Los Angeles herald., 1907-11-23
LIQWDA TON
IS AT AN END
FLOW OF CURRENCY Is FROM
NEW YORK
Interior Banks Strengthened by Tend
ency-Return Of Normal Condi.
tlon Is Now Expected at
an Early Date
by Associated Press.

+'' HSSSSiuteu fIesSs
NEW YORK. Nov. 22.-The most impor-
tant feature OF today's stock market was the
discontinuance of the kind of liquidation which
mas Kept sentiment nervous and upset FOR sew
eral days past. 1t was obvious that circun-
stances that could force painful process
must be sufficiently serious. The action Of the
market today gave plausibility to the reports
current that arrangements had been made TO
take care ef the threatened interests and thus
put a stop to tho heavy sacrifices which were
being mad' in the forcing of liquidation.
The estimates OF tho weeks currency move
mont showed still considerable tide away
from New York. giving warning of possible
further postponement OF the turn toward in-
provement In the position Of tho banks
From another point of view, however. the
resources thus supplied by the New York banks
80 to strenethen the interior banks and to pre-
pare them for the resumption of normal opera
tons. now looked for at early date.
Reports Of conditions of Canadian banks IN
response to the official call go to confirm the
showing OF the Illinois state banks as to the
accumulation OF cash withdrawn from New
York banks in those outside OF the city. There
is some comment about the delay in the issu.
aiica uf the autumn cali Of the cor. .ntroler Of
ihe currency for reports from national banks,
the usual period for which is now passed
There is a growing conviction that responses
TO this call will disclose heavy accession ~
cash holdings by banks outside the central re-
serve usually held in New York and with
drawn from here for that purpose
Meantime reports from the interior intimate
tion of normal conditions In New York before
relaxing their hold their precautionary ac-
ctlmuatiors; a condition OF cross purposes be-
ing implle! by this situation. 1t Is believed
that the revelation of the actual condition by
the comptrcller's call will operate to restore
confidence and break the deadlock now being
prolonged by the mutual misunderstanding
among the banks.
When bank officials perceive that their own
strengthened position is not an isolated one,
much will be done towards doing away with
suspicion and distrust.
Importance was attached to the opening up
of French sources of supply to the demand for
gold important proportion of the day $
engagements coming from the Bank of France
itself The days new engagements amounted
to one of the largest totals thus far reached
and brought the engagements to well over
$50, 600. 900.
The basis on which the transactions Of the
Bank of Trance were concluded were not def
nitely disclosed, but was believed to be due
to the advance In the French bank. which i'm
ernment. The purchases of commodities for
French acc cunt has increased the supply OF
commercial bills here and there together with
a premium made feasible by. the currency pre-
MUM hero. are believed to offer the facilities
which have been taken advantage Of
Rates for call loans were maintained today
and the currency premium. while showing
some relaxation, indicated persisting obstacles
to securing cash for bank checks. rise In
the price cf copper at the metal exchange was
an inciden. to which some Importance was at
tached The days dealings were the smallest
of the week.
= Bonds were weak. Total sales. par value,
S2Io2 900. United States bonds were unchanged
on call.