| Show I EAR CLOSES WITH CONDITIONS SAfER 1907 1507 Will Take Its Place Along With the Panic Years of 1857 1873 and 1893 EVENTS HAD MOVED RAPIDLY of or the Country Jin Shad Strain Well 1111 Ing 1111 on New lets Year Stronger N t York I c 28 The year yer 1907 ft will ill go II g down with 1867 i 1873 and 1 Ii as HUP lie of ot I ho the pant ain a in American but bul the remarkable acres nu tn IB and Ind strain to which the financial ti u ture hue has been n subjected the year ar closes with condition conditions stronger and safer eater than they were WI when the year ear be beget get gall The TUP year Br opened with the th feeling In inu u a quarters that speculation Had alre d been n tan canted led to an n unwar unwarranted ranted height hUght and lAnd that wan wag 14 p d by conditions upon bankers banker I mud mid That this thle feeling oper opert af t td d 1 to 10 wine some me t teat tUl throughout Uie 0 year old ind tI that th thet ti won u a I of i spiral Ilta for absorbing aw nan ass 10 nl aced atod by the trans u tone lit to lo urn and bonds on the Leo St oil York l wk exchange r H Oy W P TI Ih J l source tourie of the tho th Ir art Lure ure upon ulOn the tho noli mun market l I Is l b by the I III urge IK of ot which tuk buh t ok place during M HI ear ora pi prior lor r to the crisis tl by a leading nau lIan r Jal t I In h that Li tJ i oral ital i throughout the wot 1101 Id 1 tl rl for the Ih it 11 re i rare vears ending w ith i JUd I bout S i uw annually Ui yn th Ih the United that n of tOCK fM to the ihn lh drat 11 of 1907 were wera I 71 f and II tl t bunde Jond and nd notes Ji 1 making milking up to total of ot Jl L l ol 9 OU The Thi extent to which capital resources hid had IM n strained wag not rei revealed led In Ine f e Hiking manner tu to the general pub I l until the sU nt panic of latch Maich 14 H n ti v almost 0 1 by b later Iter 11 vent nt II but lit nt the th time one of the most mot ru lId r remarkable breaks break which ih Ie ever 01 suffered The lost of 1 r 1 p pInt inti in ted Copper In a aI I du Ill l i In American t nn II II J In Heading Hading end and nd 26 25 In III Int t added to w considerable at st a Blower rate rutt i I mt out margins calling f r I MI ii and wrecked kid the th fortunes fortune of 1 v pi i The market i r d l 1 during the th spring and 11 to r new reaction r tlona in III August Angina A I I but It II wits im not until mId mIdI I 4 lob tb i r that the thc snow broke Inoke ok lu lit all IU Its fur i with the Ill of UM the earner in Uk topper Copper tin the appeal of ot the banks bauke to 10 the clearing charing hue for help hel and th Ih the refusal to ax u such tuch help hel until the old control MI a as i 1 l MOVED FAST VAST moved fa fast t on th the hee of oft t these revelations The Thoe Knickerbocker Truss Pi us i company was u closed Oct 12 D utter 11 out about In ht Ini i cash nh lIh Tuna un vane Hee begun u sun on n other banka banks and in at t c the tha theNH NH New York Turk urk bunks banks b suspended upended oath ea h pay PU payment iii ment nt i c certificates wore weft I ud foreign exchange eh ing fell and gold hegan S See Secy Cortelyou made luu III i y l of government funds mid and J n 1 i his hl hi plan for drawing tom t m the th hoards and permitting t rem u in i e in banknote circulation by tm 1 h i fir fin n to 10 the public of In hi I i i Pent in 1 tunama Panama nal bonds bond and andIO IO nun in certificates bear bea bearing bearing ing InK Int ti i at S 2 per cent Title Tills an annl UK nt nl by lIy a vigor pus u I from 1 tint old 1 nits mil li h Ir in I tilt the opinion of many bank em 1 r to I stay ay the panic panl so a that tu all ally it a t nan necessary to hue only about 0 of th II the bonds bond and 16 Wi of r the lit ert The h situation Improved lowly and andUri Uri tin 1 II i in New York bank r re ren HIM n s Wi wa r reduced due il sack 1 task ck k until mall It stood on Dec Dee 2 28 at only S Sall 1 l 0 3 o 0 NATIONAL STRONG Ill Th banks b ha have hae e stood tood Up Under l ili I II i much better belter than thanIn thanIn In tn th te I h aly t ty stases of the crisis of ot 1092 Th MINI at that thU time were we about 1 t 0 o In III th tilt the three months montha of June JUlie JUly red did d August u ul although M He tank banks business The num hot b i r f batik bank suspensions n lons bard hard hardly bardI lv ly I i d U a the recent lb most mot Important being I that if of f th tit National Hunk Hank of or Commerce of HI ll II Tin TIlt t effect up upon upon on I the hi h i n banking system of Gf the HI in i Idl Hv of r and amid collapse of varl yin UK us hu I e has ha not yet et t tK be K mh II m v M ili 11 1 but t I hem he are artl no i I th h It II will be hi so severe yere aa ae tl the Ih pant panic al of IKS 1883 On I 0 V N Sl v I 1 1907 1007 the Ih total bank hank clr Ir i IIII The measures tin 1 n tik n li hi HH t 11 t to pro ro moo i u iii til r in ill Tiler In to tide over oer er tits tha monetary Stringency n In Inan I Inan an Inc of about aboul JT tao during Ute the next seven ven weeks week so o that the th cur cir stood tood on Dee life ft ti 1 1007 07 at t Accompanying the of bank bulk banknote banknote note tole circulation in III elder HOT to meet mt tho the for tor cane o wax Was It the dr dra drak math movement of f nearly 10 ea ra In gold turn deem within a 1 period of about six b w ka The official of or the lit showed alloWed Import tm ort of gold old for the month ej 01 T November amounting to J 4 K which were wert more thai the total toUt Importations for th the preceding 10 months The remainder came me early In December This earn DOt moue of gold 14 was wall f facilitated J by hy the sharp harp arrest rrt of Import of lux luxuries uries and nd a combined egos effort by pro pm railways railway and nd bankers to ship promptly to Europe the large lal rope of cotton wheat what and other farm products of ot the autumn season Mason II Imports Import of 01 mer merchandise chandise which had been ac as much as in August fell to an en n aver Rr air r of stout bout for th tM the next three months month ending with for fr November Exports Export EX Ort of merchandise illse dise III on the other h d which had hd been i lie low aa as In August Au ad advanced vm feed to In lit October and und andy y o In n November VOLUME OF CURRENCY From other sources source the tb volume volu of r currency In circulation was wag w swelled implied by bythe the tb t of deposits of public money In th tt bank bang from on June SO 80 SOto SOto to on D Dec De r U M This Title Increase of or about had hac been n partly deposited de deposited posited fd In the time banks ba prior to lo the till panic but from these th various arlous sources In Increase crease In bank note circulation 1000 for gold old Imports Import and public deposits depolI total fund of about was waa added by the t h close clo of the th you YIU to lo the current In 1 n circulation In ht the th country during the summer ummer While much of this cut cunn currency tern disappeared Into hoards hoard during durin the th pen pan panic ic Its III reappearance In time Urn of or om tom p rUn inactivity It U Is I feared IU be i reflected by speculation p on th the stock clock t lek market and an outward of MOld gold In den the spring One of ot the Incident Incidents of or the period of decline In b bank reserves has hu been a fell fall fallIn fellin In the market value of bullion Silver lice hat drifted down not tar far above the lowest point touched In Its It history which h wn was 11 11 IS pence pm In December 1202 and January 1000 While silver has b ceased to be the standard of value during the last f fw w years year In Mexico the Philippine Philippines Panama and nd other coun countries tries the demand from commercial countries for coins IJA been lIeen by the expansion of retail tall trad Tb The maximum price of ot sliver silver under this Influence was tI attained In November IMS 1908 when the price ws WM was SIM pence pace The decline from this point with within WithIn in about l a year to 24 2 pence on Dec 1 ee een IT n Is I a fall faU even enn mum moro rapid than then the tho thorlee th rlee rite which took place from 1004 to 9 While 1111 due In considerable manure to lo lothe the tin arrest of activity In Ired countries It 1 I le due du also In large de degree Kroe gree to the tb drouth In India which hat has ha the purchasing power of ot the people In the bazars bazar UNO ND OF or TUB rHE YEAR The old year ear ends ende with prices price r rlee of com coo commod mod and much lower than a 0 year ago ogo and with liquidation largely largI advanced In the 1111 banking Held field It if not In the flew neld of Tho The great stock alock of absorbed dur during durIng during ing the period of panic U is returning to the batiks batik and the tho action lust Just taken bj by b th the Ule secretary of ot the treasury tr to te r re a part of or the deposits deposit of public money mon In the Ibe Lanka banks will tend tad to 10 check chuck the outward movement of at gold Kold which In some quarters quarter In Is I expected within the next few fo months The financial true structure structure ture turf of the county country ban baa stood tOOd the strain with only a B limited number of serious disaster and will enter upon the now new year t under much stronger and safer fer conditions condit loA than It began the Ule old year |
