Show DOLLARS STILL ROOSTING HIGH I I Efforts Being Made to Establish Establish lish ish a Cause for the Pani Panic Other Than Roosevelt ANDREW IDEA INHERENT TENDENCIES OF HUMA HU HUMAN HUMAN MAN MA NATURE New York Dec Dee 22 The financial mar markets markets markets last week were largely concerned with preparations for the coming annual settlements and operations op In securities were for the tho most part In abeyance or under oppression Transactions In stocks were to s a I great extent in professional hands and tho the pressure on on the market mark t was not acute in spite of or the tho fortifying process In progress by the banks With the premium on currency persisting In Tow New York and the Outflow of ot cash to the interior still going on in spite of or the period of or usual return flow of funds runds which go out to move the crops the con was brought home to bankers that the return of normal conditions was not to be looked for before the turn or of the ne yea ear eal Since the clearing house banks have hae made up but a part of the deficit below the legal egal reserve ro efe held and still have a large volume of or clearing house certificates outstanding the Im Imperative imperative call to tp proceed with the work of or recuperation was recognized The heavy heaY demands to be faced for tor the year yearend yearend yearend end settlements emphasized this call Money Market Affected ThE money m ney market m was affected In con cons consequence sequence Quence s call loans ruling higher The time loan market continued almost nor normal normal normal mal the supply of ot funds in that depart department department ment being of or the scantiest and there was no effective demand for tor mercantile paper of ot which an absorption Is relied upon to tarry carry over commercial affairs through approaching maturities of large lare obligations The week was notable for forthe forthe the he important contributions in public ad addresses addresses addresses dresses and official reports from many of or the best Informed minds oA od 01 financial affairs to the discussion and elucidation of o the causes of ot the recent crisis and of remedies The effect has been to broaden the general comprehension of the underlying conditions w which led Jed up to the crisis and to relegate o 0 I their proper position of o relatively less importance some of o the more violent man In the bank and money oper operations which were symptoms rather than active inciting causes Expert Opinion v Carnegles assumption that i commercial crises are the outgrowth of o inherent tendencies in human nature not notto notto notto to be confined by legislative restrictions restriction was in practical conformity with the views expressed by William Sherer man manager manager manager ager of the New York clearing house who declared that the great disturbance tf of f capital caused by the te war between Japan and Russia had lead been further ac QC accentuated accentuated by b the earthquake and fire loss at San Francisco while extravagant liv living living ing Jog and the tM disclosures In the manage m mut nt of or corporations has helped to bring about ab ut alarm and loss of confidence The lh annual report of the controller of or the currency cur rency William Ullam B offered what some regard as an Illustrating opinion on the scope of the banking disturbance which broadens the field of or Its causes far tar beyond the Immediate troubles In New York Says Sas Mr Ir Ridgely Ridgel The conditions which led lod J to tn the panic of October and November 1047 1007 were w re not due to the tha lack laUc Qt of f confidence of the pee peo people pe pepIe pIe in thc th ban bAnks a but ut more to toa of or confidence of the banks In themselves find end their reserves Banks have been fearful that the reserve r Ser O system would break down and in consequence it has broken down and the reserve deposits hive have been only onh partially available Work of Reform Another important contribution to the discussion of or measures for correction was wag round in the exhaustive report of or the special commission appointed by Governor Hughes to recommend the reform of ot New NewYork NewYork York bank and trust company laws espe espo lally In the reserve requirement upon i companies engaged in banking busl bust less Financial opinion sees with satis satisfaction sa faction a way wa thus opened for or correction of a situation that constituted the weak weakest est point In the whole chain of the bank bankIng bankIng banking Ing world when the strain was put upon t In rn its immediate effects on sentiment regarding the financial and commercial outlook this comprehensive discussion ant and frank expression have served to deepen somewhat the appreciation of the extent of the disturbances and there have hae been beena a R t corresponding growth of anxiety as to the amount of Jf remedial work which must be he done to restore conditions to their pre previous ious prosperous 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