The Birmingham age-herald., 1907-10-30
Heavy Crop Movement to Foreign Ports Now Aids
 Wall Street
EXPORT SALES OF COPPER
 FURTHER AIDS FINANCES
Wall Street Is Slowly Recovering From the Financial Stringency and the Bankers Feel That All De-
 mands Can Be Met.

New York. October 29.--The enormous Influence which American products are eN- erting in building up a credit balance abroad has been the most signal develop ment of she financial situation today. Re ports from all quarters show that the great American staples, wheat, cotton, copper. tobacco. oil, meats are on their way to Europe this being the season of the year when American products arc marketed abroad. The immediate effect on the shipments is to give the United States credit abroad which can be speedily converted into cash. These na- tural resources of the country prom ise to exert even greater influence than the sale of American securities abroad The latter have to some extent suffered distredit 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
 Heavy Copper Sales.
 The foreign sales of millions of pounds of American copper yesterday were sup plemented today by reports of similar heavy exports in wheat todays ship rnents alone giving q foreign credit Nef si O0o. .000 The shipments of tobacco to Europe this year promise to break all records Officials of the American Io- baeeo company estimate today from the orders on hand that the years exports nN 1s of ma factured tobacco. which is far in excess of tie amount exported last year. Europe will pay over S1D0,000J00 for this tobacco and much of this money will soon be available in this market as the contracts which the European importeas call for immediate payment on delivery ship mruts of tobacco to IstsfsPe--aSiil be very neavy in November and December, ac7' cording to officials of the American To- bacco company. Reports from the south show the cotton crop moving toward Eu- rome while the west is sending grain ana meat products in the same direction. Tho fall shipments of American products, chiefly agricultural, thus come at an op- perfume time in giving the country large credits abroad, making it difficult for tine foreign money markets to withhold gold even by the wost drastic raising of their discount rates.
 Favorable Events.
 Several favorable events marked the close of the financial day in New York. The arrangement of $2, ,000000 in gold by the First National bank of Chicago and of S500o GOO by another bank brought the arrangements up close to $2O00O,OOO in spite of the cancellation of an order for s. O00000 by the Russo-Chinese bank upon the ground that the amount engaged eX- eeeds necessities here.
 While money at the stock exchange was loaned during most of the day al high rates, it fell near the close of the day to 6 per cent. offers of several million dollars at that rate being made by 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 abie 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 obtain funds. The general refusal to pay cash for hoardlng in the west and south. as well as in New York, it is believed, will prevent the undue absorption of curren- cy and permit the employment of what is available in the most effective manner. Runs upon the banks are practically over.
 Gold Arrivals Help.
 The arrival of nearly S2O00O,000 in gold, it is believed, will considerably relieve the situation and perhaps make call money little lower on the stock exchange The decline in stocks today was generally at tributed to the continued scarcity of money for speculative purposes, the re- fusal of brokers to make transactions except for cash, and the absence of buy ing orders under present disturbed con ditions.
 2 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 clearing house certificates and for paying large drafts in checks instead of currency would avert any further trouble.
 Aside from the satisfactory local cond- tions reports from all points showed favorable tendency. In New England there was no sign of serious unrest and the recent disturbance in Rhode Island is practically over. No failure is recorded at any point throughout the country It should be borne In mind in this connec- tion that there are over 12,500 banks in the United States and that the number of institutions which have recently failed Is of insignificant proportions as compared with this total.
 On the whole, the banking community takes A very favorable view of the out 1ool< and Is particularly encouraged by the large foreign credits secured through the enormous shipments of American prod ucts abroad