Barre evening telegram. (Barre, Vt.) 1898-19??, 1898-12-19
RUSSIA AFTER A LOAN?
James H. Eckels Of Chicago First to
Give the Tip.
AN UNPRECEDENTED ACTION
some Well Informed Men Are NJ ~.
opinion That 1t Is Japan That Il.
AFTER Our Money-Why They
Seek American Gold.

Chlcago, Dec. 19.-James H. Eckels.
president of the Commercial National
bank. said: II am creditablv informed
'iia' d great foreign power has sent rep
resentat1ves to the United States and
mat they are now in New York for the
purpose of negotiating a loan of i'm
Hense proportions. If the source of INV
is reliable. it is the first in
stance IN the history of the United
states or a foreign power borrowing
here"
Inc DAILY News says: 1.-THE statement
may startle the general public, but in
the world the report will cause
no astonlshment, although the action
VIII ne unprecedented in the history of
the country. Fol nearly two months
money has been the cheapest thing in
America, as financiers phrase 1t. For
d fortnight call loans have been made in
wall street as low as ~ per cent, while
snort time borrowers with approved COL
lateral are accommodated at 80 per
cent in Chicago. The bono markets are
absolutely bare Of first class securities
yleldlng more than 31a per cent Today
o per cent coupon issues were bought on
the exchanges at 1877, and high grade
SUCKS paying dividends at the rate of 5
per cent per annum were quoted at 1872.
chicago and Northwestern common was
an instance. Firms that make a spe-
clalty of investment securities acknowl-
edge tina the demand for values has
exceeded the supply threefold. Fairly
safe issues have been absorbed, and
there is no diminution in the funds
seeking placement. The national treas
ury states that for the current month
money in circulation has increased $780,
3OS, 722. This, following a gain of $780,
OO0,O00 for October, makes a total ex-
pansion of about SIS, 900, 900 for the last
80 days. Compared with a year ago the
total circulation of all kinds of money
is $165, 795 000 greater n amount in all
to S1,SS6 800 900. The perspective reveals
even more money. On the first Of the
year corporations will distribute about
S100, 900, 900 in interest and dividends.
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
countries. The United States Is in the
unique position of desiring to buy the
American stocks and bonds that are
held abroad. 1t is this condition tina
has warranted a foreign government in
making tentative overtures for a big
loan here. The borrower is supposed to
be Russia. The representatives of tha
country were negotiating with French
bankers some time ago for a large sum-,
but the transaction was not concluded"
Mr.. Eckels was asked if he could give
any intimation as to which of the Euro
pean powers had made overtures for a
loan. He replied that he had no definite
information in the matter, but that the
whole subject had been suggested to
him in a conversation in New York, in
the course of which the name OF the
applicanthadnotb been mentioned
"Of ours the whole matter is as yet
hardly anything more than a rumor,"
said Mr.. Eckels. eff true, it would be
of vast significance as showing the ire
mendous value that European countries
are beginning to set upon the United
States as a source of financial aid. Be
yond this | nave nothing to add to the
interview printed in The Daily News"