The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-05
Week Begins With Conf
dence Much Improved
In the East.
COPPER IS STRONGER
Thirty Million From Europe Coming
In Circulation This Week...COr.
rective Legislation Ahead.

BOS1ON, NOV. topper con-
tinued strong today and made further
gains. Improvement in the copper
metal situation had direct bearing on
Boston prices. The tone was cheer
full and the positively secure condi-
tions in banking and the. general
stock market made for uplift. Later
there was some recession in sympa-
thy with the heavier tone in New
York
Generally good reports from all
quarters on tAe copper metal situa-
tion, in which it is stated that the de-
mand for the red metal is increasing
and that producers look for high
prices, have given a healthy tone.
Copper stocks on the inside market,
on the Boston stock exchange, as well
as those on the outside market, stand
well, but it will take some time be-
fore the issues regain the ground lost
in the recent depression.
NEW YORK, Nov. 4.-The gold
engagements have reached the neigh
borhood of $30,000,00O, and this
week this broad stream will flow into
New York banks. The feeling that
this supply is en- route has done
much to fortify confidence, but the
actual reviving effect on banking and
money operations waits the arrival
of the gold Disposition, however,
was excellent today and augurs well
for the week.
Further important relief is looked
for from the faculties extended by
the comptroller of the currency for
the increased bank note circulation.
he government bonds are made
available as security to take out addi-
tional bank notes, and this will al
ford largely increased resources for
supplying the urgent requirements
for currency, which forms one of the
severest trials of the situation.
The conditions which have had to
be met in me recent crisis have
given strong impetus to the move
ment for providing increased cur
rency, and is expected to induce early
action by congress to authorize new
forms of bank note issues. The eX-
perience of the country in period OF
high prosperity and active business
and industry, and with the banking
position sound and solvent, in coming
almost to a deadlock for lack OF
means to make banking resources
quickly available for the needs of the
circulation, has made deep impress
sion in inculcating the needs of an
emergency circulation which can eX-
pand quickly in time of need.
In another direction it is practical
ly certain that measures of correc-
ton will be adopted for the trust
companies position in New York,
which is now seen to have proved the
IN, hn Gro a1
Here, again, the solvency of instltu-
tions did not avail to meet sudden
demands of depositors without re-
course to the banks for assistance,
the assistance thus rendered proving
the strain that precipitated the crisis
The clearing house banks for several
years have voiced their discomfort
with the trust companies position
which was due to the great growth OF
these institutions and their undertake
ing of purely banking functions in
the acceptance of large deposits sub
iect to check and to payment on de-
mand on banks Efforts of banks to
coerce the trust companies in this re-
gard led to the withdrawal, several
years ago, of most of the trust COM
panies from the privilege of clearing
through the banks. Under the OPP
Grafton of last years New York state
law the trust companies had beer
Obliged to accumulate reserve ol
Is per cent of their deposits, but OF
this only per cent was to be helC
in cash in their own vaults, b pei
cent being allowed to remain on de
posit with banks, where it figured, o1
course, in the reserve of those insti
tutions also, and 5 per cent was al
lowed to be invested in designated
securities. With the dependence o.
the trust companies in an emergency
on the reserves of the banks demon
strated. as it has been by recen
events, the enforcement of additlona
reserve requirements upon the trus
companies, either by central author
ity among themselves, or in conJunc
tion with the clearing house banks
or by legal enactment, is expected tt
result as a. consequence OF presen
experience.