Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-12-18

CHICAGO, December 17.-James H
Eckels. president OF the Commercial Ma
tional Bank. said to-day: II am crsdibly
informed that a great foreign Power
has sent representatives, to the United
States, and that they are now In New
York, for The purpose Of negotiating .
loan of immense proportions. II the
source of my information IS reliable, 10
is the first instance in tho history of the
rowing here"
The Chicago Daily News says; The
statement may startle the general pub.
lie, but In the financial world the re-
port will cause no establishment. although
the action will be unprecedented In the
money history Of tho country. For nearly
two months money has been the cheap
est thing y America as financiers phrase
it. For \ fortnight call loans have
been made in Wall street az low at Ia
per cent, while short borrowers, with
approved collateral. are accommodated
at 3 1-2 per cent. in Chicago.
BONDS IN DEMAND.
LQfs frst-class securities, yielding more
nan 8 IL per cent. To-day, 8 per cent.
coupon issues were brought ON the ex-
changes at 1877. and high-grade stocks,
paying dividends at the rate OF per cent.
per annun. were quoted at LIZ. Firms
that make a speciality of investment secu-
rifles acknowledge that the demand for
values has exceeded the supply three
fold. Fairly safe issues have been alb
sorbed. and there is no dlminution OF the
funds seeking Investment.
THE National Treasury states that for
the current month money IN circulation
has Increased s2o.308,722. This. follow
ing gain Of so 10000 for October makes
total expansion OF about sT5.00ooco for
the last six days.
Compared with year ago. the total
circulation OF all kinds OF money is
S65. 10000 nom the Treasury. and amounts
I'm all TO 81, So, so. 900. The perspective re-
veals even more money. On the first Of
the year corporations VIII distribute about
sl0O,Oo.Vo0 in interest and dividends.
OUR EXPORTS EXCEED BRITAINS.
Besides, exports are increasing rapidly.
while imports are decreasing quite as
speedily. The latest figures tell that the
exports OF merchandise from this coun-
try exceed those OF Great Britain for the
first time In the history OF the two coun-
tries. The United States Is In tho
unique position OF desiring 10 buy the
American stocks and bonds that are held
abroad
1T is this condition that has warranted
a foreign government In making tentative
overtures for "A big loan here. The bor-
rover is supposed to 10 Russia. The
representatives OF that country were ne
gotiatins with French bankers some time
ago for a large sum, but the transaction
was not concluded"
GOTHAM WELL SOUNDED.
NEW YORK, December r.--Emissariss
OF Russia have made a careful survey OF
the situation in tins city, and have sound
ed nearly all OF the leading concerns.
Their business has been conducted quiet.
~. and so far nothing seems to show
that their overtufes have met with much
encouragement
Jacob II. schIff, OF Kuhn, Loeb & Co.,
when shown the statement OF Mr.. Eckels,
said:
PLAN THOUGHT NOT FEASIBLE.
IL understand that about two or three
weeks ago several firms IN this city. in-
Guiding my own, were sounded by pei
sons who claimed 20 be acting for the
Russian Government az TO the feasibility
OF floating Russian per cent. or 81 per
cent. loan. ! don't think such loan
feasible in the United states"
Henry Speyer refused to make any COM
ment Oh Mr. Eckelss statement.
An effort was made 70 see J. Pierpont
Morgan and other Anancers tonight. but
they could not be found.