The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-30
SOUTH is TAKING
PRECAUTlON, TOO
New Orleans Stock Exchange
Closes Until Monday, and Ten
dency to Limit Specula-
ton is Widespread.
Currency Needed to
Move Crops.

( 4
ducts are exerting in building up n
credit balance abroad has been the
most signal development OF the fnan-
clal situation to-day. Reports from all
quarters show that the great Ameri-
can staples-wheat, cotton, copper.
tobacco, oil, meats-are on their way
to Europe, this being the season OF
the year When American products are
marketed abroad. The immediate ef-
feet OF these shipments lis to give the
United States crdit abroad, which
can be speedily converted into cash.
These natural resources of the coun-
try promise TO exert even greater In
fluence than the sale of American Sc
curities abroad. The latter have to
some extent suffered discredit under
recent pressure. but the intrinsic value
OF American staples used abroad. and
their colossal aggregate at this period
OF the year is beyond the reach of
financial distrust.
The foreign sales of millions OF
American Copper yesterday were sup
plemented to-day by reports Of similar
heavy exports in wheat. to-days ship
ment alone giving a foreign credit OF
{l,000.ooo.
Export. OF Tobncco.
The shipments of tobacco to Europe
this year promise to break all records.
officials OF the American Tobacco Com
pany estimate to-day from the orders
on hand that the years exports Will
exceed 50000,o00 pounds OF manufac-
tured tobacco, which is far In cx-
cess of the amount exported last year.
Europe Will pay over $lO0,000.0O0 for
this tobacco. and much OF this money
will soon be available in this market.
as the contracts with European inn
porters call for Immediate payment on
delivery. Shipments OF tobacco to Eu-
rope will be very heavy in Novem-
Der and December, according to officials
of the American Tobacco Company.
Reports from the South show the cot
ton crop moving toward Europe. while
the West Is sending grain and meat
products In the same direction The
.all shipment of American products.
chiefly agricultural. thus come at an
opportune time in giving the country
large credits abroad. making 1t diff,
lcult for the foreign money markets
20 withhold gold even by the most
urastic raising of their discount rates.
Several favorable events marked the
close Of the financial day in New
York. The engagement of S2.0O0.000 In
gold by the First National Bank of
Chicago. and OF $4,000 by Boston
bank brought the total gold engage
ments up close to $4,000, ,o0O in spite
OF the cancellation of an order for
100000 by the ,Russo-Chinese Bank.
upon the ground that the amount en-
gagged exceeds necessities here. While
money at the Stock Exchange was
loaned during most OF the day at high
rates, 1t fell near the close OF the day
to s per cent, offers OF several mil
lion dollars at that rate being made
by number of the leading banks.
Calm Iteigns mt Banks.
Comparative calm reigned among New
York bankers to-day. They all realized
that tho pressure for money was not
over, but they felt generally that un-
reasoning panic was at end and they
would be able to meet all reasonable
demands for currency. These demands
are coming in in considerable amount
from the West and South in order to
obtain money to move the crops and
It is feared that sections where the
movement is largest may be more or
less hampered in their efforts to OBJ
tain funds.
The general refusal to pay cash for
boarding, in the West and South. as
we'll as in New York, 1t is believed.
will prevent the undue absorption OF
currency and permit the employment
of what is available In the most eff
fective manner. Runs upon the banks
nearly s20.000.O0o in gold. 1t is be-
lieved, will considerably relieve the
situation, and perhaps make call
moneys a little lower on the Stock Ex-
change.
The decline in stocks to-day was
generally attributed to the continued
scarcity OF money for speculative pur-
poses. the refusal Of brokers to make
transactions except for cash, and the
absence of buying interest under pres
ent' disturbed conditions. Compara-
lively few conferences We're held to-
day. because 1t was felt that New
Work. bankers had the situation well
IN hand. and that the provision FOR
clearinghouse certificates and for
paying large drafts In checks Instead
OF currency would avert any further
trouble.
Favorable News Generally.
Aside from the satisfactory local con-
ditions, reports from all points showed
a favorable tendency. Tn New Eng
land there was no sign of serious un-
rest, and the recent disturbance in
Rhode island Is practically over. No
failure was recorded at any point
throughout the country. 1t should be
borne In mind In this connection that
there are over 1860 banks in the
United States. and that tha numb or
OF institutions which have recently
failed Is OF insignificant proportions
Is compared with this total.
On the WHOLE, the banking commu-
nifty takes very favorable view of
the outlook and Is particularly encour-
aged by the large foreign credit se-
cured through the enormous shipments
4 OF American products abroad.
STOP STOCK SPECULATION.
& ~ a4A y 3 = a. 4 iA j