The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-18
An ABUNDANCE Of MONEY.
NEVER WAS 20 DLESTIETL IN THIS
COUNTRY As NOW.
High Grade Securities Are NJ Heavy
PRem1nas. and Demand Exceeds
SaUply-Russfa Seeking to Place
Heavy Loan i'm the United States.
.

CHICAGO. Dec. 17.-The Chicago Daily
News says.
patilc t,ysy ia ire financial wnrfd re f<
nor. eif carse no astoEIisiIu3Snrs A@tao1Sa
the action will ~ unprecedented IA the
monetary history Of ths country.
For nearly two months money oaS pse%
the cheapest thing 81 America" as faaaE-
egers perase II. f'or q forcnlgn; cal loans
have beer made lrf Wal street a. 10" as
one-half Der cent. wa.s snort itEEie Dor
rogers with approved coil4ieFal ars accom-
1nodated al z3a per ceTat- ~ CHscaso
The houd uarkats are absolutely bare OF
frst-c.ass securities ylesdEg more tAan "a
per cent. 60
Todav PER cert e0apan issues were
i.ouehf On ms exchanges AZ III, and siga
grade Yt9aks paying dividends at the rate
81 ( ,er CEN. per anDGrn were quoted a.
10 chicago g. Northwestern common vas
an Instance. Firms taai maze specla.ty
OF investment securities acknowledge t3at
tne demand for gafues has e1cee1ed tn@
supply iarsefo.d. Fairly safe issues nave
been absorbed. and taefe u no ELIMINATION
ia tie ;anSs seeking placement
The nAt.o-2l treasury states tnst s"r ne
current month money IN eiFcusat.on il'aS III
creased 81. se2. ~.
October, makes total expansion - apoat
SIS ooo 90 for the last Sky days, Compared
with year aga. the total clTc&-a lsoI1 81 A.
amount II III 70 s. .scs $40 go The per-
spectiye reveals even mere MONEY
On tha first % the tear cof F"fatiols
viii distribute about Sitfr"eFD i3' interest
and 0iyiieU1@.
rseslaes exports are Increasing rapidly.
while imports are decreasing quite as rap
idly The latest figures ten tAat ta@ "&-
ports ~ merchandise from tats country
exceed those Of Great Britain for tae first
time ia the history of the TWO countries
THE United States - in the unique posi-
ton OF desiring to buy 13e America an
stocks aEa bonds that are held abroad.
II Is this condition t1at has warranted
"a foreign government ia snahiuG tentative
overtufes tax for a big loan hese' ~, ="
borrower Is supposed 10 IL ku@sla- > ne
representative Of taat country negotiating
with French bankers some time ago Tor q
large sum, bst the transaction "4s nos
concluded.
Ex-ComptroIIer OF the Curre ncy Eckeis
has heard az the ovCrtures made ~ "A
foreign power 10 raise money on ti4is side
THE monetary condition o. i4e e"Iht'$
is today quite unlike anything W nave
heretofore Witnessed. hs said Lehpt'
the unusual activity in ali caaf% TER OF
stocN'and bonds and III genera! business
lines deposits grow IL the BANKS largely
beyond the expansion OF loans. ihefe
certainly Is no present AID put niue
future prospect % a change 1 ht7f" t''Ai
hardly bo one Hith the amount "f money
flowing into the country from AtFodu 'Aifh
the increasing demand there for OAR pro-
duct Whatever discussion appeared some
weeks since az 10 the raising of rates
bank % Germany, ha0 NOW p.tlssts3 ava :
at seems tnat 80 Ear "a German conn
tons are concerned London irlt ehe4e
Nigh, be trouble ia Berlin, because he
banks had nos been prgdcnt ia advancing
TO SO great an extent OF securities, when
fhe banks themselves weTe really interest
ed in because iHe customers 10 whom the
advances were made i3<Ad Not Inc HieAIts
themselves 10 finance them Thls C0Hdi-
tion OF the great dem2ad for money i'm
mediatelv reflected Itself In London and
"a ls-IR Is
York. II - stated hy those in position
10 know tina; the change is now for the
better. aud though money is sun wanted
IN Berlin, there VIII be n0 great Stt1nSeucy
OF any difficulty. because tne situation vas
faced ia good time. As result no further
advance - anticipated III the rais Of the
II DOUBT Il the definite announcement OF
the signing of the treaty of peace Win
Spain has had mitch, If anything, 10 DO
With the surprising advance IN all charac-
tiers OF securities a. matter uf fact ali
the effects OF such an act had long been
discounted. as mad every step n the war
Insofar - business VAS concerned. Much
of the advance ia upon TITO bass Of merit,
owing t. generally improved conditions.
some. however Is purely speculative aud
may be carried 10 an extent thai VIII cause
This REACTION. while # might Ice serious
under other monetary cond4tlonS. odia
have less marked Affect WIKI the Plethora
Of money on hand everywhere through 0ut
the country.
80 great il this that I have heard Il IN
tiinated from good sources that there has
been some real discussion Of one Of The
foreign powers se&otiatnE loan In New
York. All th3s is aceehtuated by The fact
that American Interests ar loaniag
abroad. The forces of economy ~ manage
menl and expenditures are no. the lc4s.
OF the reasons for a betterment in values
OF SLOW and more thorough organization in
carrying ON great enterprises The redte-
t{on AZ prices in So many thiu&s il now
compelled to be met ~ better systems of
administration and greater volume Of bus
iness. Necessarily i this So in al classes
III industftAlS ard railroads
As fHr the banks. IL Is the greater vol
uine ut business alone whlta enables them
with 20 great a reiucison ia the payment
for frauSa ting tho business "a make r fair
return vpan thr capital tov, sfeA
Al this tane benefits weFr than eny
oHe elise the great No3y of consumers How
ever apparently on i3v face af ,hlneA com
hlft1 .o4lS lpay Seam - he Gt present fer
TIE t'ntht - cantal an att-Nsis &c tire
teai effect % Them Vii show ,bs; ih con-
gunner r. the largest &aiD"r The danger
fn such combinations Nrs iu tatir inviting
more ar less speculation. taas AFFORD og
opportunity 81 manaeefa te secr.uea me
interests a; she great body - shareholders
r. their own personal gain TNsu. $40. tae
VERY efstt resources vested in tnem 'ena
~ hNto poii,i al attack sod e1uso p3r-
tepauor "a politics hy tttrt-
Hewav'r laasc fsature~ .aa al he safe
guarded ana In tifuo combinations made
Within She auos - }5w ats fairness caa-
ii. ted upoU ,eg'tIt0t te F'.e.oess Vrtuc 81 50
Will BE accepted heye as maca u part ~
everyday commercial l.fe as to'y ate -
Other countries whore ff.~ Nraut ef WAS
lntS sln-e a fixture Hgd an accepted h.s-
Il Ia kuown tA.s German Institutions
haVe pad ~ tn~ last fonr KS - A.sh
AZ fFt renE fs~ e .N-uon hs' bans p4adc
In Wsl and Ia sale streets ~af.b IS "os
excessive when f. ts recalled tttt tao Jss-
eoans ratr "t the E.'-nbsr'A IS per -ea;.
Moafv ir'af 4.ar.f f1 France suf f-n.
giant ttsr sf tfs r,f.tes =. ares t7sa infer.