The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-29
FINANCIAL CRISIS
IS SAFELY PASSED
Runs on New York Banks
Almost Wholly Cease
and None Fail.
IMPORT OF GOLD
is REASSURING
.IWall Street Has Practically Re.
sumed Its Normal Aspect and
Issue of Clearinghouse Ger
tificates-Distinct Adj
vance in Copper
Has Effect.

Has Effect.
NEW YORK. October .s.-rhe prin-s
cipal events In the financial district
to-day indicated that the worst Of
the crisis was over. and that condf-
tions were settling down to normal
There werc no further bank suspen-
/ sions, and reports We're favorable for
the resumption OF most OF the banks
which closed temporarily last week.
The engagement of $1s,T5o,000 in gold
from Europe for importation to New
York was followed by the sensational
announcement OF sales Of American
! copper abroad. which will further In.
crease the tide OF foreign money 70
| this country to an aggregate of over
| $25.000,000.
This, with the rapid rise OF good
| securities on the Stock Exchange, In
some cases as much as four and five
points, which was naturally followed
| by a slight reaction at the close, and
| the policy OF the trust companies not
| to pay out currency for boarding pur-
poses, all contributed to Strengthening
| the feeling OF reinsurance in banking
quarters and among the public at
| large.
nuns ON Banks Nearly Cease.
Runs upon banks practically ceased.
| partly because of recognition that they
were unnecessary and unjusttfiable,
and partly because of the policy adopt
ed to pay large checks only In certi-
| fled checks on depository banks. This
| system of payment worked no appar-
| ent hardship and was the cause Of
very little protest One OF the sensa-i
tional features of the day was the
remarkable development in the copper
[ trade. The United Metals Selling Com
| pany reports sharp advance in the
/ price. Copper, which they would have
\ gladly sold ten days ago at IL III
cents a pound, commanded 13 1-a To
IL 3-4 cents a pound-7to-dny. During
i the month of October the sales of this
| company had been between $4,000 and
10000 pounds OF copper. The bulk OF
/ the sales have been for export, so that
up to to-night 1t is estimated that In
| the foreign deliveries during Novem-
ber and December there will be n
return exceeding SS,0O0.000 in gold.
Sales by the other copper interests
have been proportionately large. That
| the story of New Yorks bank runs
may now be written in concluded
chapter of financial history was the
conviction stoutly expressed In finan-
cial circles when the banking day
| ended.
Conditions Almost Normal.
Wall Street. long accustomed to sem.
sations. resumed It's normal condition
to-day. and the thin line OF deposttors
waiting at the Trust Company of Amer
lea ceased even to draw the attention
| of the usual throng in the financial
Ethoroughfare. which scarcely paused In
Its passing. Wall Street pulsated on
Wednesday and Thursday with excite-
ment over the runs. and crowds of peo-
Eple went there to gaze in wonderment
and CONSERVATION at the anxious crowd
of deposttors. To-day all was changed.
| With vanishing fears and returning
confidence the big line of excited de-
positors had dwindled to small pro-
portions. while Wall Street resumed its
ordinary appearance and the counting
room OF the Trust Company relapset
almost into its ordinary routine. When
the banking day was ended 1t was an-
Enounced at the Trust Company OF
L America that the deposits during the
day had exceeded the Withdrawals. and
that the net outcome of the days bust.
ness was an increase in cash OF SOL ,000
There was distinct dtminution OF
ithe run on the Lincoln Trust Company,
Less than fifty depositors We're in line
all day, though many of, these had;
WAITED in front OF the company's build
ing on Fifth Avenue sincs the closing
last Saturday. Officials of the company
said that bank messengers. who had
presented scores of checks, had delayed
the payment of depositors, but that the
run was about over.
Large Gold InlpOrt tation.
The importation Of s1s,0Oo.O0 In
! gold, which comes largely from London
| is having a moral effect almost as im-
|portant as its direct financial effect
1T means that credit can be! sustained
under the 20 per cent. rescrve law to
| the amount OF s6S,000s000 00.ssand the
banks will be in position To kespAthetr
/ siderable demands. The fact that eX-
change rates turned SO quickly in
| favor Of this country and that the gold
WAS SO readily obtained Is accepted az
Ian indication that the solvency OF
American financial institutions Is not
questioned in Europe. 1t is believed
THAT much more gold will come this
Ilwayf within a short time,
The crisis has come at the most Ia
Ivorable moment for the Importation OF
gold, because the movement OF the
crops has created heavy credit balances
lin favor of the United States. which
have not been discounted this year by
/ the sale of financial bills. Another
4 factor which facilitates the Imports OF
4 gold Is the large orders for American
Esecurlties which reached the Stock Ex-
change to-day from London and ra-
4 rious points on the continent.
Large Gold supply Now.
The gold stock OF the country Is all
4 ready more than twice what was avail
4 able in 1898. even according to libaral
4 estimates Of tho amount III circulation
at that time. The gold stock then
j dropped below $500, 100000, It is new
Fin excess OF sl,6oo,0 100000. At q meet
Ing to-day of the executive COMMITTEES
Y or the Merchants Association OF New
I York resolutions We're adopted thank
ling Secretary Cortelyou, j. Pterpont,
Z Morgan and others for their efforts ~
4 restoring coniidence In the tnanctal
world, @
4 suspend Irasiing In Graia.
i DULUTH. MINI. October 2s,-rTsads