The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-29

90 g % g o 9 9 o . g o g @ @ g q . %
New York, Oct. 2S.-Late this 2
g afternoon the National City bank g
% announced that il had engaged &.
% s1,250.0 600 in gold for importation 9
g in addition to its SS,000.OGO already {:
% announced, making a total OF g
@ $7,250,000 for that institution, and g:
$. an aggregate of SIS. 600 by the 2
@ various banking institutions of the g
g city on this movement. g
g g @ 9 g q @ % @ 81 - &, % @ @ @ G. g y
New York, Oct. 2S.-The principal
events in the financial district today
indicated that the worst of the crisis
was over and that conditions were set
Ting down to normal. There were no
further bank suspensions, and reports
were favorable for the resumption OF
most of the banks which closed tenn
%porarlly last week The engagement
of SIS. $50 600 in gold from Europe for
Importation to New York was followed
by the sensational announcement of
sales of American copper abroad which
viii further increase the tide of for
eign money to this country to an ag-
gregate of over S25, OOO, 600. This, with
the rapid rise of good securities on the
stock exchange, in some cases as much
as and 3 per cent, and the policy of
the trust companies not to pay out
currency for boarding purposes, all
contributed to strengthen the feeling
in banking circles and among the pub
lie at large. So Well was the situation
in hand that there was no such scurry-
ing about of leading financiers and
hasty conferences as took place during
the closing days of last week. J. P.
Morgan was in touch with the situa-
ton in his library on Thirty-siXth
street, but did not find it necessary to
come down town.
Runs Practically Over.
Runs upon banks especially ceased.
partly because of recognition that they
were unnecessary and undesirable and
partly because of the policy adopted
TO pay large checks only in certified
checks in depository banks. This sys-
TEN of payment worked no apparent
hardship. and was the cause of very
little protest. Small checks were paid
promptly in currency, and larger
amounts where it was demonstrated
currency was required for purposes
other than boarding. II is still posi-
BILE for a frightened depositor to trans
fer his account from one institution to
another by depOsiting a check in the
depository for which he now has
preference. but he cannot withdraw
large amounts in gold certificates to
be locked in safe deposit vault, as
was the case last week.
Heavy Sales of Copper.
One of the sensational features of the
day was the remarkable development
in the copper trade The United Met
ais Selling company reported a sharp
advance in the price Copper which
they would have gladly sold ten days
ago at 1919 cents a pound commanded
4e 10 tod
During the month of October the sales
of this company had been between So
co., 900 and 100000 pounds of copper.
The bulk Of sales have been for export
so that up to tonight il is estimated
that on the foreign deliveries during
November and December there will be
a return exceeding eight millions in
gold. Sales by the other copper inter-
ests have been NproportiOnately large.
Wall street, long accustomed to SEN
sations, resumed its normal condition
today, and the thin line of depositors
waiting at the Trust Company of
America ceased even to draw the at
tentiOn of the usual throng in the
financial thorOughfare, which scarcely
paused in its passing. When the
banking day was ended it was an
nounced at the Trust Company of
America that the deposits during the
day had exceeded the Withdrawals by
s296. 900, and that the company had
been able to collect $4,000 of out
standing loans so that the net in
crease OF the days business was an
increase in cash Of $4,000.
Few Depositors in Line.
There was a distinct diminution of the
run on the Lincoln Trust company.
Less than fifty depositors were in line
all day, though many of these had
waited in front of the ccmpany's
building on Fifth avenue since the
closing last Saturday. Officials of the
company stated that the bank mes
sengers who had presented scores of
checks had delayed the payment of
depositors, but that the run was about
over. The run on the Colonial branch
of the Trust Company of America,
which is the largest branch of the in
GROVER CLEVELAND