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Show S IS il Conditions in Money Center of United States Are Rapidly j 'H 'Approaching Normal. ! NO MORE SUSPENSIONS jf OF IMPORTANT BANKS 1H Depositors Take Kindly to Pay- H ment of Checks in Clear- H ing-Housc Certificates. M NEW YORK, Oct. 23. The principal gjjH events in the financial district today 11 indicated that the worst of the crisis 11 is over and that conditions were settling 11 down to normal. There were no further 11 bank suspensions, and reports wore fl favorable for the resumption of most 11 of the banks which closed temporarily Ijl last wool:. The engagement of $18,- 750,000 in gold from Europe for "unpor- 11 tation to New York was followed by thc sensational announcement of sales of American copper abroad which will further increase thc tide of foreign 1 money to this country to an aggregate j of over $25,000,000. This, with the j H rapid rise of good securities on tho 1 : stock exchange, in some cases as much ,11 as 4 and 5 per cent, and the policy of ml the trust companies not to pay out cur- yil rency for hoarding purposes, all con- lll tributcd to strengthen the feeling in Sll banking circles and among the public !1IH fit large. So well was the situation in hand that there was no such scurrying 'll about of leading financiers and hasty 11 conferences as took place during tho lUI closing days of last week. ,T. P. Mor- !1H gan was in touch witli the situation in I H his library on Thirty.si.-cth street, but did not find it necessary to come down Sl town. Runs Upon Eauks Ccaso. IH Buns upon banks practically ceased, (IH partly because of recognition that tkev 9(H wero unnecessary and unjustifiable and IH partly-because of the policj' adopted to H pay large checks only in certified checks H in depository banks. This system of H payment worked no apparent 'hardship, sSH and was the causo of very little protest. SH Small checks were paid promptly in cur- lllH rency, and larger amounts where it was tf H demonstrated currency was required for If H purposes other than hoarding. It is still KiH possible for a frightened depositor to transfer his account from one institu- SH tion to another by depositing a check SH 111 the depository for which he now has LjH a preference, but he cannot withdraw jIH large amounts in gold certificates to bo ff'H locked in a safo deposit vault, as waa bH the caso jast week. H One of the sensational features of the II day was the remarkable development in ttH the copper trade. Thc United Metals sH Selling company reported a sharp ad- M vanoe in the price. Copper which Ihev l would have gladly sold ten days ago ttH at 12V-J cents a pound commanded 13 U IH to 13:J't cents a pound todav. During 3H the month of October the sales of this ul company had been between S0.000.000 itH and 90,000.000 pounds of copper. The IjH bulk of sales has been for export, so QH that up to tonight it is estimated that IH on the foreign deliveries during No- 8H vember and December there will be a fH return exceeding oight millions in cold. W Sales by the other copper interests have ul been proportionately large. SH No More Signs of Panic. SH Wall street, long accustomed to sen- lH sations, resumed its normal condition uH today, and thc thin line of depositors lH waiting at the Trust Company of A.mcr- ! ica ceased even to draw the attention IH of thc usual throng in the financial H thoroughfare, which scarcely paused iu OH its passing. When the banking day was QH ended it was announced at thc 'Trust RHJ Company of America that thc deposits cH during the dav had exceeded tho with- SH drawals by $290,000 and that the com- OH pany had beon able to colloct $223,000 HJ of outstanding loans, so that thc net in- II H crease of tho day's business was an fil increase in cash of" $519,000. ufl There waa a distinct diminution of KH the run on the Lincoln Trust company. IjH Less than fifty dopositors were in lino !IH all day, though many of these had !H waited" in front of the company Js build- ifll iug on Fifth avenue since the closing 1HH last Saturday. Officials of the company KhI stated that tho bank messengers who fHI had presented scores of checks had do- (III layed the payment of depositors, but F; that thc run was about over. The run BBB on the Colonial branch of the Trust vBI Company of America, which is the larg- vHI est branch of tho institution, has end- &HJ cd. Tho fow depositors that camo to vBfl the company's oftices on Ann street to- kBHi day wore quickly paid off, and .business Dfll resumed its normal routine. ffHfl Normal Conditions Obtain. Reports from trust companies all over H the city laic todav state that normal conditions obtained aud that incipient IH ruii'j on several minor companies had H1 failed to develop. IhI The importation of $17,000,000 in iM gold, which comes largely from London, is, having a moral effect almost as im- ( porl.ant as its direct inllnenco. It PHI mans that credit can be sustained un- $ dor thc 25 per cent reserve law to tho rBh a mount of $63,000,000 and that thc vHI brinks will be in'a position to keep their ! cash resorves intnet even against con- 'fll siflerable demands. The fact that ex- change rates return so quickly in favor 11 of this country and that tho gold was DHI so rendu' obtained is accepted as an 111 indication that solvency or American Jpl financial institutions is not questioned in "Europe. It is believed that much moro gold will como thin way within ! a short time. The crisis has como at BV the-most favorable moment, for the im- 'flA Continued 011 Pago Nine 1H FINANCIAL CRISIS SEEMINGLY OVER Continued from Pago One porlation of gold, because the movement move-ment of crops has created heavy credit balances in favor of tho United States which have not been discounted this year by the sale of finance bills. Another An-other factor which facilitates the import im-port of gold is tho large orders for American securities which reached the stock exchange today from London and various points on the continent. Foreign For-eign investors stud' carefully American properties, and they are evidently convinced con-vinced that sound railway securities havo touched a level which will mako their purchase probable. Prices were sufficiently favorable a week or two ago to induce a movement of this character, char-acter, but it has roquirod tho crisis to bring tho matter vividly to tho attention atten-tion of European investors, so that in tliis respect tho troublo has hnd a certain cer-tain value ns a corrective. Tho nows thnt Amoricnn securities opened considerably con-siderably higher in London than on Saturday proved an encouragement to the stock market in New York. Plenty of Gold Available. The gold stock of tho country is al-ready al-ready more than twice that which was avnilablo in 1893 even according to liberal lib-eral estimates 01 the amount in circulation circu-lation at that time. Tho gold stock then dropped below $600,000,000. It is now in excess of $1,500,000,000. The treasury has free gold, not covered by gold certificates in circulation, to tho amount of almost exactly $250,000,000, or five times its resources for protecting protect-ing the public credit in 1S9G. At a meeting held this afternoon tho oxocutive committee of the Merchants association of Now York, by unanimous vote, adopted a resolution of thanks to Secretary of tho Treasury Cortelyou, and to .t. Pierpont Morgan, for-tho important im-portant parts they played in saving tho financial situation. |