Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-10-30
Flood of the Great American
Staples Pouring Across Seas
Exerting Tremendous lnfIu-
enCe on Situation,
INCIPIENT PANIC IS
CONSIDERED ON WANE
Sale of American Securities
Assists in the Restoring of
Confidence; New York Bank
erS Are Calm,


INV Morning Journal Special Leased Wire.l
New York, oct 2g.--'The enormous
influence which American products
are exerting in building up credit |
| balance abroad has heen the most sig
nal development of the financial situa- |
| ton today Reports from all quarters
| show that the great American staples
wheat, cotton, copper, oil, meats and !
! Itobacco-are on their way to Europe |
this being the season oi the year When
| American prod ucts are marketed !
| abroad The immediate effect of these |
shipments is to give America credit |
| abroad which can be speedily con- !
yerted into cash. These natural re- |
sources of the country promise Go eN- !
crt even greater influence than the
sale of American securities abroad. !
| The latter have TO some extent sur |
fered discredit under recent pressure.
but the intrinsic value of American
; staples used abroad and their colossal
laggregate at this period Of the year,
| Is beyond the reach Of financial dis
! trust
| The foreign sales Of millions Of
| mounds of American copper yesterday
were supplemented to-day 10y reports of
similar heavy exports, today's ship
ments alone giving e foreign credit of
$4,000. 600 The shipments of to-
| haCCo to Europe thl year promise 20
break al record Officials pt the
! American Tobacco company estimate
that the years export will exceed So
O0O. 900 pounds of manufactured to-
bacco which Is far I'm excess Of the
amount exported last year. Europe
will pay overs 90 600. 900 for this to-
bacco, aud much of this money will
soon be available IN this market as
the contracts with European import-
ers call for immediate payment on de-
I al fnhagHn "a Ion
rope will begin in November and De-
cember. Reports from the south show
that the cotton crop Is moving toward
Europe. while the west is sending
grain and meat products ia the same /
direction.
Day Closes Favorably.
Several favorable events marked |
the close of the financial day in New |
York The engagement of S2,000,O00 |
in gold by the First National bank OF |
Chicago, and Of 100000 by Boston /
bank brought the total gold engage
ments up close 10 S20.0O0.0O0, In spite !
Of the cancellation of an order TOR
5000. 200 by the Russo-Chinesc bank |
upon the ground that the amount en- |
gagged exceeds necessities. The raising |
of German bank rates In order 10 pre-
vent America from drawing German /
gold produces little effect on the SIT
uation here. as none Of the gold en-
gagements thus far have been made IN
Germany and most Of those anuci-
pated were from other European
money markets
while money ai the stock exchange |
was loaned during most Of the day az
high rates. u fen near the close 10 1
per cent. offers Of several million /
dollars at that rate being made by a |
number OF the leading banks.
Calm In New York.
Cpm Tutiyp calm TeiEnpn among /
New York bankers They all realized |
that the pressure for money was not i
over. but they felt generally that the
unreasoning panic was Al an end and /
they would be able to meet all reas-
enable demands for currency These |
demands are coming In considerable
amounts from tho west and south in |
order to obtain money TO move crops.
and Il Is feared that the sections where
the movement is largest may be- moro
or less hamporod in their efforts 10
obtain funds. The general refusal IN
pay cash for boarding. In the west
and south as well as In New York.
It is believed will prevent the undue
absorption Of currency and permit thr
employment Of rs hat Is available 900
the most effective manner
Tho large banks Of this city are
gaining deposits from the banks which
have been under suspicion and thi7
money where 10 can be used most et-
fectiveIy. but on the other hand ~
creates debit balances ~ the clearing
house against the banks which are
losing deposits which are not always
easy Tor them 10 meet without sharp'
curtailing their loans, even with th"
assistance Of clearing house certiii-
cafes.
Runs upon tho hanks are practically
over. Persons no present large
checks aud ask for their payment 90
currency are invited Go consult the
bank officials Do casest where their
need for currency is evidently lcgiil-
mate they usually receive ~. in cases
where b. g. sought for boarding they
are usually cout Iuced that money BEL
better off in ths hank nr that they
should accept certified checks for de-
po-lt lelsewhcre.
The arrival or nearly t20.00o.00o in
gold IL ls believed will considerably
relieve the situation and perhaps
make call money q little lower on the
stock exchange
The decline In -f1cks today was gem
orally attributed 90 the continued
scarcity of money for speculative pur-
poses the refusal II brokers to make
transactions except for cash in The
absence Of buying Interests under
present disturbed conditions.
Looks Good Everywhere.
Aside from the New York oundi-
tfou~. an points showed a favorable
tendency. In New England there was
na sigu ~ serious unrest. and ih' re-