The Birmingham age-herald., 1907-11-17
Per Capita Circulation Is Larger Than Ever Before In 
 History
THOUSANDS OF PEOPLE
 CARE BUYING SECURITIES
 Heavy Business of Merchants In the Next Two Months Is Expected To Put Currency In General
 Circulation Again.
 BY W. G. NICHOLAS.

.Sew York, November '164The grap TOT currency Is blinding the eyes or most people to the fact that the general situation is improving. The banks not only of New York, but those or every other mpo.tant community are rfgiuly adhering to the credit policy adopted early in the panic. This they decided was The only way To save themselves and the country from wholesale bank ruptcy. The experience through which business men are passing has been and is still trying and full of keen embarrass- ment all along the line, but results are showing the wisdom of the methods em- ployed to safeguard the situation.
 There is more money in the United States at the present moment than ever before in it's history. The circulation at the beginning of the ordeal three weeks ago was approximately $34 per capita It has since increased and by the end of the year should be at least S3S or S39 per capita. During the months of Mo- vember and December there will have been injected into the circula- ton nearly s200, 100000 of new money, the enumeration including about s75,000000 government deposits, $15,O00,Ooo gold imports, $50 O0O0,000 to s40,000,0 GOO new bank note circulation and S10,000,OO0 to SIP, ,000.000 of new gold from the mines. In addition thereto may properly be added s100000, 600 in clearing house certificates which serve the purposes Of money De- tween the banks of the cities where they are issued The tie-up in actual cash is the unpleasant feature of the situa- tion which is most directly felt in every community and which has put tempor- ary restriction on the marketing or prod ucts of the soil, of the mills and the factories. The development Is one which commands the attention of every think ing person and enforces the truth that no harsh trouble can infiict great center like New York without being felt in every part of the nation. This fact was scof- fingly denied up to within compara- lively recent period by a great many people who ought to have known better, and whose judgment and preachings have been grossly misleading.
 There is one thing which can be bought with certified checks and drafts-stocks. Ten of thousands of men and women are converting their bank balances into securities, thereby ridding themselves Of alarm and doubt and helping out the situation. They are at the same time filling their strong boxes with the bar gains of a generation. The extent to which standard issues of railroad and industrial shares are being thus absorbed is largely conjectural, but the aggregate is very heavy. There are single firms whose books show 100000 shares of stock bought and taken out of the market. or course there are not many firms of that size which could make as good showing but houses are numerous that have dis tributed 15,0O0 to 25,O00 shares each. The aggregate of stock that has been "placed'' among investors during the last two or three months must foot up at least 1,5OO,0 GOO shares. This total great as it is, represents only moderate fraction of the whole amount issued, but it never theless takes out of the market enough to save values from collapse. The ab- sorption will have to go on for a con- siderable period before the pressure is off and the floating supply reduced to man. ageabIe limits. Every day helps. how ever, and lessens the burden on banks and trust companies. Every day liberates more capital tied up in loans on secur- ties.
 The outside country is feeling sore at present toward New York 1ecause it cannot draw down all it's balances here at once The same complaint holds as against every other city, however, all though in lesser degree. The kick direct ed most energetically against New York at the moment is because the associated banks and trust companies, while refus ing to ship money into the interior, were able to dig up 600 to sl00,0o0,000 to tide over crippled trust companies at home. The outsiders cannot get their balances in cash and seem to think the New York troubles have been and are being financed at their expense-with