The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-12-18
VIEW Of
THE MARKET
Outlook Is Not As En-
couraeins As Could
Be Desired.
SUPPORT IS LACKING
Investors Apparently Waiting For
Clearing Of SituatiOn.-.LocaI
Trading Little Better Yesterday

DfeSSlVe influence OIL lue ulOllty Slt-
uation was discernible again today
in the action of the stock market.
The call money market was stir and
rates in that department were higher
than on Friday. The slow improve
ment in the banking position goes on,
but last weeks more conservative
view of the time required for car
ryirg ont The remedy continued in
force and little more is heard of the
probability of restored ease in the
money market intervening before the
end of the year Notwithstanding the
New York banking position as eNhi5-
tied in the weekly bank statement on
Saturday, the banking authorities
were proceeding today with the work
of building up their reserve strength
The deficit still existing of over
$40,000,O 900 below the legal require
mont is a warning of the behoof OF
correction. AS there is no indica-
ton Of the immediate return TO the
central reserve banks of the great
sums withdrawn by dnpositing banks,
New York banks are driven back
upon the necessity of scaling down
the credit deposits in the loan item
1t was that process that was response
BILE for credits not being enforced by
the New York banks, and marks the
passing in some degree OF the acute
stage of the money crisis.
The New York bank loans expand
ed freely during the crisis as art
of the general policy of supplying
freely all requirements, even by wide
encroachments upon reserves, while
the emergency called for such treat
ment The secondary retrenchment
now in progress by the New York
banks is regarded as typical to some
extent of kind of liquidation which
may have to follow the first extension
of emergency credits in commercial
affairs at large. 1t is dread Of pos
sible prolongation of a process of
commercial liquidation which weighs
on the stock market. A more direct
object sought by the New York banks
is to offer an attraction for the re-
turn of interior banking deposits to
this market by keeping the money
rate attractive here. The return of
these deposits is belated to an I'M
expected degree, and it is evident
that the sentiment which prompted
their withdrawal was something more
than transitory.
Attention was given today to the
annual report of the comptroller of
the currency. The distinctive part
played by the Lankers themselves in
precipitating the crisis is dwelt upon.
The conclusion reached in effect by
this government official seems to be
that the present Lanling reserve sys-
tenn was broken down snd practically
discredited Ivy the events of October
and November. The spirit of distrust
which prompted the withdrawal of
deposits from central reserve and re-
serve centers by the smaller banks
of the country seems, in fact, to be
slow in passing. The currency prem
ium persists in New York and bids
for New York account were effective
in securing all the arrivals of gold
in the London market at an advance
in the price. Discounts hardened in
London in response.
The sustained demand of the New
York bankers for gold is arOusing I'M
easiness in London and Paris over
the ability of these centers to take
care of the government position at
the end of the year. Reports from
railroad traffic officials were less de-
cisive of the contracting tendency of
their traffic, but no effective improve
ment was shown. The principal
weakness in the days stock market
was among stock associated with the
metal industries. AS prices started
higher and then made some final re-
covery, the extreme declines were
partially neutralized.
Bonds were irregular. Total sales,
par value, $1,716,OO0.
United States bonds were I'M
changed on call.