time their best for
eign customers - Great Britain and
midland now they are at their wits
end to know how to dispose OF the
enormous stocks suddenly accumu-
latlng on their hands.
The great textile industries in Mo-
ravia ana 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 fac
tories, and those which are still run
ming are finding difficulty in procur-
ing raw material Efforts are beins
made to procure cotton direct from
America through Italy
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