The Birmingham age-herald., 1907-10-27
Experiences in Wall Street
 Teach a Dear Lesson
GOOD RESULTS FROM CRASH
Stock Market Is Now Expected To Ad- vance and Bapks Will Not Be So Drastic With Borrowers as
 To Force Liquidation.
BY THOMAS c. sHoTWELL.

New York, October 26.-(Special.) )-Wild- cat banking is ended forever in New York City The day is done when discretion ary pool can hide under the title of trust company" Great as has been the disaster of the past week, the good re- suits accomplished have been worth the trouble. When the public mind returns to a condition of sanity again it will md the financial institutions sound. The trust companies have been whipped back into the clearing house from which they never should have been permitted to escape. Stealing will be called stealing hereafter In Wall street, whether it is done on a small or large scale.
 If the savings of the people in the banks have really been in danger, that danger Is passed, for discretionary pool mana gers are more concerned now about re- turning the plunder and escaping Jail than about seizing anything. Use of certificates in New York will compel Boston, Pittsburg. Chicago and St, Louis to use them also. The result will be an artificial imitation of currency until such time as these certificates are retired with gold or until the people return their money to the banks.
 -0ne logical result will be an advance in the stock market Banks will not be con- pelled to be so drastic with borrowers and forced liquidation will be unneces- sary
 It is wrong to pretend that reac- ton in business is not coming for the signs are too plain to be ignored
 General Electric Display company was traded in on the curb, selling between 50 and $9.5o q share.
 The total number of shares of stocks sold on the New York stock exchange today were 234,60S against 24s,040 the same day last year.
 The total par value of bonds sold to- day, about s2662 600 against s643,oo0 the same day last year.
 Stocks opened slightly higher today and the improvement continued throughout the session. In London Americans were nearly two points higher than in New York but it was impossible for inter- national brokers to take advantage of this disparity of prices because the for egn exchange market was totally para lized. The close was steady.
 Charles W. Morse apparently has plenty of cash somewhere for he is buying up all the American Ice stock thrown on the market. Bonds of his steamship con- pany are going into stronger hands than ever held them before
 Gold imports to the amount of 100000 were announced by the National City bank This is in addition to the s6,000,0OO which it is hoped will be secured from South Africa.
 Judging from the experience in former times of disorder there will be about SEQ, 0o0,OO0 of clearing house certificates is- sued In the present case.
 There was little feature in the foreign stock markets today. Paris was firm early but closed heavy as did Berlin. Lon don was quiet but made good rallies in Americans.
 There was further talk in that center of a coming advance in the rate of the Bank of England. The bank statement was a distinct surprise and somewhat of a check.
 The decrease in surplus reserves amounted to $12 415 ,950, or leaving a deh- cit of $1, ,233, 300. This is the first deficit of the year.
 Instead of the estimated cash for the week of about SIP, 100000 the banks re- ported a cash loss of $12,9O0,SO0. Loans increased s10, S64,700 while deposits were reduced $19s9. 400.
 Urited States government bonds closed with a sensational fall in the bid quota < tions of four full points for the coupon Hours and two points for the registered i and bids for the twos receded 4 further.
 Bar silver in London today was 1l pence lower at 2S pence per ounce. To- days New York price was A lower at