Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-30
GOLD WILL SOON Be
POURING IN COUNTRY
UnusuaIIg Heavy Export Of Hmerl.
can Products Is Building Up a
Credit Balance Abroad.
STAPLES GOING BY THE SHIP LOAD
Shipments Mean That it viii Raioe a
Credit That Can be Turned Into
caah-EurOpe Will Pay $500, 10000.
Tor Tobacco Alone-Runs on New
York Banks over.
lBy Associated Pr 4

tlly Associated Press;
NEW YORK. Oct 29-rhe enorm-
Gus influence which American products
are eXering in building up a credit
balance abroad has been the most sig.
MI development of the financial situ.
atiOh today. Reports from all quarters
snow that the great American staples
wheat. cotton, copper, tobacco. oil
hleats-are on their way TO Euronc
'His being the season OF the year when
american products are marketed
abroad The immediate effect OF these
shipments is 10 give the United States
credit abroad which can he sneed,Iv
converted into cash. These nnt,,,s,I 49,
sources OF The country promise In ,.y-
cry even greater influence than the
sale uf American securities abroad
ne latter have to some extent suf
Tered discreGit under recent pressure
lout the Intrinsic value of Am erican
staples used abroad and their colos.
sal aggregate at this period of the
year is beyond the reach of financial
ulstiusl. The foreign sales of mill
CONSUMPTION of American copper YES.
fterday were supplemented today by
reports of similar heavy exports in
Wheat and tobacco. The shipments of
tobacco this year promise TO break
All records. Officials of the American
icbacco company estimate today from
the orders On hand that the wears ex.
ports vii exceed 50,0O0,O00 pounds of
manufactured tobacco. which Is far in
excess OF the amount exported last
year.
E,u,ono vii, ,,,,. -. ecno ,oo
tilis tobacco and much OF this money
will soon be available in this market
as the contracts with the European i'm.
porters call for immediate payment on
delivery. Shipments of tobacco to En-.
rope will be very heavy in November
and December, according to officials
ottfhe American Tobacco company.
Reports from the South show the
cotton crop moving toward Europe.
while the West is sending grain and
neat products in the same direction.
The full shipment of American pro.
ducts, chiefly agricultural. thus come
at an opnortune time because il gives
the country large credits abroad max
ing il difficult for the foreign money
markets 10 withhold gold. even by the
mere raising of their discount rates
Seveial favorable events marked the
close of the financial day in New
York
$4,000 600 in Gold Engaged.
The engagement of 100000 in gold
by the First National bank of Chicago
and Of 100000 by another bank
brought the total gold engagement up
close to S20,000.000 in spite of the
cancellation of an order for 100000
by the RussoChinese bank upon the
~ bof ~
ceeds necessities here.
While money at the Stock Exchange
was loaned during most of the day Mt
high rates it fell near the close of the
day To six per cent. offers OF several
million dollars AT that rate being made
by a number of the leading banks
Comparative cain reigndd among
New York bankers today. They ali
realized that the pressure was not
over but they felt generally that I'M
reasoning panic was at an end and
they would b. able 20 meet all rea-
sonnble demands for currency This
demand is coming in considerable
Dmounts 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
he more or less hampered in their ef
forts TO obtain funds. The general re-
fusai to pay cash for boarding in the
West and South as well as In New
York, il IS believed will prevent the
undue absorption of currency and per-
nit the employment of what Is avail
able IN the most effective manner.
Runs on Banks Over.
.,une upon the banks are practically
over The arrival OF nearly $50 100000
in god, it is believed will consider
ahv relieve the situation and perhaps
make call money a little lower on the
Stock Exchange. The decline in stocks
today was generally atfdbVuted to
the continued scarcity of money for
speculative purposes. the refusal OF
brokers' tn make transactions except
for cash ana the absence of buying
interest under present disturbed con-
ditions
Comparatively few conferences were
held today, because 1t was felt that
New York bankers had the situation
we'll in hand and that the provision
for paying large drafts in checks in