The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-12-23
NO EASIER MONEY UNTIL,
AFTER THE FIRST or YEAR
Normal Financial Conditions Are
| Not Looked for Until
JANUARY.
NOTABLE MONEY ADDRESSES
MIR. Didgcly Says Panic Was
Caused by Lack Of Confidence
in the Banks.

NEW YORK. December 22.--Tie f.
nanctal markets last weels were nrHely
concerned with the preparations for
tie coming annual settlements. and
operations In securities were, for tho
most part. In allegiance or under some
oppression. transactions In stocks
were to a great extent in professional
i'nnds. and the pressure on the mar.
ket was not acute. in spite OF the for
trying process In progress nv t,,e
banks.
With the premium on currency ner.
slsting In New York. and the outflow
OF cash to the interior stilI going on.
IN spite of the period Of the usual re.
turn flow of funds which go out to
move the crops. the conviction was
p0fne home to bankers that the re.
turn or normal banking conditions WINS
not 10 be looked for before the turn
OF the year,
Call Loans High.
SINCE the clearing house banks hnvo
. .1e UP but part Of the deficit below
we regal reserve held. and still l,nve
large volume OF clearing house cert.
aeates outstanding. the Imperative call
~. ~ proceed with the work OF recupera.
ltlon was recognized.
ne neavy demands to be faced for
.ht -, settlements emphasized
enls call. The money market wns ne.
fected in consequence. call loan ratas
rullng higher. The time loan marlxe,
cohtinued almost nominal, the sunnlv
~ Aunos IN that department. being ~
we scanttest, and there was no effec.
I'VE demand for mercantile paper ~
WhIch an absorption is relied upon IN
carry over commercial affairs through
a1,p pI, ,'s maturities of large OBJ
Carncgicr Statement.
Inc week was notable for the i'm.
portant contributions in public an.
dresses and official reports from many
or the best informed minds on f1nan-
cial affairs to the discussion and el,lci-
oatlon OF the causes of the recent
crisis and of possible remedies. The
erect has been to broaden the general
comprehension of the far-reac.,inE un-
DERIVING conditions which led up to
the crisis and to relegate TO their
proper position of relatively less Inn
portance some OF the more violent
manifestations in the banking and
money operations which were zSmp-
toms rather than active melting causes.
Andrew Carnegie's assumption that
commercial crises are the outgrowth
of inherent tendencies in human ma
ture not to be confined by legislative
RESTRICTIONS was IN practical COnfOr-
nifty with the views expressed by
William Sherer, manager of the New
York Clearing House. who declared
that the great disturbance of capital
caused by the war between Japan and
Russia. had been further accentuated
by the earthquake and fire loss at
San Francisco. while extravagant liv-
ing and the disclosures in the manage
ment of corporations had helped to
bring about alarm and loss of conf
dence.
Rilse1y's Report.
The annual report of Controller OF
the Currency William 3. Ridgely of
fered what some regard as an illnml-
mating explanation on the banking dis
turbance. which broadened the field Of
Its causes far beyond the immediate
troubles in New York.
Mr.. Ridgely says: The conditions