Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-10-31
EUROPE MUST PAY
Us MANY MILLIONS
MONEY FROM PRODUCTS BEING
MARKETED ABROAD WILL
SOON BE AVAILABLE.
WILL REMOVE STRINGfNCY
NOW GENERALLY FELT THAT
UNREAsoNlNG PANIC is AT
AN END.

New York. Oct. 30.-The enormous
influence which American products
are exerting in building up credit
balance alb DAD was the most signal
development of the financial situation
yesterday. 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 market
ed abroad. The immediate effect of
these shipments is to give the United
States credit abroad which can be
speedily converted into cash.
Aggregate Is Colossal.
Those natural resources of the
country promise to exert even greater
influence than the sale of American
securities abroad. The latter have
to some extent suffered discredit I'M
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 of
pounds of American copper Monday
were supplemented yesterday by re-
ports of similar heavy export ship
ments, alone giving a foreign credit
of $14,000,000. The shipments of to-
bacco to Europe this year promise to
break all records.
$1o0,000,000 for Tobacco.
Europe will pay over $100,000,000
for this tobacco, and much of this
money will soon be available in this
market. Reports from the South show
the cotton crop moving toward Eu-
rope, while the West is sending grain
and meat products in the same direc-
ton.
While money at the stock exchange
was loaned during most of the day at
high rates, it fell near the close Of the
day to per cent, offers of several
million dollars at that rate being
made by a number of the leading
banks.
Panic Is at an End.
Comparative calm reigned among
New York bankers yesterday. They
all realized that the pressure for mon
ey was not over, but they felt gener-
ally that the unreasoning panic was
at an end and they would be able to
meet all reasonable demands for cur
rency. These demands are coming in
in considerable amounts from the
West and South in order to obtain
money to move the crops, aud il 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 prevent the undue
absorption of currency and permit the
employment of what is available in
the most effective manner.
Good Reports From All Sections.
Runs upon the banks are practically
over.
The arrival of nearly $20,000,000 in
gold, it is believed, will considerably
relieve the situation and perhaps
make call money a little lower on the
stock exchange.
The decline in stocks yesterday was
generally attributed to the continued
scarcity Of money for speculative pur-
poses, the refusal of brokers to make
transactions except for cash and the
absence of buying interests under
present disturbed conditions.
Aside from the satisfactory local
conditions, reports from all sections
showed a favorable tendency. No fail
ure was recorded at any point
throughout the country.