The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-30
AMERICAN PRODUCE
IS BRINGING GOLD
,continued From First Page ,

New Orleans Stock Exchange to-day
suspended business and all actual trad.
ing in both institutions will cease until
Monday, November 18th. The Louis.
lana. exchange will suspend all busl-
ness, without reservation, but on the
floor OF the New Orleans Stock EN-
change State and city securities will
be dealt in during the period through
which. the temporary suspension Is In
effect. The action Of the two ex-
changes Is directly attributable to a
communication received yesterday by
each exchange from the New Orleans
Clearing House Association requesting
the two exchanges to suspend business
temporarily.
The reason for the request was given
that the financial condition In the
North and East was such as seriously
to imperil speculation in stocks and
bonds. ard that legitimate business
interests must suffer thereby
Statements of Financicrs.
Following a conference of New Or
leans bankers, Charles Bodchaux. pres
ident of the Whitney Central National
Bank, to-day gave out the follow
ing:
New Orleans and the South can be
of great benefit in relieving the sit
uatlon throughout the country. If the
East will assist by allowing some
of the currency deposited with it by
the government TO come this way. In
order to move the cotton and sugar
crops.
The cotton movement is slow. owing
to inability of the hanks here to sup
ply the necessary cash. The banks
y-e. h1IS f,ra I1yv
getting New York exchange in pay
ment therefor. but they will soon be
at standstiil. as currency cannot
be brought down to supply their wants.
IF some plan can be found to REM
edy this, conditions in New Orleans
will be greatly improved. This will
also place New York banks in pos
session of foreign exchange with
which to obtain gold from abroad.
The sugar crop, which promised
to be large. Is not a disappointment,
and the yield of sugar per ton of cane
Is fully up to expectations.
THE decision of the clearing house
here to isue clearinghouse certifi-
Gates to restrict the daily withdrawals
of cash. and to enforce the sixty-day
rule for savings deposits. has met with
unanimous approval OF the community
at large"
Henry B. Schneider, president of the
New Orleans Board of Trade, said:
Conditions throughout the South as
reflected in the finances and commerce
of New Orleans are most encouraging.
The large movements Of cotton
throughout the ports of New Orleans,
Galveston, Savannah. Wilmington and
Norfolk, and large sales of other COM
modities to foreign points are eXerting.
a healthful influence, and we are most
sanguine as to the showing the South
Will make in the year 1907"
Large Exports of Produce.
That the South is financially safe and
| in position to benefit greatly the othcr
portions of the United States was the
opinion expressed generally to-day by
New Orleans bankers and business men.
| The immense exports OF cotton and also
sugar and rice are relied on shortly to
bring In gold from abroad. An index
of the Souths prosperity was the
amount of shipping at this port to.
| day. There were fifty sea- going vessels
in the harbor, and in addition, scores
of river craft piled high With sugar,
Imolasses, cotton and rice. The harbor
activity was all the more Significant
because 1t followed on the heels OF a
months strike of 10000 levee men.
Within the past twenty. four hours
alone twenty sea-going vessels have
arrived.
Partly as guarantee for the UNI
hampered movement of the crop
staples. speculative activity involving
any unnecessary risks In other lines of
business was to-day suspended In New
Orleans both local stock exchanges
closing until Monday. The cotton eX-
lchange continued open.
Reports came.in to-day wrom rural
districts in Mississippi, Alabama, Ar
kansas and Tennessee that small banks
have followed the lead OF the cities
and have taken united action to pro-
tect depositors from loss of money or
lconfidence.