The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-12-18
A PLETHORA Of MONEY
Russia Comes to Us to Negotiate
a Loan.
IMMENSE EXPORT TRADE
1t Exceeds England's for the First Time
in History-Imports Are Decreas-
irg-Buying American Stocks
Held Abroad.

Chicago. Dec 1.-THE Chicago Daily
News says: The statement may stlrtle
the general public. but In the financial
world the report will cause no astonish-
ment. although the action will be un-
precedented in the monetary history Of
the country. For nearly two months
money has been the cheapest thing in
America" as financiers phruse IT, For
a fortnight call loans have been made
in Wall street as low as iiz per cent.
while short time borrowers with ap-
proved collateral are accommodated at
Sh per cent. i'm Chicago. The bond
markets are absolutely bare of first
class securities yielding more than 3is
per cent. To-day per cent coupon
issues We're bought on the exchanges at
131 and high grade stocks paying diVi-
dends at the rate OF : per cent per an
mum were quoted at 132.
Chicago * Northwestern common
was an instance. Firms that make a
speciality of investment securities ac-
knowledge 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 placement. The national treas
ury states that for the current month
money In circulation has increased S25, =
o33.215. This following a gain of $50.
100000 for October. makes a total eX-
pansion of about S75.00O.OOO for the last
so days. Compared with a year ago tne
total circulation of all kinds Of money
is sl65,7S5.O00 greater and amounts in
all to ti.sS6. 500. 900. The perspective re-
veals even more money. On the first Of
the year. corporations VIII distribute
about 500. 200. 900 i'm interest and GiVi-
dends. Besides, exports are increa sing
rapidly, while imports are decreasing
quite as rapidly. The lltest figures tell
that the exports of merchandise from
this country exceed that OF Great Brit
ain for the first time in the history 81
the two countries. The United States
is In the unique position of desiring
to buy the American stocks that are
held abroad. IL is this condition that
has warranted a foreign government
in making tentative overtures for "A big
loan here. The borrower Is supposed to
be Russia. The representative OF ttat
country was negotiating with French
bankers some time ago for a large sum.
but the transaction was not concluded.
Comptroller OF the Currency Eek
els has heard Of the overtures made
by a foreign power To raise money On
this side.
Inc monetary cOndltlon OF the coun-
try is to-day quite unlike anything We
have heretofore witnessed" he sail.
Despite the usual activity I'm all char
acter of stocks and bonds i'm general
business lines deposits grow In the
banks largely beyond the expansion of
loans. There certainly is no present
and but little future prospect OF "A
change. There can hardly be one with
the amount Of money flowing into the
country from abroad and the increas-
ing demand there for our products.
Whatever discussion appeared some
weeks since as to the raising OF rates
OF the Bank OF England and the Inn
perial bank Of Germany had now pass
ed away.
1T seems that so far as German con-
ditions are concerned. London felt there
might be trouble In Berlin. because the
banks had not been prudent i'm advanc-
ing to so great an extent on securities
which the banks themselves were real
ly interested i'm because the customers
To whom the advances were made had
not the means themselves to finance
them. This condition Of great demand