The daily morning journal and courier., 1907-10-29
Aggregate of $25, LOGO, 1000 in Yellow Metal Coming From Europe to
 Aid Situation.
RUNS UPON BANKS
 PRACTICALLY CEASE
Merchants Association Adopts Resolutions of Thanks to t Cortelyou, Morgan
 and Others.


 events in the financial district to-day indicated that the worst of the crisis was over and that matters were set ting down to comparatively normal conditions. There were no further bank suspensions and reports were fla vorable for the resumption of most of the banks which closed temporarily last week. The engagement of $18,- 75O0O0 in gold from Europe for i'm 1 portation to New York was followed later by the announcement of sales of American copper abroad which will further increase the tide of foreign money to this country to an aggre- gate of over $25,0OO00O. This with the rapid rise of good securities on the stock market, in some cases as much as 4 and per cent, which was natur- ally followed by slight reaction at the close, and the policy of the trust companies not to pay out currency for hoarding purposes, all contributed to :, z strengthen the feeling in banking quarters and among the public at large,
 
 that there was no such scurrying about of leading financiers and nasty con- ferences as took place during the clos ing days of last week, J. Pierpont Morgan was in touch with the situa- tion in his library on Thirty-sixth street but did not find it necessary to come down town.
 Runs upon banks practically ceased, partly because of recognition that they were unnecessary and unjustifable and partly because of the policy adopted to pay large checks only in certified checks on depositary banks This sys- tenn of payment worked no apparent hardship and wes the cause of very little protest. Small checks were paid promptly in currency, and larger amounts where it was demonstrated that currency was required for pur4 poses rather than hoarding. It is still possible for frightened depositor to transfer his account from one insti- tuition to another by deposfting a check in the depositary for which he had preference, but he cannot with draw large amounts in gold certificates Y " OG lOChCu III u SdL6 uGPDSip Ndulb etS was the case last week.
 One of the sensational features of the day was the remarkable development in the copper trade. The United Met als Selling Co reports sharp advance in the price. Copper which they would have gladly sold ten days ago at 12 1-4 cents pound, commanded f3 1-2 to 13 3-4 cents pound to-day. During the month of October the sales of this codnpany had been between S0,0O0,0OO and 90,O0O,0OO pounds of copper. The bulk of the sales have been for export, so that up to tonight it 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 approximately large
 That the story of New York's bank runs may now be written in a conclud- ed chapter of financial history was the conviction stoutly expressed in Wall street when the banking day ended.
 Wall street, iong accustomed to sen sations, resumed it's normal condition to-day and the thin little line of de, positors waiting at the Trust Company of America, ceased even to draw the attention of the usual throng in the f1n- ancial thoroughfare. Wall street pull sated on Wednesday and Thursday with excitement over the runs and crowds of people swept through the street and gazed half in wonder and half in consternation at the anxious crowd of depositors, There was the hum of many voices pierced by the strident cries of newsboys while here and there groups of people talked earn. estly of the situation. To-day all was changed. With vanishing fears and re- turning confidence the big line of ex. cited depositors had dwlndled to sma1 proportions while Wall street resumed its ordinary appearance and the count. ing room of the Trust company relaps' ed almost into it's ordinary routine Depositors had no apprehensions thu their account would not be paid thougl there was some delay in paymentebe cause several bank messengers in lint had presented several hundred check which had to be audited and verified before the payments were made. WheI the banking day was ended it was an nounced at the trust company of Amer lea that the deposits during the day had exceeded the withdrawals by $296 900 and that the company had beer able to collect $228,00O of outstanding loans so that the days business showed an increase in cash of $519,01O
 There was a distinct diminution O the run on the Lincoln Trust compan! to-day. There were less than fifty de positors in line all day though man! of these had waited in front of thu company's building on Fifth avenue since the closing last Saturday. 0ff1 cials of the company said the banl messengers who had presented score of checks had delayed the paymen
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