Arizona republican., 1907-10-29
All Indications Point to the Safe Passing
of the Crisis In New York
Copper Assists In the Relief Work. Precautions Have
Been Taken In All Financial Centers Against An
Opening tor a Panic.

New York, oct. 2S.-The principal
events in the financial district today,
indicated that the worst crisis was
over and that conditions were settling
down to normal There will be no fur
ther bank suspensions and reports
are favorable for the resumption of
most of the banks which were closed
temporarily last week. The engage
ment of s17.75O,O 900 gold from Europe
for Importation to New York. was fol-
lowed by the sensational announce
ment that sales of American copper
abroad which will further increase the
tide of foreign money to this country.
will amount to an aggregate of s25.-
100000. This, with the rapid rise of
good securities on the stock exchange,
in some cases as much as and 5 per
cent, and the fact that the trust COM
panies will not pay out currency for
boarding purposes, all contribute to
strengthen the feeling in banking cir
cles and among the public at large.
Runs upon banks. especially. ceased
partly because of the recognition that
they are unnecessary, and unjustifi-
able and partly because of the policy
adopted to pay laris, checks only by
certified checks on depository banks.
This system of payment worked no ap-
parent hardship and caused very lit
tie protest. Small checks were paid
promptly in currency and large sums
also. where it was demonstrated that
the currency was required for purposes
other than boarding.
one of the sensational features of
the day was the remarkable develop
ment of the copper trade. The United
Metals Selling Co. reported a sharp
advance in prices. Copper which they
gladly sold ten days ago at IL l-2 cts
commanded 13 IL to I3 IA a pound
today. During the month of october
the sales of the company have been
between eighty and ninety million
pounds of copper. The bulk of the
sales has been for export, so that up
To tonight it estimated that on foreign
deliveries during November and De-
cember there will be returns exceed
ing ss.000000. gold. Sales by other
copper interests have been proportion
ately large.
When the banking day ended il was
announced that the Trust Company of
Americas deposits today. exceeded the
Withdrawals by s296,000. The company
had been able to collect s223, 900. out
standing loans so that the net increase
of the days business was $4,000.
There was a distinct diminution of the
run on the Lincoln Trust Co There
were fifty depositors in line all day.
The run on the Colonial, "A branch of
the Trust Company of America, the
largest branch of the institution, has
ended.
Reports from trust companies from
all over the city. today state normal
conditions obtain. and that incipient
runs on several minor companies had
failed to develop. The importation OF
S17.750.0oo in gold largely from London
is having a moral effect almost as i'm
portant as its direct influence. 1t
means that credit can be sustained un-
der the % per cent reserve law to the
amount of S6S.Q0O.000 and that the
banks will be in a position to keep
their cash reserves intact even against
a considerable demand. The fact that
exchange rates have returned so quick