The Birmingham age-herald., 1907-12-08

orystalized in Wall street on the bank ing and currency issues, seems to be in favor of central bank as the one thing
 which will minimize panics and insure stability in business. That question is almost as old as the republic and ap- pears to be in no immediate danger of a settlement. The country has managed | to get along without a central bank | since Andrew Jackson knocked the United | States bank in the head 70 years ago, and l it can possibly exist awhile longer with l out going back to that time. although the | most intelligent banking opinion Is that l the system ought to be reinstated with l such notifications as will meet the re- | quirements of the age.
 The City National bank crowd has a ] deep and abiding ambition to make that l great institution a central bank with gov 1 ernment functions attached. Unless 1t can | accomplish this result the bank with its 1 powerful Standard Oil affiliations will | oppose the creation of any central con l cern The mere fact that the Standard 1 oil interests are in favor of the scheme | might arouse fatal antagonism In Wash 1 ngton. The situation, therefore. Is seen | to present complications which may defer | Congress- action for long time to come. | Those who had confidently predicted hur- l ried emergency action by Congress for l an elastic or expanded currency admit disappointment. Those who know the way | things are done in Washington in the matter of currency or banking reforms, find enjoyment in remarking, "I told you SO, Congress is not in the habit of letting people jump down it's throat with half bait amendments to the existing laws.
 There has been a distinct improvement in the bond market Many millions of
 dollars of outside money have been ln- vested in bonds during the last week. The commission houses, banks and hotels are overrun with visitors with money to invest some of them acting for their own individual account. and others rep l ,esentng groups of friends. The amounts they have to invest range from thou sand up into the millions. Trustees and administrators of estates are very much in evidence Rich little communities In every state of the union have people here | locking for bargains in bonds and stocks. | They have no trouble in finding what they want or in locating people cute Wiling to show what they have.
 I called attention several times in these | letters to the leadership possibilities or | Reading, Union Pacific, Northern Pacific, | Southern Pacific and Shelters. In each | and every one of these stocks there have 1 been signs of large activity at advanc- | ing prices. Four of these stocks nave | scored recoveries of 15 to 20 points. TO this list now want to add chicago ana | Northw estern. whose friends predict | recovery of S75 a share within the next six months The name of MT. Prick is ! most often mentioned in connection with
 Reading The Morgan stocks have been strong, but comparatively free from out
 ward signs of manipulation
 Jndustrlals to a large extent are dis
 criminated against by investors and spec ulators. These classes are not blind to the fact that the big decline which
 has taken place ih most of these spe-
 cialties is directly traceable to foreshad- owed depression. but they fear never ufacturing curtailment will have a sup nlementai bad effect which will still fur finer nut down prices. Until they know
 more on this point they are chary about buying.