Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-10-29
FINANCIAL.
CONTINUED from Page IL

used in handling the business of to-
day will continue but for a short time. |
The city of Chicago was the first
to feel the effect of the change in
banking methods. City Treasurer
Traeger had but a limited amount of
money on hand and this was rapidly
exhausted under or ders of Comptrol-
Ter Wilson, when the latter decided to
stop the issuing of checks upon the
treasurer. 5s.a "A
The law provides, however, that en-
ployes can be paid only in orders up
on the city treasurer, and as that Of
fetal was not able to procure money
to meet all orders from the eomptrol
Ter it was decided that the city pay
rolls should be held up for a time.
Comptroller Wilson declared :. today
that he believed arrangements can be
made with the banks tomorrow look
ing to the payment of city employees,
Gold in Sight
New York, Oct. 2S-Late this after
noon the National City Bank announc-
ed that it had engaged $1,25o,000 gold
for import in excess of its $6,000,000
engaged, making an aggregated Of $751;
$4,000, by various banking institu-
tons of the city on this movement.
Wall Street Becoming Normal
New York, Oct. 2S-The principal
event in the financial district today
indicated that the worst of the crisis
was over and that conditions were set
thing down to normal. There were no
| further bank suspensions and reports
were favorable for the resumption Of
most of the banks that closed temper
arily last week. H., .s
The engagement of $1s,750,000 N
gold from Europe for importation to
| New York was followed by the sensa-
tional announcement of the sale Of AM
erican copper abroad which stila fur
Their increases the tide of foreign mon
ey to this county to the aggregate of
over s25, 100000. This with a rapid
rise of good securities on the stock
exchange, in some cases as much as
four and five per cent, which was ma
turally followed by a slight reaction at
the close and the policy of trust conf
panies not to pay out currency foI
hoarding purposes all contributed to
strengthen the feeling in banking quar-
| tiers, and among the public at large.
| Runs upon banks practically ceased
partly because OF recognition that they
were unnecessary ami unjustifed anl
partly because of the policy adopted t.
pay large checks only in certified
checks on depositary banks. This sys
tenn OF payment worked no apparent
hardship and was the cause OF yer,
little protest. Small checks were pait
promptly in currency, and large
amouns where 1T was demonstrates
that currency was required for pur
Iposes other than boarding.
| One OF the sensational features o
the day was the remarkable develop
Iment in copper trade.
United Metals Selling Company re
lports a sharp advance In prices. Cor
per which they would have gladly sol.
ten days ago at ~ 1-2 cents per poun,
commanded 10 IL to 10 "a cents pc
pound today.
During the month the sales OF thi
company had been between 100000
and s0.OO0.OOO pounds Of copper. Tn
bulk of the sales have been for g,
port SO that up to tonight 1T Is est
mated that on foreign deliveries dul
ling November and December ther
win be a return exceeding eight mi
Hon, and IN gold sales BY other col