The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1907-10-30
UNREST NOW NOT
THOUGHT TO Be
SERIOUS
Bankers Take Favorable View
of the Situation
NO FAILURES ARE RECORDED
Reports From New England Show
Hopeful Tendency and Runs
Upon Banks are Over.

NEW YORK, Oct. 30.-The enormous
influence which American products are
exerting in building up a credit bal
ance abroad has been the most signal
development of the financial situation.
Reports from all quarters show that
the great American staples-whcat,
cotton, copper, tobacco, oil and meats
are on their way to Europe, this be-
ing the season of the year when Amer
lean products are marketed abroad.
The immediate effect of these ship
ments Is to give the United States
credit abroad which can be speedily
converted into cash.
These natural resources of the coun-
try promise to exert even greater In
fluence than the sale of American Sc
curities abroad The latter have to
some extent suffered dlscredit under
recent pressure, but the intrinsic value
Of American staples used abroad and
their colossal aggregate at this period
of the year are beyond the reach of
financial distrust.
The foreign sales of millions OF Amer
lean copper were supplemented by re-
ports of similar heavy exports In
wheat, the last shipments alone giving
foreign credit Of $1,000,000. The
shipments of tobacco to Europe this
year promise to break all records. Of
ficials of the American Tobacco com
pany estimate from the orders on hand
that the years exports will exceed 80
100000 pounds of manufactured tobac-
90, which is far in excess Of the
amount exported last year. Europe
will pay over SlO0,0OO,0O0 for this to
bacco, aud much of this money Will
soon be available in this market, as the
contracts with the European importers
call for immediate payment on de
livery.
Runs upon the banks are practically
over. Persons who present large
checks and ask for their payment In
currency are invited to consult the
bank officials. In cases where their
need for currency is evidently legiti-
mate they usually receive it. In cases
where II Is sought for boarding they
are usually convinced that money Is
better off In the bank or that they
should accept certified checks for de
poslt elsewhere.
| The arrival of nearly S20.OO0,00O In
gold, 1t Is believed, will considerably
relieve the situation and perhaps make
call money little lower on the stock
exchange. The decline In stocks was
generally attributed to the continued
scarcity of money for speculative pur-
poses. the refusal of brokers 10 make
transactions except for cash and the
absence of buying interest under pres
ent disturbed conditions. The fact that
the Bank of Germany advanced its
discount rate from 81 to 6la per cent
was not unexpected in view Of the
care with which the German bank
protects Its gold stock.
The intimation of Or. Koch, gov
ernor of the bank, that the action tax
EN- would unfavorably affect the Amer
lean situation is interpreted as mean
ing nothing more than that ii would
impose check on the shipment of
German gold to New York. The fact
that the day passed without any spe
cial meeting of the directors of the
Bank of England for the purpose OF
raising the discount rate was accepted
with qualification, and it is hoped that
no action will he taken until the regu
lar meeting of the board on Thursday
Comparatively few conferences were
York bankers had the situation well In
hand and that the provision for clear
ing house certificates and for paying
large drafts in checks instead of cur
Aside from the satisfactory local con
ditions, reports from all points showed
n favorable tendency. In New Eng
land there was no sign of serious un
rest, and the recent disturbance ir
Rhode Island Is practically over. NJ
failure was recorded at any point
throughout the country. 1t should bt
borne in mind in this connection thai
there are over 1880 banks in the
United States and that the number OF
institutions which have recently failet
Is Of insignificant proportions as com
pared with this total.