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

8 4. o O. q q o O o % o O @ 81 @ @ 8 8 @
g New York, Oct. 2S.-Late this q
. afternoon the National City bank
q announced that it had engaged
s: 81 ,25O, 900 in gold for importation
g in addition to it's $6,000,000 already
z: announced making total OF y
@ $7,250,00 for that institution, anu
@ an aggregate of SIS, 100000 by the
o various banking institutions OF the
g city on this movement.
g e g . g g g % @ 81 - g q q g q 90
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
<porarily last week. The engagement
of $lS $50 900 in gold from Europe Tor
importation to New York was followed
by the sensational announcement OF
sales of American copper abroad when
will further increase the tide OF Tor
eign money to this country to an ag-
gregate of over S25, 900, 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 or
the trust GODlpdlilGS lOI W pay ONS
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 fnanciers 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
-, e1,~xr 70
come down town.
Runs Practically Over.
Runs upon banks especially ceased,
partly because of recognition that they
were unnecessary and unjustifiable and
partly because of the policy adopted
10 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. 1t is still posi-
BILE for frightened depositor to trans
fer his account from one institution tC
another by depOsiting check in the
depository for which he now has q
preference. but he cannot withdraw
=
be locked in a safe deposit vault. a!
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 sharI
advance in the price. Copper which
they would have gladly sold ten day:
ago at 1919 cents a pound commanded
1917 cents to 1879 cents a pound today
During the month of October the sale:
of this company had been between so,
coo, 600 and 90000.000 pounds of copper
The bulk of sales have been for eXpoP
so that up to tonight it is estimated
that on the foreign deliveries during
November and December there will b.
d return exceeding eight millions il
gold Sales by the other copper inter
ests have been> proportiOnately large
Wall street, long accustomed to sen
sations, resumed its normal condition
today and the thin line of depositor:
waiting at the Trust Company Of
America ceased even to draw the at
tention of the usual thrOng in the
financial thoToughfare, which scarcely
paused in its passing. When the
banking day was ended il was an
nounced at the Trust Company OF
~
day had exceeded the Withdrawals by
s29e, 600, and that the company haC
been able to collect $4,000 of out.
standing loans. so that the net in.
crease of the days business was ar
increase in cash of $4,000.
Few Depositors in Line.
There was a distinct diminution Of tn,
run on the Lincoln Trust company
Less than fifty depOsitOrs We're in lin,
all day, though many of these haC
waited in front of the company
building on Fifth avenue since tn,
closing last Saturday. Officials of III,
company stated that the bank mes
sengers who had presented scores o
checks had delayed the payment o
depositors but that the run was abOu
over The run on the Colonial brancl
of the Trust Company of America
which is the largest branch of the in
GROVER CTEVET AMT