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Atsomepointinthesystemofinvestmentandbusinessextensionwillbefoundsomebranchesofindustrywhichhavegraduallylostwhatdifferentialadvantagetheystartedoutwithwhentheyenteredontheeraofprosperity；andiftheseareinvolvedinlargecontractsandundertakingswhicharecarriedoverintothephaseofthemovementatwhichthisparticularbranchofindustryhasceasedtohaveadifferentialadvantageinthepriceofitsoutputoverthecostofitssuppliesofmaterialorlabor，thenwhatmayhavebeenaconservativecapitalizationoftheirholdingsatanearlyphase，whiletheirearning-capacityrestedonalargedifferentialadvantage，willbecomeanexcessivecapitalizationaftertheirearning-capacityhasdeclinedthroughlossoftheirdifferentialadvantage。Somebranchorbranchesandsomefirmsorclassoffirmsnecessarilyfallintothispositioninthecourseofaperiodofphenomenallybrisktimes。Abusinessconcernsoplacednecessarilybecomesadebtor，anditsliabilitiesnecessarilybecome，insomedegree，baddebts。Itisforcedbycircumstancestodeliveritsoutputatpriceswhichprecludeitsobtainingsuchamarginasitsextensionofbusinesspresupposed。Thatistosay，itscapitalizationbecomesexcessivethroughshrinkageofitsearning-capacity(ascountedintermsofprice)。Aconcernofthisclasswhichisadebtorisprecludedfrommeetingitsobligationsoutofitscurrentearnings；andif，ascommonlyhappensinanappreciableproportionofcases，itsobligationshavealreadybeenaugmentedtotheextentwhichitsrecentearning-capacitywouldwarrant，thentheconcernisinsolventforthetimebeing。Iftheclaimsagainstitarepressed，ithasnorecoursehutliquidationthroughforcedsalesorbankruptcy。
Eitherexpedient，ifthecaseisoneofconsiderablemagnitude，isdisastroustothebalancedsequenceofcreditrelationsinwhichthebusinesscommunityisinvolved。Thesystemofcreditrelationsprevailingatsuchatimehasgrownuponthebasisofanearning-capacitytransientlyenhancedbyawaveofdifferentialpriceadvantage；andwhenthiswavehaspassed，evenifitleavespriceshigherallaround，thedifferentialadvantageofatleastmostconcernsispast。Thedifferentialpriceadvantagehascometotheseveralbranchesorfirmsinsuccession，andhas，inthetypicalcase，successivelylefteachwithanexcessivecapitalization，andhasleftmanywithabodyofliabilitiesoutofproportiontotheirsubsequentearning-capacity。Thissituationmay，evidently，comeaboutinthismanner，evenwithoutloweringtheaggregate(pecuniary)
earning-capacityofthebusinesscommunitytothelevelatwhichitstoodbeforethewaveofprosperitysetin。(11*)
Butwhensuchasituationhascome，allthatisrequiredtobringonthegeneralcatastropheisthatsomeconsiderablecreditorfindoutthatthepresentearning-capacityofhisdebtorwillprobablynotwarrantthecapitalizationonwhichhiscollateralisappraised，Inself-defencehemustdeclinetheextensionofaloan，andforcedliquidationmustfollow。Suchaliquidationinvolvescuttingundertherulingpricesofproducts，whichlessenstheprofitsofcompetingfirmsandthrowsthemintotheclassofinsolvents，andsoextendsthereadjustmentofcapitalization。
Thepointofdeparturefortheensuingsequenceofliquidationisnotinfrequentlythefailureofsomebankinghouse，butwhenthisisthecaseitisprettysuretobeabankwhosefundshavebeen“tiedup“in“unwise“loanstoindustrialenterprisesoftheclassspokenofabove。(12*)
Theabruptnessoftherecapitalizationandoftheredistributionofownershipinvolvedinaperiodofliquidationmaybegreatlymitigated，andtheincidenceoftheshrinkageofvaluesmaybemoreequablydistributed，byajudiciousleniencyonthepartofthecreditorsorbyawell-advisedanddiscreetlyweightedextensionofcreditbythegovernmenttocertainsectionsofthebusinesscommunity。Suchmeasuresofalleviationwerehad，withhappyeffect，inthecaseofarecentstringencywhichissometimesspokenofasanavertedcrisis。Butwherethesituationanswersthespecificationsrecitedabove，inrespectofalargeandwidelyprevalentdiscrepancybetweenearning-capacityandcapitalization，adrasticreadjustmentofvaluesisapparentlyunavoidable。
Thepointhasalreadybeenadvertedtoonceortwicethatthemostsubstantialimmediateoutcomeofsuchaliquidationasisinvolvedinacrisisisaredistributionoftheownershipofthepropertyconcernedintheliquidation，wherebycreditorsa
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