The herald-advance. (Milbank, S.D.) 1890-1922, 1907-11-01
FINANCIAL CONDITIONS RAPIDLY
SETTLING DOWN TO THE
NORMAL.
FLOOD Of GOLD HAS SET IN
MILLIONS COMING FROM EUROPE
TO SUPPLY AMERICAN
NEEDS.

New York, Oct. 30.-The principal
events in the financial district yester-
day indicate that the worst Of the
settling down to normal. There were
no further bank suspensions and re-
ports were favorable for the resump-
ton of most of the banks which closed
temporarily last week. The engage
ment of $751; 900 in gold from Eu-
rope for importation to New York was
followed by the sensational announce
ment of sales of American copper
abroad which will further increase the
tide OF foreign money to this country
to an aggregate of over $500 900.
Stocks Rise Rapidly.
This, with the rapid rise Of good Sc
c~urities on the stock exchange, in
some cases as much as 4 and 5 per
cent, which was naturally followed by
a slight reaction at the close, and the
policy Of the trust companies not to
pay out curreny for boarding purposes
all contributed to strengthen the feel
ing in banking quarters and among
the public at large. Runs upon banks
practically ceased. partly because Of
recognition that they were unneces-
sary and unjustified and partly be-
cause of the policy adopted to pay
on depositary banks.
Sensation in Copper.
One Of the Sensational features of
the day was the remarkable develop
ment in the copper trade. The Unit
ed Metals Selling company reports a
sharp advance in the prices. Copper
which they would have gladly sold ten
days ago at II IL cents a pound COM
manded 10 IL to 13 ga cents a pound
yesterday. During the month the
sales Of this company had been be-
tween 80, 900 900 and 80, 200, 900 pounds
of copper. The bulk of sales have
been for export, so hat up to last
night it is estimated that on the for
eign deliveries during November and
December there will be a return *
ceeding IS, 900, 900 in gold. Sales by
the other copper interests have beer
proportionally large.
That the story Of New York's bank
runs may now be written in a o
Guided chapter of financial history
was the conviction stoutly expressed
in Wall street when the banking day
ended.
Wall Street Is Normal.
Wall street. long accustomed to sen
sations, resumed it's normal condition
yesterday.
The importation Of $17,000,000 in
don, is having a moral effect almost
as important as it's direct financial
effectt. 1t means that credit can be
sustained under the 25 per cent re-
serve law to the amount Of $6S 900, 0OC
and that the banks will be in position
to keep their cash reserves intact
ever against considerable demands
The fact that exchange rates urn SO
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. 1t
is believed that much more gold will
come this way within a short time.
Business Men Approve.
st. Paul, Oct. 3O.-The steps taken
to prevent a drain on the St. Paul,
Minneapolis and Duluth banks, in
view of conditions prevailing at other
banking centers, met with the hearth
est approval of business interests in
all three cities yesterday. Those deal
ing with the banks realized that un-
der the circumstances such steps had
to be taken, but there was not the
slightest fear expressed in any quar-
ter that the situation possessed n
element of danger.
Some small depositors appeared at
the banks with the intention of draw
ing out their deposits and place the
money in safety deposit vaults, but
when the situation was explained to
them they were satisfied with condi-
tons and made no effort to hoard the