The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-10-30
HUGE SALES Or OUR
STAPLE PRODUCTS
IN EUROPE Will BRING MUCH
GOLD TO THIS COUNTRY.
WHEAT, TOBACCO AND OIL
Are Being Exported in Enormous Guam.
ttcs and the Cash They VIII
Bring Must Relieve the None
tary etrineeney.

New York, Oct 30-The enormous
influence which American products are
cxerting ia building up a credit bal.
ance abroad was the most signal de-
velopment of the financial situation
Tuesday Reports from all quarters
show that the great American staples
wheat, copper. tobacco, oil, meats
are on their way TO Europe. this being
the season of the year when American
products are marketed abroad
The immediate effect of these ship
ments is 10 gi 4 the United States Il
credit 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 securities abroad.
The latter have suffered discredit un-
der 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.
The foreign sales of millions on
American copper Monday were supple
mented Tuesday by reports of similar
heavy exports of wheat. these ship
ments alone giving q foreign credit Of
81 900. 900. The shipments of tobacco
to Europe this year promise to break
all records. Officials OF the American
Tobacco Co. estimate from the orders
on hand that the years exports will
exceed 50,000,000 pounds of manufac-
tured tobacco, which is far in excess
of the amount exported last year.
Europe viii pay over $i00.00OO0O for
this tobacco and much of this money
will soon be available In this market
Shipments of tobacco TO Europe will
be very heavy in November and De-
cember. according to officials of the
American Tobacco Co. Reports from
the south show the cotton crop NOV
ing toward Europe, While the west is
sending grain and meat products in
the same direction.
Comparative calm reigned among
New York bankers Tuesday. They
all realized that the pressure for
money was not over, but they felt that
unreasoning panic was at an end and
they would be able to meet all reason
able demands for currency. These de-
mands are coming in considerable
amount from west and south in order
to obtain money to move the crops
and 1t Ia feared that sections where
the movement is largest may be ham
pered in their efforts to obtain funds
The general refusal to pay cash for
boarding, in the west aud south as
well rs in New York. II is believed
will prevent the undue absorption of
currency and permit the employment
of what is available in The most effect
i've manner
The large banks of this city are
gaining deposits from the banks which
have been under suspicion and this
tends in measure 10 concentrate
money where 1t cen be used most er.
foctively; but on the other hand it
creates debit balances az the clearing
house against the banks which are
losing deposits which are not always
easy for them TO meet without sharply
curtaiing their loans, even with the
assistance Of clearing house certih.
Gates.
Runs upon the banks are practic.
ally over. Persons who present large
checks and ask for their payment In
currency are invited 10 consult the
bank officials. In cases whore their
need for currency Is evidently legiti-
mate they usually receive it; In cases
whore 1t Is sought for boarding they
are usually convinced that money Is
better off in the bank or that they
should accept certified checks for de-
post elsewhere. The arrival OF near
ly S2OOO0,0oO in gold, il is believed
viii considerably relieve the situation
and perhaps make call money a little
lower on the stock exchange.