The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-10-29
CRISIS IS OVER;
COPPER RISES;
GOLD ENGAGED
Banks Closed Temporarily
Are Preparing to Re-
open Doors
CAUTIOUS WITH CASH
Trust Companies Refuse to
Pay Out Currency for
Hoarding
SECURITIES. GO UP
Yellow Metal Shipments or
the Way Aggregate
Sl8,750,O00

ANEW YORK, Oct. 2S.-The prln-
cipal events in the financial district
today indicated that the worst of the
crisis was over and that conditions
were settling down to normal There
were no further bank suspensions and
reports were favorable for the re-
sumption of most of the banks which
closed temporarily last week. The
engagement Of S1s,75o.o0o in gold
from Europe for importation to New
York was followed by the sensational
announcement Of sales of American
copper abroad. which viii further in
crease the tide OF foreign money to
this cosntrr 20 an -suesAzasszas@--af--eTer
$4,000. coo. This. with the rapid rise
of good securities on the stock eN
change. "a some cases as much as
and 3 per cent, and the policy of the
trust companies not to pay out cur
rency for boarding purposes. all con-
tribsted 10 strengthen the feeling in
banking circles and among the public
AZ large.
Buns upon banks especially ceased,
partly because Of recognition that they
were unnecessary and unjustihable and
partly because Of the policy adopted to
psv large checks only in certified
.xcks in depository banks. This sys-
OF payment worked no apparent
! kdship and was the cause OF little
protest. Small checks were paid
promptly in currency and larger
amounts where it was demonstrated
currency was required for purposes
other than boarding
CoPPER's SHARP RISE
one OF the sensational features Of
tile day was tho remarkable develop
n,sat IN the copper trade. The United
Metals selling company reported a
shano advance in the price. Copper
which they would have gladly sold 10
days ago at l21A cents a pound com
rnanded islk 70 l3s4 cents a pound to-
cx. During the month of October
~ SsaIes Of this company had been
between 100000 and so.OOo.000
hounds Of copper The bulk of sales
have been for export. so that up to
g tonight It is estimated that on the
foreign deliveries during November
and December there will be a return
exceeding $S.ooo.OoO in gold. Sales by
tne other copper interests have been
proportionately large.
When the banking day was ended
II was announced at the Trust COM
many Of America that the deposits dur
ing the day had exceeded the with
drawals by s2se.Ooo. and that the com
many had been able TO collect s22s, ZOO
OF outstanding loans. so that the net
Increase Of the days business was an
increase in cash of s51s,ooo.
There was distinct diminution OF
the run on the Lincoln trust COM
many. Less than 50 depositors were in
line all day The run on the Colonial
brsnsf Of the Trust company Of Amer
ica. which is the largest branch OF
the institution. has ended
Reports from trust companies all
over the city late today state that
normal conditions obtained and that
incipient runs OF several minor COM
panies had failed to develop.
The importation Of sI7,ooo.oOo in
gold, which comes largely from Lon
don, is having moral effect almost as
important as its direct influence. 1t
means that credit can be sustained
under the % per cent reserve law. to
the amount OF s6s.e0o.ooo and that the
banks viii be in position to keep their
cash reserve intact, even against q con-
siderable demand The fact that ex-
change rates return so quickly in favor
Of this country and that the gold was
81 readily obtained is accepted as an
,.4aication thst solvency Of American
Financial institutions is not questioned
in Europe. The news that American
securities opened considerably higher
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