shipped idol of American prosperity, with half the world's gold as its plinth, dissembling under the stress. of economic tremors is perturbicg financiers and statesmen, and wri' fers all over the world ure busy suggesting open sesames to re: overy.
Realising that the rehabilitation] of Europe is dependent on America's restitution as a reciprocative cog the world trade machine, they View the increasing gravity of the! American position with some alarm, although they are assured 1 nothing can touch the foundation of the United States' economic strength, and are also assured of her eventual; brilliant recovery.
Some observers believe that America's budget, mow threatened with a huge deficit, will be balanced somehow and regard America's stupendous army of unemployed as a much more important problem than finance. 'They apprehend that when the sources of private charity dry up in a country where Jawlessness is almost as well-armed as the law, then the position will be} fraught' with very grave poss.bilities.
Among the eloquent indices to conditions in America is the that at the present rate of drawal the strictly foreign exchange reserve balances in New York will be completely withdrawn within a comparatively short time.
However, there is an off-set factor in British balances, estimated_at $200,000,000, acquired in process of solling sterling against dollars as a result of the establish-
The absolute collapse of security values is. illustrated by a list. of stocks. "Some of the principal rail. way stocks, of which the nomin value is about §2,000,000,000 and which reached in 1925 a value of '$3,500,000,000, are now worth only out $280,000,000.
There is'also a persistent decline in freight ear loading in America.
During the week ending May 14, it is estimated that 521/000. cars were loaded as against 748,000 in the corresponding week in i981. Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.