The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-12-20
RUSSIA WANTS OUR MONEY
Her Representatives In this Country
for the Purpose Of Negotiating . Large
Loan-Our Exports Exceed Those ol
England

ASoAA-VuE 6APVAtn HAVCCO AnVsC VI
England
Chicago, December 17.-James II.
Eckels, president OF the Commercial
National bank. said today: Il am
credibly informed that a great for
eign power has sent representatives to
the United States, and that they are
now in New York for the purpose Of
negotiating a loan Of immense proper
tions. If the source Of my information
is reliable, it is the first instance in the
history Of the United States of for
eign power borrowing money 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 astonishment, al
though the transaction will be unprec-
edented in the monetary history Of
the country. For nearly two months
money has been the cheapest thing
in America as financiers phrase it, For
fortnight call loans have been made
in Wall street as low as 11a per cent
while short borrowers with approved
collateral are accommodated at 3R per
cent. in Chicago. The bond markets
are absolutely bare of first class Sc
curities yielding more than S1z per
cent. Today per cent. coupon
issues were, bought on the ex-
changes at 1877 and high grade stocks
paying dividends at the rate of 5 per
cent. per annum We're quoted at 1872
Firms that make speciality of invest
ment securities acknowledge that the
demand for values has exceeded the
supply three-fold. Fairly safe issues
have been absorbed and there is no
diminution in the funds seeking place.
ment
'The national treasury states that
for the current month money in circu-
latiOn has increased 500, 1903, 722. This,
following a gain of $50, 900, 900 for Oc-
tober, makes a total expansion of about
SIS, 100000 for the last sixty days. Com
pared with a year ago, the total cir
culation Of all kinds Of money is $685.
$751; 900 greater, and amounts in all to
81, 1886, 800, 900. The perspective reveals
even more money
"On the first Of the year corporations
will distribute about 800, 100000 in in
terest and dividends. Beside, exports
are increasing rapidly. while imports
are decreasing quite as speedily. The
latest figures tell that the exports of
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 that has war
ranted foreign government in making
tentative Overtures for a big loan here.
The borrower is supposed to be Rus
sia. The representatives Of that coun-
try were negotiating with French
bankers some time ago for a large sum,
but the transaction was not conclud-
ed
New York, December 17.-Emissaries
of Russia have made a careful sur
vey of the situation in this city and
have sounded nearly all of the leading
concerns. Their business has been con-
Quoted quietly and, SO far, nothing
seems to show that their overtures
have met with much encouragement.
Jacob H. Schiff, of Kuhn, Loeb & Co.,
when shown the statement Of Mr.. Ec-
kels, said: Il understand that about
two or three weeks ago several firms
in this city, including my own, were
sounded by persons who claimed to be
acting for the Russian government as
to the feasibility Of floating a Russian
3 per cent. or 31A per cent. loan. I do
not think such negotiation feasible in
the United States
Henry Speyer refused to make any
comment on Mr.. Eckels' statement. An
effort was made to see J. PierpOnt
Morgan and other financiers tonight,
but they could not be found.