The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-17

'."'' e'ttNt'ttH- '"'i' VII " "" NV"
OF ~tcsn"tion aereemehts 70 pro.
Neht War frrsent cay poins
20 VIC EXPERIMENTATION OF VIC
rekla ,hat VIII insure lusi ms re-
~" anu tnei't'ie me p'o1seels iroT
an internauona s'anapoint are eN-
SesainsH oflshe
.l"i,ation oi h~rnnslnsnls shuui
w tro's tnc pe'h OF CUISINES. BON
~. "oroa' - N'"r''"W p"tt
y u purncn Ahat ~ now 'runnihn
,nlsla.lNe anu INDUSTRY f"r rIea'
bii'a'n ~ ~ ietl "uhht.sn UNIV y
ruo-,"hual ledu'tioh an hllhtary aha
ne,Nal sNpenulture y 'he oniy me,hod
70" nnen '""' r"'l"h gan "awnoe W
nuuest' Eeohohiy ~ u mntter
y "ttstetui E~pNcthhhoht
WI "nnIN = his'lnst alNahee toWhru
~ ''n"tlV" "t H'""lhV "ut o.
wnlch nc Worlu era OF feeonsirus,
.ion " :" son', snu tne w shoulu
-. " Iost YIN. OF ,nat We hIe
m.e.p ltrehn'h' UPON EUROPE re
erhHt.uVtioh IN "fner y" atiHlh our
Nv" "ur'"ea hHH"icS
Money. Crcdit nnd Gold.
A somewhat anomalous situation H.
presented By tho present condition OF
the money market. money rates and
the continued infuN Of gold into the
United states. As a matter OF fact.
the money position Is not as easy as
the rising ratio OF h Reserve Banks
reserve would indicate, because Of
ne Tact that ia" member banks are
using their funds to liguidEte their
borrowings while stili holding the
u~nliuuidated PAPER tfroEcn loansl ~
their own customers.
Tho reduction In the holdings e
h reserve banks makes a very great
Improvement Ia the reserve position
OF the country's banking system. The
reserve banks are again becoming
hat they wers intended to be. IN
stitutions with the bulk Of thci re-
sources In reserve. prepared 90 sup
port D. entire banking situation IN
al emergency. Their reserve per
%eentages are In marked contrast 10
what they were a year ago, being
ISL per cent IN December p. as COM
pared with 391 per cent on November
10. 1890. The present figures look
very high as compared with the for
tner requirements 81 the national
banking system. but IL must be re-
membcrcd that these reserves Urc
calculated only upon the direct lin
biitics OF the reserve banks, while
constituting practically the only re-
serves against b liabilities % all the
member banks IN the country.
L~Aauidatlon Well Advanced.
Liquidation has gone far with the
eastern banks because they serve the
Industrial and trading communities.
whicb have been running light and
working down stocks OF goods and
materials. The western reserve banks
have %liquidatcd to "a much less do
gree. on OF the great fall Ia
prices Of Farm products. and also be-
cause cf the fact that in~debtcdnesf
Ia the west Vas heavier in proper
ton to current assets. This account
for the spread Of one per cent In the
redlscount ratios OF tho eastern ami
western reserve banking Institutions.
At current market prices many of the
agricultural producer-. according 90
the statements received from tho west.
will hardly break oven on this year
orsrauons. AMI the difficulty OF the
situation lies, therefore. In the in
ability % tha-e producer promptIy
10 meet their demand obligations ~
the cotton states the relatively high
price OF cotton has brought some
eheer mI' even mere the uncer-
fanny or ihe demand Tor the year
small crop mas made 10 difficult 20
ceuhl upon my rapid hquidhilon oi
deptS' IN the west me prices OF grain
amt c'dllc are hhli those of % yoni
ago cram ralfers who had cN'
pecteh 10 pay thoir notes wish I'VE
hollhr wheat ma wheat on the itrhl
worth le.s man cne dollar, ana ihcir
pssihk anih'y ~ mus l"sl.
Ih'f" Pr apparently n" cessation 100
me movement 81 koid q" TINS country
EVERY week adds TO the iniluN The
hulk OF which however h CONSIGNED
10 lIlNAit NMn.H or Individuals These