The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-10-30
BIC CREDITS
RELIEVING
CRISIS
Hundred Millions
Soon to Come to
United States
Europe Orders Heavy
Shipments of Copper
Gold Engagements
Now Total Nearly
$20,000,000
1CoHditions Are Rapidly
Returning TO the Normal

NEW YORK, Oct. ze.-The enor-
nous influence which American prod
ucts are exerdng in building Up a
credit balance abroad has been the
most signal development of the fnan-
oial situation today. Reports from all
quarters show that the great Amer
lean staples-wheat, cotton, copper.
tobacco, oil, meat-are on their way
TO Europe, this being the season of
the year when American products are
nsrketed abroad. The immediate ef-
feet 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
ise 70 exert even greater influence than
the sale Of American securities abroad
The foreign sales Of .ooo. 600 pounds
Of copper. yesterday were supplemented
today by reports Of similar heavy ex-
ports. today's shipments alone giving
2 foreign credit Of $4,000. 900. The
shipments Of tobacco 10 Europe this
year promise TO break all records.
Europe viii pay over 100000 600 for
United States tobacco and much of this
money viii soon be available in this
market, as the contracts with Euro
pean importers call for cash on de-
livery.
Several favorable events marked the
close OF the financial day in. New York.
The engagement Of s2.OOo.ooo in gold
by the First national bank of Chicago
and OF 100000 by Boston bank
brought the total gold engagements
up to close TO s2O.Ooo.Oo in spite OF
the cancellation Of an order for $780,
coo by the Russo Chinese bank upon
the ground that the amount engaged
exceeds its needs. The raising Of Ger
man bank rates TO prevent America
from drawing German gold produces
little effect on the situation here. as
none OF the gold engagements thus far
have been made in Germany. While
money at the stock exchange was loan
ing during most OF the day at high
rates, II fell near the close TO per
at that rate being made by several of
the leading banks.
NEW YORK Is CALM
Comparative calm reigned among
New York bankers. They all realized
that the pressure for money was not
over. but felt generally that unreason-
ing panic was at an end and that they
would be able TO meet reasonable de-
msnds for currency. These demands
are coming in considerable amounts
from the west and south, where money
IS needed 10 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 we'll
as in New York, IT is believed, will pre-
permit the employment 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 3 measure to concentrate
money where 1t can be used most ef-
fectizeiy: but on the other hand it
creates debit balances at the clearing
house against the banks which arc los
ing deposits which are not always easy
for them to meet without sharply cur
failing their loans, even with the as
sistance Of clearing house certificates.
Runs upon the banks are practically
over. Persons who present large checks
and ask for their payment in currency
are invited 70 consult the bank officials.
In cases where their need for currency
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