The Birmingham age-herald., 1907-10-29
No Further Suspension of Banks Occur In New York
 Cit
NEGOTIATIONS IF GOLD
 STRENGTHEN THE BANKS
All Runs Upon Banks Have Practically Ceased and Deposits Are Coming In RapdIy-Certificate
 Plan Works We'll.

New York, October 2s.--The principal events in the financial district today indicated that the worst was over and That conditions were settling down to normal. There were no further bank suspensions and reports were favorable for the resumption of most of the banks which closed temporarily last week. The engagement of $1S,75O, 900 in golG from Europe, for importation to New York, was followed by the sensational announcement of sales of American copper abroad which will further in- crease the tide of foreign money to this country to an aggregate of over $25.O00,000. This, with the rapid rise of good securities in the stock ex- change, in some cases as much as 1 and per cent. was naturally followed by slight reaction at the close, but the policy of the 0rust companies not to pay out currency for hoarding pur- poses all contributed to strengthen the feeling in banking quarters, and among the public at large. So well was the situation in hand that there was no
 
 ciers and nasty conferences as took place during the closing days of last week.
 Morgan Watches Affairs.
 J. P. Morgan was in touch with the situation in Iis library on Thirty-sixtf street, but did not find it necessary to come down town. Runs upon banks practically ceased partly because of int1 hat and uniustified and partly because of the policy adopted to pay large checks only in certified checks on depository banks This system of payment worked no apparent hardship and was the cause of very little protest. Small checks were paid promptly in currency and large amounts where 1t was demon strated that the currency was required for purposes other than hoarding.
 One of the sensational features of the day was the remarkable develop ment in the copper trade. The United Metals Selling company reported sharp advance in the price. Copter, which they would have gladly sold ten days ago at 12l2c q pound. commanded 131a 10 1334c q pound today. During the month of october the sales on this company had between S0.000 900 anG 90 0,O0O.00o pounds of copper. The bulk of the sales has been for export, so that up 10 tonight it is estimated that on the foreign deliveries during No- vember and December there will be d return exceeding sS.0000O0 in gold. Sales by other copper interests have been proportionately large.
 That the story of New Works bank runs may now be written as a concluded chapter of financial history was the con viction stoutly expressed in Wall street when the banking day ended. Wall street long accustomed to sensations, resumed it's normal condition today and the thin line of depositors waiting at the Trust Company of America ceased even to dra " the attention of tho usual throng in the financial tboroughfare which scarcely paused in it's passing. The big line of excited depostors had dwindled to small proportions while Wall street resumed its ordinary appearance and the count ing room of the trust company relapsed almost into it's ordinary routine.
 Deposits Increase.
 When the banking day was ended it was announced at the Trust Company of America that the deposits during the day had exceeded the withdrawals by s29SO00 and that the company had been able to collect S223 GOO of outstanding loans so that the net income of the days business was an increase of cash of S519.- GOO.
 There was q distinct diminution of the run on the Lincoln Trust company. Fewer than 50 depostors were in line all day though many of these had waited in front of the building on Fifth ave- nue since the closing last Saturday.
 The run on the Colonial branch of the Trust company of America 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 on several minor companies had failed to develop. The importation of $ls750.000 in gold which comes largely from London. is having a moral effect almost as important as it's direct finan- cial effect. It means that credit can be sustained under the 25 per cent re- serve law to the amount of $6S GOO GOO, and that the banks will be in position to keep their cash reserves intact even against considerable demands
 It is believed that much more gold will come this way within a short time.
 A Favorable Movement.
 The crisis has come at the most favor able moment for the importation of gold hecause the movement of the crops has created heavy credit balances in favor of the Tinted States, which has not been discounted this year by the sale of finance bills. Another factor which facilitates th. imports of gold is the large orders for American securities which reached the stock Exchange today from London and various points on the continent. Prices were sufficiently favorable week or two ago to induce a movement of this character but 1t has required the crisis to bring the matter vividly to the attention of European investors. so that in this respect the trouble has had a certain value as a corrective.
 The gold stock of the country is all ready more than twice what was avail ahIe in 1893, even according to liberal estimates of the amount in circulation --~-->---------------~~
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