The Oskaloosa herald., 1907-10-31
AMERICAN STAPLES
| GIVE BIG CREDIT
IMMENSE QUANTITIES OF OUR
PRODUCTS GOING TO EUROPE.
GOLD SURE TO COME BACK
Tobacco Shipments Breaking All Rec
ords - Comparative Calm In
4 Banking Circles Through
S!n out the Country.

New York, Oct. 30.-The enormous
influence which American products
are exerting in building up a credit
balance abroad was the most signal
development of the financial situation
Tuesday.
Reports 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 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 resources Of the country prom
Use to exert even greater influence
than the sale of American securities
abroad. The latter have to some ex-
tent suffered discredit under recent
pressure, but the intrinsic value OF
American staples used abroad, and
their colossal aggregate at this period
Of the year, are beyond the reach of
financial distrust.
Great Tobacco Shipments.
The shipments of tobacco to Eu-
rope this year promise to break all
records. Officials of the American
Tobacco company estimate with the
orders on hand that the years ex-
ports will exceed 50,O00,OOO pounds of
manufactured tobacco. which is far in
excess OF the amount exported last
year. Europe will pay over 100000
900 for this tobacco, and much of this
money will soon be available in this
market, as the contracts with the
European importers call for imrne-
date payment on delivery.
Reports from the south show the
cotton crop moving toward Europe,
while the west is sending grain and
meat products in the same direction.
The fall shipments of American prod
Sucts, chiefly agricultural, thus come
at an opportune time In giving the
country large credits abroad, making
it difficult for the foreign money mar
kets to withhold gold even by the
ulO5l uEd5liC ihlSih6 VI IhSh uoSOuhN
rates
More Gold Engagements.
Several favorable events marked
the close of the financial day in New
York. The engagement of 100000
In gold by the First National Bank of
Chicago and of 100000 by Boston
bank brought the total gold engage
ments up close to s2O,OOO,00O, in spite
of the cancellation of an order for
100000 by the Russo-Chinese bank,
upon the ground that the amount en-
gagged exceeds necessities.
While money at the stock exchanges
was loaned during most of the day
at high rates, 1t fell near the close
OF the day to six per cent, offers of
several million dollars at that rate
being made by number of the lead
ing banks.
Comparative calm reigned among
New York bankers Tuesday. They
all realized that the pressure for
money was not over, but they felt
generally that unreasoning panic was
at an end.
Business Stops In Oklahoma City.
Oklahoma City, Okla. Oct. 30.--
Closing the banks has practically
stopped business in Oklahoma City.
The cotton dealers are buying no cot
ton and but little other business has
been done. The bankers Of the city
met Tuesday afternoon to devise
means whereby enough money may
be realized to care for perishable
freight and meet the pay rolls at the
close of the week. The people view
the situation calmly believing the en-
tire week will not be required to bring
about stable conditions again.
Prosperity m the South.
New Orleans, Oct. 30.-That the
south is financially safe and in posi-
ton to benefit greatly the other por-
lions of the United States. was the
opinion expressed Tuesday 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 to the south's prosperity
was the amount Of shipping at this
port Tuesday. There were so sea-going
vessels In the harbor and in addi-
ton scores of river craft piled high
with sugar, molasses, cotton and rice.
The harbor activity was all the more
significant because 1t followed on the
heels of a months strike of 10000
leyee men,
Partly as a guaranty for the I'M
hampered movement OF the crop
staples, speculative activity involving
any unnecessary risks in other lines
Of business was suspended in New
Orleans, both local stock exchanges
closing until Monday. The cotton ex-
change continued open.