The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1907-10-30
PRODUCTS HOLD
THE CREDIT UP
GRAINS, COTTON, COPPER, TO
BAcco, SHIPPED TO EUROPE
IN VAST QUANTITIES.
BIG FALL SHIPMENTS
Make it Difficult For Foreign Money
Markets to Withhold Gold Even
By Raising Discount Rates
to Maximum


New York, Oct. 29.-The enormous
Influence American products are eX'
erting in holding UP the credit balance
abroad il the most signal develop
ment Of the financial situation today.
Reports from all quarters show wheat,
cotton, tobacco oil and meats on their
way to Europe. The mediate effect
these shipments Is to give the United
States credit abroad which can be
speedily converted into cash. These
natural resources Oh the country prom
ise to exert oven greater influence
than the sale of American securities
abroad. The latter have, to some ey
tent suffered discredit under the re
cent pressure, but the intrinsic value
Of American staples used abroad. and
their colossal aggregate at this per
iod of the year. Is beyond the reach
of financial distrust. Foreign sales
OF millions Of American copper yes
terday supplemented By report of
similar heavy export III metal todays
shipments alone giving foreign credit
$14.e00,O00. Shipments of tobacco to
Ieurope this year will exceed 10000
GOO pounds, manufactured tobacco for
which Europe will pay over 0,000
000, and much OF this money will soon
be available In this market Repodts
from the south show cotton moving
toward Europe while the west is send
ing grain and meat products in the
same direction. The fall shipments Of
American products, chiefly agricultur-
al make ii difficult for the foreign
smoney markets TO Withhold gold. -essn
BY the most drastic raising Of dis
count rates.
Several favorable events marked
the close of the financial day in New
York. Engagements cf $2,0aaGa0 goll
by the First National Bank OF Chicago
and S500000 by Boston bank
brought the total gold engagements
close to s20.e00o00 in spite of the
cancellation of an order for 100000
by the Russo-Chinese Bank.
While money at the stock exchang
es was loaned during most Of the day
at high rates, it fell near the close of
the day to six per cent, offers of seN-
eral million dollars at that rate be
ing made by a number Of leading
banks.
Comparative calm reigned among
New York bankers today They a
realized the pressure for money was
not over, but felt generally that the
unreasoning panic was at an end. and
they would be able to meet all rea-
sonabie demands for currency These
demands are coming in considerable
amount from the west and south in or
der 10 obtain money 10 move crops,
ana 1t is feared the sections where
movement is the largest may be NOR
or less hampered in their efforts to OBJ
tain funds The arrival of nearly 500
100000 gold. it is believed. will con
siderably relieve the situation and
perhaps make call money lower on
the stock exchange. The decline in
stocks today was generally attributed
to the continued scarcity of money
for speculative purposes. the refusal
of brokers to make transactions ex
. cept for cash, and the absence of the
buying interest under the present dis
turbed condition.
Aside from the satisfactory local
conditions. reports from all points
show a favorable tendency. In New
England there was no sign of serious
unrest. and the recent disturbance in
Rhode Island is practically over. No
failure was reported at any point
throughout the country. II should be
borne in mind in this connection that |
there are over 1880 banks in the
United States and that the number of
Institutions that recently failed is 81
insignificant proportions compared
with this total. II was pointed Out
today that the failure of minor bank
is Immediately know from end to end
OF the country, wheretas the public
oyerlooks the fact that some 12,5O0
banks are open for business as usual.
and that not one Of really important
banking institutions anywhere has
has shown the slightest signs of un-
soundness.