The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-11-01

Crisis was over and that cOnIltlCl S
were settling down to normal. There
Were ne further bank suspensions and
and TeAosts were favorab bic for resump~
tiss Of NEST of the banks which clos
cd Temporarily last week The engage
nent Of $18, $50, 900 in gOId from Eu-
rope fer importation to New York was
followed by the sensational annuonce-
neft OF sales Of American copper
s1brOad which will further increase
the tide Of foreign money to this coUn-
try to an aggregate Of over s25, r0O,-
$40.
This, with the rapid rise of gOOG Sc
c~urities on the stock exchange, in sUmC
cases as much as four and five per
cent which was naturally followed
by q light reaction al The close ard
the policy of the trust mpani not
te pay OHt currency for boarding Jur-
poses, all contributed to STRENGTHEN
Tag the feeling in banking quarters
and among the public at large.
Runs upon banks practically ce15eI,
partly because of the recognition hat
they were unnecessary and justihaDIe
aRd partly because of the policy adOr-
ted to pay large checks only in certified
checks on depository banks. This 5y,-
tenn of payment worked no apparent
hardship and was the cause of very
little protest.
one Of the sensational features CT
the day was the remarkable DEVELOP
ment in the copper trade. The Unit I'd
Metals Selling Company reports sharp
advance in the price.
Copper, which they wouid have y IL
~ sold ten days ago at II IA cents L
pound, commanded Is II to Is 2-t
cents a pound today.
During the month Of October the
sales of this company had been e
tween 8O,0Gd, 600 and 80, 600, 900 pounds
Of copper. The bulk of sales nave been
for export, so that up to tonight it is
estimated hat in the foreign deliver
les during November and DecembG"
there will be a return exceeding eight
millions in gold.
Sales by the copper interests haze
Decn proportunately large.
That the story Of New York bank
runs may EOt be written in a con-
cludcd chapter Of financial history was
the conviction stoutly expressed il
Wall Street when the banking daypnd-
I'd
Val street, long accustomed to SEN
1%dtlOns, resumed its normal condition
today and the line of ~depOsitors wait
in% at the Trust Company of Ameri-
"an was too thin even to draw the at
tention of the usual thrOng inthe IL
nancial t~hOrOughfare, which scarcely
paused in its passing.
Wall street pulsated on Wednesday
and Thursday with excitement over The
runs and crowds of people swept
through the street gazing in wonder
Rent and CONSERVATION at the anxious
crowd of depOsitOrs. Today all was
changed.
With vanishing fears and returning
confidence the big line of excited de-
sositors had dwindled to small proper
tions, while Wall street resumed its
ordinary appearance and the counting
room of the trust company relapsed
almost into it's ordinary routine. When
@e banking day was ended it was an
Rounoed at the Trust Company of Anne
Noa that the deposits during the day
had exceeded the Withdrawals and that
the net income of the days buSln eSS
was an increase in cash of $519,-
coo. ~!
There was a distince dimution OF the
run on the Lincoln Trust Company.
Less than fifty depOsitors were in inc
all day, though many of these had
waited in front of the company's build
ing on Fifth Avenue since the closing
last Saturday.
Officials of the company said that
the bank messengers who had present.
cd scores of checks had delayed pay
ment of depositors but that the run
was abOu over.
The importation of ST. 900 600 i'll sold
which comes largely ron London, IS
having a moral effect almost as in
pOrtant as its direct financial effect.
1t means that credit can be sustained
under the % per cent. reserve Ia" TO
the amount of $685. 600, 600 and hat
the banks viii be in position to keep
their cash reserves intact, Eel against
considerable demands.
The fact that the exchange rates
turned so quickly in favor of this coun-
try and that the gold was SO rapidly
obtained is accepted as an indication
that he s~olvency OF the American p
aancial institutions is not questioned
in Europe.
It is believed that much sold Will
come this way in a short time.
The crisis las come at the most
favorable moment for the importation
of gold because the movement OF the
crops has created heavy credit bala1iL-
es in favor Of the United States, whr"h
have not been discounted this year by