The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-10-29
LAST CHAPTER
IS NOW WRITTEN
IN NEW YoRk'S FINANCIAL FLuR-
RY--coNFIDENcE COMPLETES
LY RESTORED.
IMPORTATION OF GOLD!
Has Had Strong Moral Effect--Banks
In Other Parts of Country Feel
Effect--Conferencc at White
House.


New York, Oct. 2S.-The principal
events in financial districts today IN
dicated the worst of the crisis over
and that conditions are settling
down to normal. There were no furth-
er bank suspensions, and reports vera
favorable for the resumption of most
of of the banks which closed temper
arily last week. The engagement Of
$1S,750.0c0 gold from Europe for inn
by a sensational announcement Of the
sales of American copper abroad
which will further increase the tide
of foreign money to this country to
an aggregate or over S25, 900 900. This
with the rapid rise In good securities
en- the stock exchange In some cases
as much as four and five per cent,
which was naturally followed by
slight reaction at the close and the
policy of the trust companies not to
pay out currency for boarding 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 such scurrying about of the
leading fnanciers and hasty confer
ences as took place during the clos.
ing days of last week J. Pierpont
Morgan was in touch with the situa.
ton in his library on Thirty-sixth
street, but did not find it necessary
to come down town.
Runs upon banks have practically
ceased, partly because of the recog-
milton that they were unnecessary aud
unjustifiable and partly because or
the policy adopted to pay large
checks only in certified checks on de
pository banks.
One of the sensational features of |
the day was the remarkable develop. |
ment in the copper trade. The Uni.
ted Metals Selling Company reports Il
sharp advance in prices. Sopper
which they would gladly have sold
ten days ago at 1214 per pound com
manded 1879 to l3% today.
During October the sales of this
company had been between 5000 600
and 90,o00,000 pounds of copper. The
bulk Of the sales have been for export.
SO that up to tonight it's estimate on
the foreign deliveries during Novem
ber and December may exceed this
by 100000 Sales by other copper
interests have been proportionately
large.
That the story of New Yorks' bank ,
runs may now be written in the CON
cluded chapter of financial history
was the conviction stoutly expressed
in Wall street when the booming day
was ended
Wall street has resumed its normal i,
condition and the line of depositors |
waiting at the Trust Company of Am
erica failed even to draw the atten- ,
Iion of the usual throng in the finan- :
rial thoroughfare which scarcely paus i
ed in its passing.
Reports from the trust companies =
all over the city late today state that /,
normal conditions are obtained and 4
hat normal conditions are obtained q
and that incipient runs on several !,
minor companies failed to develop.
The importation of $4,000, 600 gold, -
which comes largely from London. is Il
having moral effect almost as i'm. :,
)ortant as its direct financial effect. .
I means that credit can be sustained y
lnder the 25 per cent reserve law to ),
he amount of s6s.OOO,OO0 and that the !,
,anks will be in a position to keep 7,
heir cash reserves intact. even q
Igainst considerable demands The !,
act that exchange rates return 50 NJ
quickly in favor of this country, and a
hat gold was SO readily obtained. is NJ
ccepted as an indication that the
olvency OF American financial insti- q
uions is not questioned In Europe. fe
The gold stock of the country is al
eady more than twice what was
vailable I'm 1898. even according to [
he liberal estimates of the amour.
n circulation at that time. The gold :
tocks then dropped below $500. .0OO.000
is now in excess of sl.500. .000. 600
he treasury has free gold. not cover v
d by gold certificates in circulation
D the amount of almost $3.50. .0oo. .00a.
r five times its resources for protec'
lg the public debt credit Of 1896.
At a meeting this afternoon Of the
xecutiye board. the Merchants Asso- NJ
iation Of New York. by a unanimous 10
ote. adopted resolutions thanking N
ecretary Cortelyou. J. Pierpont Nor NJ
an and the Bankers and Merchants "
with him. for their part in d
sving the situation. G'
USING CERTIFICATES. III
49, - o.. az a., " ps