Show NEW YORK BANKS DANKS I FUll OF The Roosevelt Panic Now Over Except for the Busi Business Business Business ness Man and Laborer I New York Jan 12 The rapid clear clearing clearIng ing lug up of the banking situation and antI the release of at large supplies of ot credits to the money market were wore the th Im Important I port nt features of last weeks events in the financial l world The New York bank statement of the previous week gave the first decisive outline of the turn in the situation The statement on Saturday showing a sur surplus surplus surplus plus has brilliantly confirmed the weeks Impressions The effect has spread throughout the tle money markets of the world and has sent supplies back into the time loan market with Ith some something something something thing like a rush It was obvious that funds which had ha been withheld through a lingering spirit of dis distrust distrust distrust trust of the banks position or as its a 1 precaution against possible extra de demands demands demands mands were returning freely to cen central central trat reserve points Credits Expanded The TIme basis of credits is greatly ex ox expanded expanded by this process The Time surrender surrender der of the privilege of deposit of part of their cash In the reserve resene and nd cen central central central reserve cities and Its recall home In the panic was the central factor In producing the banking crisis arid and the retention of this cash was the cause of the prolongation of the time crisis and the time maintenance of ot the premium on currency The anxiety caused causo by that prolongation up to the end of the year may be b seen to be now completely dis dissipated dissipated dissipated so far as accommodation to solvent business is concerned New Nen NewYork York has ceased to draw gold from London and rapid recuperation of the time Bank of England bullion holding has followed The Bank of France rance marked down its official discount rate from 4 1 to 3 34 4 per cent and market rates of discount receded In all the foreign markets marleta Demand for Commercial Paper In New York the most important ef effect effect feet of the new developments was wai the springing up of an active demand for commercial paper which effectively relieved the deadlock in that depart department department ment mont and quieted the fears fes of ot wide widespread widespread widespread spread embarrassments in the time mer mercantile mercantile cantile world from Inability to secure extension of large lare maturing obliga obligations obligations obligations In the securities market the tho effect of this increase of facilities for con conducting conducting conducting ducting speculative operations has been pronounced pronounce The resulting out outbreak outbreak I break breal of speculation showed showe Increasing IncreasIng increasing ing animation and was stimulated by various arlous professional devices and by bythe bythe bythe the dissemination of rumors of import important ant developments The need of a large uncovered short interest was an im important contributing factor to the rapid advance which developed and furnished the time material for much of the thc I demand forced by the bidding up of prices by the time organized bull party part in inthe inthe I Ithe the market |