The Montgomery advertiser., 1907-10-29
SITUATION | IS BRIGHTER |Cs ,.tfons Settling Down
 to Normal. RUNS ON BANKS CHASING Remarkable Development in the
 Copper Trade. Bis rmporsstion of Cola From Europe is Having Moral Effect on
 the Financial sit-
 uation.
RUNS ON BANKS CHASING

| indicated that the WoTSt WYE VfSt anu | that conditions were settling down to normal. There were no further bank lsuspensfons and reports were favorable for the resumption of most of the banks which closed temporarily last week The engagement of s1s.75o,ooo in gold | from Europe for importation to New York, was followed by the sensafional announcement of sales Of American copper abroad which will further in- icrease the tide of foreign money to this country to an aggregate of over sz5,- COG. .o00 This with the rapid rise Of good securities in the stock exchange, in some cases as much as and per cent. was naturally followed by siignt I reaction at the close. but the policy of the trust companies not to pay out currency for hoarding purposes. all to strengthen the feeling in banking quarters, and among the pun- l lie at large.
 So well was the situation in hand that there was no such scurrying about l of leading financiers and nasty confer ences as took place during the closing days of last week. J. 3. Morgan was in touch with the situation in his IT. brary 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 unjustined ana partly because of the policy adopted to pay large checks only in certified checks on depository banks. This sys- tenn of payment worked no apparent hardship and was the cause Of very little protest Small checks were paid promptly in currency ana large amounts where 1t was demonstrated that the currency was required for purposes nfl.ar than boarding,
 Copper Trade Develops.
 One of the sensational features or the day was the remarkable develop naent in the copper trade. The United Metals selling Company reported sharu advance in the price, G0pnef which they would have gladly sold ten days ago at twelve and one han cents a pound commanded thirteen and ona-haIf to thirteen and three-fourth cents pounds today. During the months of october the sales on this company held between SO,000,OoO and s0.00o.0O0 pounds of copper. The oulk of the sales have been for export. so that up to tonight, 1t is estimated that on the foreign deliveries during November and December. there will be d return exceeding eight millions in gold. Sales by other copper interests have been proportionally large.
 That the story of New York's banks
  cIuded chapter of financial history was tha conviction stoutly in Wall street. when the banking day ended. Wall afraet long accustomed to sensations. resumed it's normal condition today and the thin line of depositors waiting at the Trust Company of America ceased sven to draw the attention of the usual throng in the financial thoroughfare urhich scarcely paused in its passing. The big line of excited depositors had dwindled to small proportions while wal street resumed it's ordinary ap- pearance and the counting room of the trust company Pelapsed almost into its ordinary routine.
 When the banking day was ended, 1t 1Uaa announced at the Trust Company of America that the deposits during the day had exceeded the withdrawals hv s29s GOO. and that the company had been able to collect $223.000 of out standing loans so that the net income of the days business was an increase of casffsof $519,o00.
 Bank Runs CeRse.
 There was distinct diminuition Of the run on the Lincoln Trust Company. Fewer than fifty depositors were In line all day though many of these had waited in front of the building on Fifth avenue since the closing last Satur- day.
  the Trust Company of America, which Is the largest branch in the institution, has ended.
 Reports from trust companies all oyer the city late today state that normal conditions obtained and that tncipient runs on several minor compa- nies had failed to develop.
 The importation of $1S,750,000 in gold which comes largely from London, is having a moral effect almost as impor- tant as it's. direct financial effect. It means that credit can be sustained inc amount of S6s, ,000, ,000, and that the banks will be in position to keep their cash reserves intact even against con- siderable demands.
 Tt is believed that much more gold will come this way within a short time.
 The crisis has come at the most fa- vorable moment for the importation of gold. because the movement of the crops has. created heavy credit balances in favor of the United States which have not been discounted this year by the sale of finance bills. Another fac- for which facilitates the imports of gold is the large orders for American secnri- ties. which reached the Stock Ex- change today from London and various points on the continent. Prices were sufficiently favorable week or two ago to induce a movement of this char acter but 1t has required the crisis to bring the matter vividly to the atten" tio nof European investors. so that In this respect the trouble has had cer- tain value as a corrective.
 Heavy Gold StoeI<A
 The gold stock of the country is al- ready more than twice what was available in 1893 even according to lib- erai estimates of the amount in circu- lation at that time. The gold stock then dropped below $600,o00,0 900. 1t is now in excess of $1,50O. 100000.
 At a meeting today of the Executive Committee of the Merchants Associa- ton of New York, resolutions were adopted thanking Secretary Cortelyou. J. Pierpont Morgan and others for their efforts in restoring confidence in the financial world.
 Silver Ia Purchased.
 A S.s-z