Show BETTER TIMES TIM S INTHE IN INTHE TH THE NEAR NR NEW YORK Jan 0 a. The opening of tho the now year sees a n disposition re reflected in the financial markets to turn from tho contemplation of mournful days antI and to look for forward with nth bopo hope and confidence in in the future futuro The rho conviction conviction conviction con con- is s firmly based that decided improvement improvement improvement im im- im- im provement is is ahead but this conviction has been tempered by some and anxiety ty over overa a possible poE remnant of unpleasant consequences consequences con con- sequences of tho the financial cri crisis is yet to tobo bo ho gone through A special field of uneasiness un an- easiness ness was the provision for the annual annual annual an an- nual settlements in the mono mono- markets which were unusually heavy while the resources of the tho money market althou although al al- thou though b rapidly improving still much impaired The smoothness with which the thc turn of or yesterday was WM effected effected ef went far to encourage e sentiment and to establish confidence that steady improvement in tho the financial position wa waR Wo to be expected henceforward Th The call money rate rato did not get ct hi higher her than 20 per tr r cent which compares with a am m maximum of 45 per cent in tho corresponding corro corre pond f n n week ck of ot last laRt year rear year and per percent percent cent in in tho ear preceding Still more mor more si significant of ot the growing improvement was the rapid dwindling of the premium on gold old which signalized signal signal- the first business busine day of the new year So lon long as al tho premium persisted an nn insurmountable ob obstacle remained to tho reestablishment re of a normal bankin banking bank bank- in ing position The J London ondon market was so 80 far reassured reas reas- lured b by this development that a I. I rapid decline ensued in in the tho London discount rate rato and the Bank of ED England land was constrained constrained con con- strained on Thursday to mark down its official di discount rate from 7 per cent to 6 po per cent Ant in order to avoid oid losing osing touch with th tho the mont money market The 7 p pf per percent r cent bank rate was the signal of continued continued con con- tinned di distrust in tho the outside world of the A American n position and its abandon abandon- meat ment marks the return of faith in the pas passing ln of ot our cr crisis crisi ill In New Ne York addit additional funds have hn ap appeared in the thc time loan Joan market and business in that department has taken on sonic gome degree of activity although h Interest interest in in- terest rates continue high Growing demand de do- mand inand for hi high grade mercantile paper also algo offers promise of relief from Irom ono one of the Iho most threatening sources of embarrassment embar embar- to come growing rowin out nut of or tho the heavy maturity fl falling due in in that department de do from time to time The Tho shrinkage o in buying power which has gone Jone with the financial upheaval upha the slowness of collections an and the of the mone money market which of ot- Jered small prospect of ot adequate accommodation accommodation ac ac- ac- ac for the thc extension of needed credits threatened a combination ou of circumstances cir CU 1 front from which Mch d disastrous con con- wore were dreaded Credit experts In an the tho New ew ew York banks banka are more hopeful of needed accommodation accommodation dation being forthcoming to facilitate the process of liquidation which is a areco reco recognized iz d nt necessity essitt to somo extent in commercial affairs and which It is now hoped may be bo conducted in and good order The publication of ot th the bank statement st at the close of tho the week I disclosed ed th the free inflow of or currency to New York for the tho week weck This Thi development develop p I ment in is of the utmost importance t as 38 markin marking the passing of the feeling of distrust of the Now York bankin banking position tion and promising ne' ne rapid re ment meat of ot the normal position Th The bond market js II Is scanned with some attention and interest from day dayto dayto to day to detect t evidence of a renewed r flow of floating doating tin capital into investment Somo increase of activity was discoverable discoverable discoverable erable last week but the thc demand W was moderate in tho large e disburse disbursements meats ments of dividends and interest to supply supply sup sup- ply a fund for reinvestment |