The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-12-20
RUSSIA WANTS MONEY
Striving to ffoat an Immense
Loan Here.
WE'VE DUCATS TO BURN
MONEY NOW THE CHEAPEST
THING IN AMERICA.
f@tAE iX~A~S SION IN CIRCULATE
saiona Treasury Says the Increase thin
he asr sixty Days is Seventy Five vii
Iiol ;o!.ars Yet Russia's Encourage
n n 10 sorrow e ms Meagre

nm 10 10FffW ms WeaSre.
Chicago ILL., Dec 17.James Il EclIes,
president OF the Commercial National
Bank said to-day:
Il am creC!itaby informed that a
great foreign power has sent rcpresen-
tatiyes to the United States, and that
they are now in New York for the pur-
pose of negotiating Il loan of immense
proportions. II the source of my infor-
nation is reliable it is the first instance
in the history of the United States Of IL
foreign power borrowing here
The Chicago Daily News says:
The statement may startle the general
public, but in the financial world the re-
port will cause no aStOnishment. although
the action will be unprecedented in the
monetary history of the country.
For nearly two months money has
been the cheapest thing III America, as
financiers phrase it. For n fortnight call
loans have been made in Wall street Us
low as ~ per cent. While short bor
rowers with approved collateral are ac
commodated 1t ;}l2 per cent in Chicago.
The bond markets are absolutely bare
OF first class securities yielding more
than :'la per cent. To-day ) per cent
"orlp0n issues We're bought on the cX-
changes IT 137 and high grade stocks
paving dividends at the rate of , per
cent per annum were quoted 1T 49,.
"I'irms that make Il speciality Of invest
ment securities acknowledge that the de
mand for values has exceeded the sup
ply three fold.
Fairly safe iSues have been absorbed
and there is no dminution in the funds
seeking placement
The National Trwcasury states that
for the current month money i'll circuia-
ton has increased $40, ,3u:, 11122 This,
following 4 gain OF $5G.O0O,0U0 for Gc-
tobrr. makes a total expansion Of about
AlJ,00O,O 600 for the last 60 days
Compared Ni,h year ago the total
circulation Of all kinds Of money is Sl6o,-
795,OOo greater and amounts in al TO
81 .SS6.SOOO0o. The perspective reveals
even more money.
"On the first Of the year corDorations
will distribute about 500. 100000 Ill in
terest and dividends Besides. exports
are increasing quite as speedily. The
latest figures tell that the exports of
merchandise from this country exceed
those of Great Britain for the first time
III the history of the two countries. The
United States is III the unique position
Of desiring to buy the American stocks
and bonds that are held abroad.
1T is this condition that has war
rantcd Il foreign Government in making
tentative ovcrtures for Il big loan here.
The borrower is supposed to be Russia.
The representatives of that country We're
negotiating with French bankers some
time ago for large sum. but the trans
action was not concludr,l.
No ANXIETY TO IE\D
New York, Dee. 11.-Emissaries of
Russia have made 4 careful survey Of
the situation i'll this city and have sound
Cd nearly all Of the leading concerns.
Their business has been conducted
quietly and so far nothing seems to show
that their oyerturcs have met with much
encouragement.
Jacob II. Schiff. of Kuhn. Loeb &
Company. when shown the statement Of
Mr.. EckelS, said
Il understand that about two or three
weeks ago several firms III this city.
including my own. were sounded by
persons who claimed to be acting for
the Russian Government as to the feasl-
bility Of floating Il Russian > per cent
or 315 per cent loan. | don't think such
a negotiation feasible III the United
States.
Henry Speyer refused To make any
comment on Mr. EcllelS statement. An
effort was made to see J. Pierpont Nor
gan and other financiers tonight, but
they could not be found.