Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-01-06
NEW YEAR BR|N GS
HOPE TO MEN
Of MONEY
CONFIDENCE REPLACES
MOURNFUL FOREBODINGS
SmoothneSS With Which Turn
of Year Was Effected Goes
Far 10 Encourage Cheerful
Sentiment in Wall Street,
IN, Manning journal special Leased wirel
HILEIsI

Sentiment in Wall Street,
IBy Morning journal Special Leased Wirel
New York, Jam 5--The opening /
of the New Year sees disposition
reflected in the financial marts to turn
from the contemplation of mournful
Yesterday and to look forward with |
hope and confidence in tef future
The conviction is firmly based that
decided improvement is ahead but this
conviction has been tempered by
some anxiety over a possible remnant
of unpleasant consequences of the H.
nancial crisis yet to be gone through
A special field of uneasiness was the
provision for the annual settlements
in the money markets Whlch was uh-
unusually heavy, while the resources
of the money market, although rap
idly improving, We're still much I'M
haired The smoothness with when
the turn of the year was effected went
far to encourage sentiment and to es-
tablish confidence that steady nm
proyement in the financial position
was to be expected henceiorWaIu'
The call money rate did not get high
er than 20 per cent, when compares
with a maximum of 40 per cent III the
corresponding week Of last year anu
1926 per cent in the year preceding
. Stiil more significant of the grow
ing Improvement of the position was
the ranid dwindling and disappear
ance of the premium on gold when
sienalized the first business day OF
tho new year. So long as the prem
INN persisted an insurmountabie OBJ
stacle remained to the re-establish-
ment of a normal banking position.
The London market was so far re-
assured by this development that
rand decline ensued in the London
discount rate and the Bank OF ENG
land was constrained on Thursday to-
mark down it's official discount rate
from per cent to per cent in order
to avoid losing touch with the money
market. The per cent bank rate
was the signal of continued distrust III
the outside world Of the American
position and its abandonment MARKS
the return in the passing Of our CRISIS
In New York additional funds have
appeared in the time loan market ana
business in that department mas taken
on some degree of activity, althoush
interest rates continue high. Growing
demands for high grade m"fc'thtiis
paper also offers promise Oh fellel
. from one of the most threatening
sources of barrassment TO come,
growing out of 'j!e heavy maturity
falling due in that department from
time 10 tme ne ahl mag ~ H.
ing power WhICh mas s""' W
financial upheaNal' tht -,
collections ana the SlrlhseucS - IN
money market Which olitle ,' u 9 't,,,,
prospect OF adequate aeco ,I '.I,t.
for the extension Oh Hee"eu w., 80
threatened cor4plhatIoI o. -. '.,,
stances from 'jIllch dlSaSll"ua V"I'''
quences re DREADED ,,,n..
Credit EXP MS IN the New VI N
banks are more hopetuI Oh heeueu AZ
COmmOdatiOn Whlch Is Il TetosIl'"'u
necessity, to some extent, III NO'il'te'
cial affairs and when II Is NOW h'Pcu
may be conducted with dehoIr"' i"ls
and good order. me oupilcaIon VI
the bank statement at Tie close ~ inc
week 3iscioSea the ltet liHoW 81 -"
ren"y to New York Tor the Neeh Inns
Development is OF ne utmost lnlport-
ance as marking the pa sslr& o. lle
feeling Of distrust of the New YORK
marking position AID promising rap!u
re establishment Of NJ normal plh
ton
1t thus happens that the financial
markets have been disposed to Ignore
some immediately uufavorable factors
i'm affairs. cheered by Frightening
financial prospect. A striking exam
nIn nf this was afforded in the stock
market of the first day of the new
vaar There converged on this market
news of the appointment of a receiver
for tho Seahoard Airline Railway and
,,.t fron, Nasbinpton Of an in
,opdad s,,it h1, tbe government to com.
M dtssoi,,tion Of The Hartman Rail.
IA n,oronr The market wavered
U+n tI,is sbocll but the effecr was
t ul,,,ri or, snd y strong recovery en-
tv,,'p hofcSro tba and If inc dav Tho
u,,nsa nf railroad earnings reported
coui 9e ~ 90 rastraining factor an Inn
vas anVe"'t tls',eiasrn o,yar values
l lilo'sl ave ~ arroot rairoad evstemn