The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-11-11
AMERICAN CROPS
FOR FOREIGN GOLD
This Is One of the Most Hope
full Features of the
Situation.

l
shipment-6O0,0 600 bushels of red winter
wheat being sold here today for ship
ment to the East. Chicago bankers
regard this movement as significant
/ of the powerful aid which the West is
/! bringing to the financial situation
They say that if the movement of the
great staple continues to grow the OBJ
! legations to this country created
abroad will be so large that it will be
impossible for European banks to re
tain their gold even by fixing discount
rates at the maximum.
| NEW YORK, October 29.-The enor-
nous influence which American prod
ucts are exerting in building up a
/ credit balance abroad was the most
signal development of the financial sit
uation today. Reports from all quar-
tiers show that the great American
aples-wheat, cotton, copper, tobae-
| co, oil, meat-are on their way to Eu-
rope, this being the season of the year
when American products are marketed
abroad. The Immediate effect of these
shipments is to give the United States
credit abroad which can be speedily
converted into cash. These natural re-
sources of the country promise to ex-
ert even greater influence than the
sale of American securities abroad.
The foreign sales of million pounds
of copper yesterday were supplemented
today by reports of similar heavy ex-
ports, today's shipments alone giving
foreign credit of S14 1000, 900. The ship
nents of tobacco to Europe this year
promise to break all records. Europe
will pay over 500, 900 600 for this to-
bacco, and much of this money will
soon be available in this market, as
the contracts with European import
ers call for immediate payment on de-
livery.
MORE GOLD FROM ABROAD.
Several favorable events marked the
close of the financial day in New York.
The enga cement of 100000 in gold
by the first National Bank of Chicago
and of 100000 by a Boston bank
brought the total gold enga cement up
to close TO $1,000, 900 in spite of the
cancellation of an order for $780, 900 by
the Russo-Chinese bank. The raising
of German bank rates in order to pre-
vent America from drawing German
gold produces little effect on the situa-
ton here, as none of the gold en-
gagements thus far have been made in
Germany. While money at the stock
Exchange was loaning during most of
the day at high rates it fell near the
close of per cent. offers of several
million dollars at that rate being made
by a number of the leading banks.
Comparative calm reigned 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 to meet reasonable
demands for currency. These demands
are coming in considerable amounts
from the West and South in order to
obtain money to move crops, and it is
feared that the sections where the
movement is largest may be more or
less hampered in their efforts to OBJ
tain funds. The general refusal to pay
cash for boarding in the West and
South, as well as in New York, it is
believed, will prevent undue absorp-
ton of currency and permit the en-
pioyment of what is available in the
most effective manner.
The large banks of this city are gain
ing deposits from the banks which
have been under suspicion, and this
tends in a measure to concentrate
money where it can be used most eff
fectively; but, on the other hand, it
creates debit balances at the Clearing
house against the banks which are los
ing deposits which are not always easy
for them to meet without sharply cur
failing their loans, even with the as
sistance of Clearinghouse certificates.
The runs upon the banks are prac-
- =
large checks and ask for their payment
in currency are invited to consult the
bank officials. In cases where their
need for currency is evidently legfti-
mate they usually receive it; in cases
where it is sought for boarding, they
are usually convinced that the money :
is better off in the bank, or that they
should accept certified checks for de-
post elsewhere.
The Trust Company of America in |
the course of business today received :,
deposits amounting to 81, 08S, COO, and |
paid out $47S,000. making net increase
in the banks funds of $685., 600 for the |
day. This means that there has been /
an increase of 900 since Saturday |
night in the resources of the institu- |
ton over and above what was paid !
out. There were 33S depositors today |
The arrival of nearly $2,000,o00 in .
gold, it is believed, will considerably ;
relieve the situation. and perhaps make
call money a little lower on the Stock
Exchange.
STOCKS FOR CASH ONLY.
Tt was announced today that sew
aral of the banks which were COM
PEELED TO suspend last week have per-
fected their plans to reopen for bust
ness. President Montgomery of the
Hamilton Bank. a Harlem institution,
which closed last week, said today:
This bank viii resume business in a
Few days. not later than Monday next,
n any event. I understand. also, that
he Twelfth Ward Bank viii resume in
1 few days.
The runs on the Trust Company of
America and the Lincoln Trust Com
oany continued today, but in dimin-
shed volume.
Business in the stock market today
was reduced to a cash basis, which
had the effect of curtailing sales, but
[ brought about a healthier condition.