Rensselaer Semi-Weekly Republican, Volume 40, Number 39, Rensselaer, Jasper County, 21 January 1908 — Good News from New York. [ARTICLE]

Good News from New York.

The shortage in currency which has prevailed since October is no w a thing of the past in New York and financial conditions are rapidly im proving all over the country. In Associated Press dispatch from New For the first time since the begin ning of the financial stringency in October the clearing house statement to-day showed that not only had the heavy bank reserve deficit been entirely wiped oat, bat a sar plus of $6,08-1,0 >0 above 25 per ceur legal requirmenr. had been e>t*olwiled. The figures made known today exceeded the most expectant hope--of bankers and brokers, and when the statement appeared on the stock tickers it was greeted with a round of cheers in practically every banking house in Wall Street. Bankers declare that no better evidence than the clearing house statement could be obtained to show the rapid restoration of con fidence and the tremendous on pouring of hoarded money. The excellent statement force shadows an early retirement of c.ear ing house certificates. Which were first issued on Oct. 26 of last year. With the end of the money stringency, there will now be plenty of eash for the business and industrial field and many contemplated projects, which were temporarily abandoned daring the money pinch, ean now be financed and proceed with. The clearing house banks faced a deficit in reserve on Nov 23 »$54, 103,600, the largest in history. Since that time the deficit has constantly decreased,.and with the rapid return of hoarded money and funds from the interior last week’s deficit of $11,509,550 has not only been obliterated, but a substantial surplus of $6,000,000 estimated.