Show CLEARING UP THE WRECKAGE Further reports of o the Heinze busi business business business ness in New York show very clearly that something very ver rotten roten in Na Napoleonic Napoleonic Napoleonic finance was behind the extra extraordinary extraordinary ordinary flurry tur in Wall al street follow following followIng ing the collapse of the corner In Heinze stocks AH All Al of the directors director of the Mer Mercantile Mercantile cantile ente National bank of ot which Heinze was president have been compelled to resign by the clearing house commit committee tee which helped the bank tide over overa over overa i a crisis and such sch wholesale house housecleaning housecleaning housecleaning I cleaning in an institution of ot that kind means more than appears in the sim simple simpIe pie Moreover the suc sue successors successors of these disgraced directors will wl be named not by the thes stockholders holder but by the clearing cearing house commit committee tee teeThe i The significance of this action acton may ma never be fully known but It I Is certain that the management which has been thus summarily displaced must have hae violated the commonest rules rles of ot bank banking banking banking ing or they the would not have been com corn compelled to submit to open humiliation at atthe atthe the time hands of ot the associated banks of New York One cheerful aspect presents present itself seI however the clearing cearing house Is behind the institution and will wi carry car It through what hat might have been a dis disastrous disastrous disastrous period in finance Whether hether the stockholders suffer any serious loss or not the country will wi be protected from the grave consequences that might have followed if the bank had been permitted to go under With this fear relieved and the mar market market market ket protected from such raids rids as the copper collapse precipitated there should be a recovery from the depres depression depression depression sion of Thursday Thursay and Friday when men unloaded securities at any price rather than take the risk of an unknown fac tac factor factor tor such as the Heinze scandal fandal pre pro presented presented The wreckage Is being cleared away and sailing saing should be the plainer for It |