The Montgomery advertiser., 1907-10-30
CONDITIONS
 IMPROVING
 1 American Products Exert Big Influence. CREDIT ABROAD IS BETTER Comparative Calm Reigns Among New York Bankers. Large Imports of Cola Wa. . Favor able Event in the Financiai sit- nation Yesterday and Gave
 Encouragement.


 influence which American products are exerting in building up credit bal- ance abroad, has been the most signal development of the financial situation today.
 Reports from all quarters show that the great American staples. wheat, cot ton. copper, tobacco, oil. meats. are on their way to Europe. this being the season of the year when American pro- ducts are marketed abroad. The tm- mediate effect of the shsN.aent Is to give s..a United States 8 ereszN abroad which can be speedily converted into cash These natural resources Of the country promise to exert even greater | influence than the sale of American se- lcurities 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 fnancial distrusS. The foreign sales of millions or pounds of American copper yesterday were supplemented today by reports of similar heavy exports in wheat. today's 2 shipments alone giving foreign credit of si 100000. The shipments of tobac- co to Europe this year promise to break all records. Ofacials of the American Tobacco Company estimate today from orders on hand. that the years exports will exceed 50,000,000 pounds of manufactured tobacco, which Ia far in excess of the amount export ed last year. Europe will pay over SI00 100000 for this tobacco and much of this money will soon be available in this market as the contracts with the European importers call for immediate payment on delivery. Shipmente of tobacco to Europe VIII be very heavy in November and De- cen,ber, according to officials of the American Tobacco Company Reports from the South show the cotton crop moving towofd Europe. while the west is sending grain and meat products In the same direction. The fall ship menta of American products. chiefly lagriculturaI. thus come at an oppor- tune time in giving the country large credits abroad. making 1t difncuit i0r tho f0reiEn money markets to with hold nofd. AVen by the most drastic raising Of their discount rates.
 Large Geaa Imports.
 Several kavorabia events marked the close of the financial day in New York. The engagement of s2,ooo.o0o in gold by the Firkt National Bank of Chicago, and ss. .000 900 by Boston bank, brought the total engagements up close to s20.0o0.Oo0. in spite of the cancel lations of an order for $9.000,00 by the Russo Chinese bank upon the ground that the amount engaged exceeds ne- cessities here. gs.ss.
 while money at the stock exchange was loaned during most of the day at higher. rates, 1t fell near the close of the day to per cent. offers of sev- eral million dollars at that rate being made by e number of the leading banks. -
 Comparative calm reigned among New York bankers today. They all realized that the pressure for money was not over. but they felt generally that unreasoning panic was at an end and they would be able to meet all reasonable demands for currency. These demands are coming in in consider able amount from the West and the South, in order to obtain money to move the crops, and 1t is feared that sections where the movement Is lar- gest. may be more or less hampered in their efforts to obtain funds The general refusal to pay cash for hoard ing in the West and South as we'll as in New York. 1t is believed, will pre- vent the undue absorption of currency and permit the employment of what is available in the most effective man. ner. Runs upon the banks are prac- tically over.
 The arrival of nearly S2O,000, 900 in
 
 relieve the situation and perhaps make call money little lower on the stock exchange. The decline in stocks today was generally attributed to the con- tinued scarcity of money for specuIa- tive purposes, the refusal of brokers to make transactions except for cash and the absence of buying orders under present disturbed conditions
 Comparatively few conferences were held today because it was felt that New York bankers had the situation well in hand and that the provision for Clear ing House certificates and for paying large drafts in checks instead of cur reucy, would avert any further trouble.
 Aside from the satisfactory loca' con ditions, reports from all points showed A favorable tendency Tn New Eng land there was no sign of serious an- rest and the recent disturbance in Rhode Island is 1roctic .uv over No failure is reported at ay point throughout the country. It Ahou'd 'e borne in mind in this connection that there are over 12,500 banks In the Unit ed States and that the number of insti- tutions which have recently tailed is of insignificant proportions as compared with this total.
 On the whole. the banking community takes g very favorable view of the out look and is particularly encouraged by the large foreign credits secured through the enormous shipments of American products abroad.