Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-30
American Products Having an
Enormous Influence in
Building il Up.
THE IMMENSE COPPER SALES.
Yesterdays Shipments Of Copper Huge
Tobacco and Cotton Moving
Towards Europe.

New York, oct 29.--The enormous
influence which American products
are exerting IN hnildins up n credit
| balance abroad has been The most sig
nal development OF the financial sit
uatlon today Reports from All
quarters show that the great Ameri-
can staples-wheat. cotton copper.
tobacco. oil. meats--are On their way
20 Europe this being the season ~
the year when American products are
marketed abroad. The immediate
effect of these shipments IL 10 give
the United states credit abroad,
which can be speedily converted in
60 cash. These natural resources ~
the country promise 10 exert even
greater influence than the sale Of
American securities abroad Tho
latter have 70 some extent suffered
discredit under recent pressure. but
the Intrinsic value Of Amrlcan staples
used abroad. and their colossal az
EreEate az this period of the year. is
beyond the reach OF financial distrust.
GREAT COPPER SALES.
The foreign sales OF millions. OF
pounds Of American copper yester-
day was supplemented today by re-
ports Of similar heavy exports. to-
days shipments alone giving a for
eiEn credit Of S14,000,o00 The ship
Tents Of tobacco TO Europe this year
promise TO break all records. Of
ficals Of thr American Tobacco COM
pnny estimate that the years export
win exceed $4,000 900 pounds Of
manufactured tobacco. which is Tar
In excess Of the amount exported last
year Europe will pay over 800
oo0.0 for this tobacco. and much
Of this money will soon be available
IN this market as the contracts with
European importers call for immedi-
ate payment on delivery. Reports
from the south show that the cotton
crop H. moving toward Europe. while
the west is sending grain and wheat
products in the same direction.
Several favorable events marked
the close Of the financial day In New
York. The engagement OF $1,000
900 in gold by the First National
bank of Chicago and Of $500, 900 by
a Boston bank brought the total gold
engagements IN 20 the close 20 SO
100000. Nspite Of the cancellation of
an order for 100000 by the
Russo-ChinSJ bank upon the ground
that the amount engaged exceeds ne
Cessaries. The raising OF German
bank rates In order to prevent Am
erica from drawing German gold
produces little effect on the situation
mere AZ none OF me r0ll engage
ments thus far have been made In
Germany and most Of those snticips-
ted were from other European money
markets.
While money ~ the stock exchange
WAS loaned during most q the day Al
high rates, f. fell near the colse 70
6 per cent, offers Of several million
dollars at that rate being made by
a number OF leading banks
CALM IN BANKING CIRCLE.
Comparative calm relFned among
New York bankers. They all realized
that the pressure for money was not
over but they felt generally that I'M
reasoning panic was at an end and they
would be able 10 meet all reasonable
demands for currency. These demands
are coming IN considerable amounts
from the west and south IN order to
obtain money 70 move crops. and IL is
feared that the sections where tho
movement Ia largest may be more or
less hampered IN their efforts 70 obtain
funds. The general refusal 10 pay cash
for boarding, In the west and south
as well az in New York, II il believed,
win prevent the undue absorption Of
currency and permit the employment Of
what Is available IN the most effective
manner The large banks OF this city
are gaining deposits from the banks
which have been under suspicion. and
this tends In . measure 10 concentrate
money where q can be used most ef-
fcctively. but. On the other hand. Il
creates debit balances Al the clearing
house against the banks which arc los
ing deposits which are not always easy
for them 20 meet without sharply cur
falling their loans. even with the as
sistance Of clearinghouse certificates
BANK RUNS OVER.
over. Persons who present large checks
and ask for their payment IN currency
are invited n consult the bank officials.
In cases where their need for currency
is evidently legitimate they usually re-
ceive u; IN cases where II Is sought FOR
boarding, they are usually convinced |
that money Re better OF On the bank or
that they should accept certified checks |
for deposit elsewhere
The arrival Of nearly so. 900 0o0 in
gold, 10 IL believed, VIII considerably .
relieve the situation, and perhaps make I
call money little lower on the stock I
exchange
The decline IN stocks today was gen |
orally attributed 20 the cont nued scar /
city of money f0r speculative purposes |
the refusal Of brokers 20 make trans /
actions except for cash On tho absence I
of buying interests under present dis /
turbcd conditions.
Aside from the New York conditions. |
an points showed favorable tendency /
10 New Engl1ul there was no sign ~ /
serious unrest and the recent disturb .
ance In Rhode Island f. practically I
over No failure was recorded a. any .
point throughout the country. II I
should he borne 600 mind IN this connec-
ton that there are over NJ 800 banks in I
IN tho United states. and that the NUM-
Der OF Institutions which have recent.
~ failed is of Insignificant proportions