The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-11-01

New York, Oct. 29.-The enorm-
II influence which American pro
ducts are eXerting in building up a
credit balance abroad has been the
most sigma! development of the Il
nancial situation today. Reports
from all quarters show that the great
American stapIes-wheat, cotton, to-
bacco, copper, 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 a credit
abroad which can be speedily convert
ed into cash.
These natural of the
country promise to exert even great
er influence than the sale OF AmerI-
can securities abroad. The latter
have to some extent suffered discred-
it under recent pressure, but the in
trinsic value Of American staples US
ed abroad and their colossal aggre-
gate at this period of the year is be
yond the reach Of financial distrust.
The foreign sales of millions OF Anne
rican cOprer yesterday were supple
mented TODAY by reports Of similar
heavy exports in wheat, tOday's ship
ment alone giving a foreign credit
of $1,000 900.
The SHIPMENTS Of tobacco to Eu-
rope this yea promise to break all
records.
Officials OF the American Tobac-
co COMPANY estimate today from the
orders on hand that the years ex-
pOrts will exceed 30, 700 900 pounds
Of manufactured tobacco, which is
far in excess of the amount exported
last year.
Europe will pay over 500, 900 900
for this tobacco, and much Of this
money will 20 be available in this
market a. the contracts with the Eu-
rODean ilnrOrterS call for Immediate
payment on delivery Shipments of
tobacco to Europe will be very heavy
in Novenher and December, accord
ing to officials of the American To
baccO Company.
Reports from the south show the
cotton crop to be moving toward Eu-
rope while the west is sending grain
and meat products in the same di-
rectiOn.
The fall shipments of American pro-
ducts, chiefly agricultural thus come
at an ]OppOrtUne time in giving the
country 1G~Co credits abroad, making
it difficult for the foreign money
markets to withhold gold, eve the
most drastic raising of their dis
count rates.
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 $780, 900 by a
Boston bank brought the total gold
engagements up close to $4,000, 900,
in spite of the cancellation of an or
dor for coon nA0 NV tho prccN- rhj-
nese bank upon the ground that the
amount engaged exceeds necessities
, here, >1"
While money at he stock exchange
was loaned during the day at high
rates it fell near the close of the day
to six per cent, offers OF several mil
lion dollars at the rate being made
by a n of the leading banks.
Comparative calm reigned among the
New YU4k l1nkers today. They all
realized hat the pressure for money
was not over, but they felt generally
that unreasQning panic was at an
end. and that they would be able
to meet all reasonable demands for
currency
These demands are coming in in
considerable amount from the west
and south in order to obtain money
TO move the crops anu II iS lSdIeu
that sections where the movement is
largest NAV be more OF less hamp-
cred in their efforts to obtain funds.
The general refusal to pay cash for
boarding in the west and south as
we'll as III New York, it is believed
will prevent the undue absorption of
currency II permit the employment
of what IS available in the most eff
fectIve name
Runs upon the banks are practical
ly e
The arrival Of nearly 100000, 900
in gold. it is believed, viii lconsider-
ably relieve the situation and per
haps make call money a little lower
on the stock exchange.
The decline in stocks today was
generally attributed to the search
ty of money for speculative purposes
the refusal of brokers to make rams
actions except for cash and the alb
sence of buying interests under the
present disturbed conditions.
Comparatively few conferences were
held today because it was felt that
New York bankers had the situation.
we'll in hand and that the provision
for clearing house certificates and
for paying large drafts in checks in
stead of currency would avert any
further trouble.
Aside from the satisfactory local
conditions reports from all points
showed a favorable tendency. In New
England there was no sign or serious
unrest, and the recent disturbance
in Rhode Island is over
No failure was recorded at any
point throughout the country. It
should be borne in mind in this con-
nection that there are over 1880
banks in the United States and that
the number of institutions that have
failed is of insignificant proportions
as compared with this total. On
the whole the banking community
takes a very favorable view of the
outlook and it is particularly en-