The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1907-10-29
TWENTY-FIVE MILLION DOLLARS
in GOLD COIN COMING
FROM EUROPE.
COPPER ADVANCES
More Than one Cent Per Pound In
crease-Runs on All New York
Banks Cease Paying Large Sums
With Cashiers Checks on Other
Banks to Prevent Hoareling Money.
(By Associated Preae.)

(By Associated Preao.)
\ New York, Oct. s28.-The principal
events in the financial district today
indicated that the worst OF the crisis
is over and that conditions were set
tlfng 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 $13,1750,O00 in
gold from Europe for Importation to
New York was followed by the sensa-
tional announcement uf sales OF Amer
ican copper abroad, which will fur
ther increase the tide Of foreign
money to this country to an aggregate
of over s25,000,OOO. This, with the
rapid rise OF good securities on the
stock exchange, in some cases as
much as four and five per cent, and
the policy OF the trust companies not
to pay out currency for boarding pur-
poses, all contributed to strengthen
the feeling in banking circles and
among the public ct large.
Rune Upon Banks Ceased.
Runs upon banks especially ceased
partly because Of recognition that
they we're unnecessary and unjustifla-
BILE, and partly because of the policy
adopted to pay large amounts only in
certified checks In 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
larger amounts, where 1t was demon
,strated currency was required for pur-
poses other than boarding.
One Of the sensational features Of
the day was the remarkable develop
ment in the copper trade. The Unit
ed Metals Selling company reported
sharp advance in the price. Copper
which they would have gladly sold 10
days ago at 1914 cents a pound COM
manded 131s to 13A cents a. pound
today. During the month OF October
the sales Of this company have been
between 80,000,0O0 and 90,0o0,000
pounds of copper. The bulk Of sales
have been for export, SO that up to to-
night it is estimated that on the for
eign delivery during November and
December there will be return ex-
ceeding eight millions in gold. Sales
by other copper interests have been
proportionately large.
Reports from trust companies all
over the city late today state that nor
NAL conditions obtained and that In
cipient runs on several minor compa-
nies had failed to develop.
Gold lmportations.
The Importation Of s17,O00,ooo in
gold. which comes largely from Lon
don, is having moral effect almost
as important as it's direct influence.
It means that credit can be sustained
under the rs per cent reserve law to
the amount of $68 100000 and that the
banks will be in position to keep
their cash reserves intact even
against considerable demands. The
fact that exchange rates return to
quickly in favor Of this country and
that the gold was SO readily obtained
is accepted as an indication that the
solvency of American financial insti-
tutions is not questioned in Europe.
The news that American securities
opened considerably higher in London
than on Saturday proved an encour-
agement to the stock market in New
York.
The gold stock OF the country is al
ready more than twice that which was
available in 1893, even according to
liberal estimates of the amount in cir
.culation at that time. The gold stock
then dropped below $600,000,000. It
is now in excess of s1,50o,0o0, 0,ooo.