Daily press. [volume] (Newport News, Va.) 1896-current, 1907-11-01
0aIy a Few Over -Four Thousand
Ba'es Sold Because Planters
Want Cash.
NO AID from TIE GOVERNMENT
Sol "exler, Prominent New Orleans
Broker, Says That He Believes That
oortelyou Cannot Grant Buyers Re.
guest Until There is More Money in
the United States STrcaaury.
m Assoclnted prnss \

NEW ORLEANS. La. Oct. 3i-Sale.
ioi cotton improved here today A lo.
ieal exporter inquired whether he coul1
obtain currency from the New Orleane
lsuDIreasury by having an European
! buyer deposit cash with United
states fiscal agen, abroad. this cash
20 DC drawn against New Orleans. The
amount to be transferred In this man.
her was 100000. In reply.to his tel
eErnm of inquiry the United Stntes
treasury Department wired that the
transfer could not be made.
relieving that there was a misundcr
standing. New Orleans exporters To-
night sent Z detailed explanation Of
| ,ne transfer proposition TO Secretary
lCorteyou.
One of the reasons for requesting
such transfer of cash WAS indicated
IN today's cotton sales. Some 4.I50
pai2s We're sold here on the spot. but
only small business was done with
rural districts where the bulk of cot.
ton lies. The smallness of this rural
business was attributed to the plant.
CTS desire Tor cash for their cotton.
Sol Wexler's Views.
WASHINGTON. d. c.. Oct. 3t-Sol
WeNler, vice president of the Whitney
CehtraI National bank of New Orleans
VINO with other prominent New Or.
leans bankers. have had n number of
conferences with Secretary Cortelvo,,
III an effort to devise plan bv which
COTTON exporters could get PROMPT cash
returns from cotton shipments today
Suiu me present situation can he
renewed Ill but two ways: First. by
inc restoration OF confidence and the
m L. IT..
luFawn from banks in the East dur
ing the recent panic.
Second. by the rapid export of orr
cotton, wheat, provisions and other
products to create balance OF trade
IN our favor and make importation OF
lsolG IN large quantities possible
!, me prompt and wise action of
secretary Cortelyou aided by Mr.. Nor.
bankers has gone very far toward rc.
lspFing confidence and money is orain
being redeposited in the strong insti.
ufions of the country.
rThe second situation is more d;f
| f1llt of solution owing to the necns.
saty delay in transmitting bills OF ey-
cifnse to Europe and the time re.
CURED for the purchase and shipment
oilthe gold TO this country.
puthern Banks DOING Their Part
Southern banks are doing their mart
! ny largely increasing their circulation
win the assistance of the comptrollnr
am. the Secretary of the Treasury
wflorlSill enable them to forward
Ihln'hYreign exchange bills TO New
i,d.pnyithout requiring currency for
thE' Wire amount.
| NV York can in turn as soon q e
thee bills reach the other side. i'm
POI mold and then transmit currency
III quantities throughout the aericul.
tuhi sections of the country
! some effort is being made by large
coon houses TO have their foreign
correspondents deposit funds in for.
eng banks subject to cable transfer
aS9nst advice OF documents deDosited
III pnthcrn banks with cotton bills OF
iahfng attached 10 come forward i'm.
melately, but in my opinion. this
traiqction will not be made II an
eNtesive scale. However willing tho
Secltary of the Treasury NAV he to
assli the exports of agricultural nro-
uuct1and the importation of gold
40 M believe that there is anything
~, can do that is practical and
Withll the law until such time as
ueasfry balances have been increas-
ca tom extent to enable him TO make
liarseleposits of government funds in
eNporl points. such as New Orleans,
daiVston and Charleston. so MS 10
enaM banks in these centtEs TO
await ne arrival of their bills in Eli |
rope I'd the bringing back OF gold
againd them.
NV New York Can Assist
Nel York can assist the Southern
oanks y crediting their accounts dai.
" upd receipt OF Geographic infor-
matioipf the amount OF checks on
ioreignbanks forwarded thereby Ell.
abiins nc Southern banks TO check
'ollecths and weekly remittance nc-
counts % interior banks throughout
balances In payment or |
me conry, such transactions rcquir--
ns no trrency under existing condi. |
ions al merely bridging over the
time puired while the foreign OK
nnange in transit in this country
: There q he no permanent cure for