Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-29
Engagement of Eighteen Mil
lion Dollars in Gold for I'M
port to New York Brings Re-
neWed Confidence.
COPPER TAKES SUDDEN
AND SENSATIONAL RISE
Sales of Red Metal Abroad
Will Further Increase Tide
of Money Toward United
StateSi No New Failures,
IBy Morning journal Special Leased wirs.I

IBy Morning journal Special Leased wire.I
New York, oct. 2S.-The principal
events I'm the financial district today
indicated that the worst of the crisis
was over and that conditions We're
settling down to normal. There were
no further bank suspensions, and re-
ports We're favorable for the resump-
tion of most of the banks which closed
temporarily last week The engage
ment Of $4,000. 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 $4,000, 600.
This. with the rapid rise of good Sc
curities on the stock exchange, in
come cases as much as four and five
per cent, and the policy of the trust
companies not to pay out currency
for boarding purposes, all contributed
To strengthen the feeling in banking
circles and among the public at large.
So well was the situation in hand that
there was no such scurrying about OF
leading financiers and hasty confer
ences as took place during the closing
days of last week. j. p Morgan was
in touch with the situation in his
library on Thirty-sixth street, but did
not find IL necessary to come down.
town.
Runs upon BANKS especially ceased.
party because or recognition that they
were unnecessary and unjustfabe,
and partly because of the policy
adopted 10 pay large checks only In
certified checks In depository banks.
This system of payment worked no
apparent hardship, and was the cause
OF very little protest
One of the sensational features of
the day was the remarkable develop
ment in the copper trade. The United
Metals Selling company reported
sharp advance in the price. Copper
which they would have gladly sold ten
days ago at 1919 cents a pound, com
manded 1S 1-2 to l3 ga cents a pound
today. During the month of october
the sales Of this company have been
between S0,0O0,000 and 90,OOO,0OO
pounds Of copper. The bulk Of sales
have been for export so that up TO to-
night IL Is estimated that on the for
eign deliveries during November and
December there Will be return ex-
ceeding eight millions in gold. Sales
by the, other copper interests have
been proportionately large.
Wall street, long accustomed to
sensations, resumed its normal condi-
ton today. and the thin line OF de-
positors waiting az the Trust Company
Of America ceased even to draw the
attention of the usual throng In ne
Financial thoroughfare, which scar e
ly paused Nn It's passing. When the
banking day was ended Il was n
nounced at the Trust Company Of
America that the deposits during the
day had exceeded the Withdrawals by
s2g6.OOO. and that the company had
been able to collect s223,000 OF out
standing loans, so that the net result
Of the dav's business was an Increase
In cash OF $4,000.
There was a distinct diminution Of
the run Of the Lincoln Trust company
Less than fifty depositors were in line
all day though many OF these had
waited IN front Of the company's
building on Fifth avenue since the
closing last Saturday
The run on the Colonial branch Of
the Trust Company Of America which
Is the largest branch Of the instltu-
tion. has ended. The few depOsitors
that came to the company's offices on
Ann street today were quickly paid
Off. and business resumed its normal
s routine
Reports from trust companies all
over the city late today state that nor
NAL conditions obtained and that in
ciplent runs on several minor compa-
nies had failed 20 develop.
The importation Of AlHtNoN.ouo m
gold. which comes largely from Lon
Con Is having a moral effect almost
as important az its direct influence. II
means that credit can be sustained
under the 25 per cent reserve law
10 the amount OF Sos. .0O0. 900. and that
tle banks will be IN position 10 keep
their cash reserves intact. even against
considerable demands.
Another factor which facilitates the
Import Of gold Is the large orders for
sueffcnn securities which reached the
sfgcf exchange today from London
and varsous points on the continent.
Foreign investors study carefully
American properties. and they are evi-
IDENTIFY convinced that sound railway
securities have touched level which
will make their purchase profitable.