The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1900-08-11
THE NORLD'S MNBANKER.
so the United States is Now Desig-
mated by the London Finan-
cial News.
HALF OF THE NEW LOAN PLACED HERE.
ytrttihh Brokers and Small nvest-
ors Inclined to Find Fault, hut
Higher Financial Circles See In
the Transaction a Good Thing for
British hanks.

London, Aug. 8.--The allotment OF
100000 900 of the f10,O00,o0O war loan
TO the United States is received in the
higher financial positions as a good
thing for London, in the present po-
sition of the English banks. The
brokers' and small investors severely,
almost ~passionately, criticise the
chancellor of the e%xchequer, Sir Mi
chael Hicks-Beach, for privately ar
ranging for half of the so-called pub
lie loan, and allowing the investment
plum to 60 out of the country. The
Bank of England advised Sir Michael
to accept the American offer, which
was made early last week through j.
P. Morgan & Co., and the Earrings, the
joint takers, pointing out that this
was an easy and natural way to bring
in gold and save the exports to the
United States in October. Otherwise
the bank rate might have to be raised
to five or six per cent, and extraor-
binary measures would have to be
taken to increase the gold reserve.
The Bnrinss Quoted.
III oiiuS soy thot thouRh INC
loan was more than subscribed in New
York before the agreement was closed
with Sir Michael Hicks-Beach, it was
not twice covered, as it was expected
it would be by the negotiators here.
The Morgans said the insurance COM
panies were large subscribers, and
both the Morgans and Barings said a
large portion of the millions would
come in gold. Two million pounds, it
is understood, is already engaged.
Wall of the Critics.
The critics of the chancellor of the
e%xchequer point out that the loan was
worth 3 9-10 per cent; that it was so
excellent a thing that every pound
should have been kept here; that even
if the American offer was accepted,
it should have been done differently,
and that to ask for subscriptions to
10000, 900, when $4,000, 900 were al
ready allotted, was rather tricky.
Generally. however, there is a feel
ing OF satisfaction i'll financial circles
over tie easier money prospect.
a Factor to be Itcckoncd with,
The Pail Mall Gazette SAYS:
The loan shows America will oc-
cupy a new role in the future-that
Of lender. Ere long American opera
tors and investors will interest them
selves in tie international group and
be Il factor TO be rcckoncd with"
WestmiuAter Gaxette's kick.
The Westminster Gazette, underline
heading: The ~treasury's insult to
the city, america financing our Var
says: "
Attempts are being made 10 or
ganize a deputation &c protesthgainst
the sudden closing Of the applications
for the latest wal loan; VT 1T is
doubtful whether it can get lJore than
the chancellor's expressionlbf regret
If disappointment was cauted. There
was little use in opening fho lists at
all. seeing that the chancellor had ar
ranged to borrow most of fhe none in
America. In any case, tie fact might
have been made clear ip the prospec-
tus, which was a misleading document.
When an issue is already half sub
scribed, even by pushfal American in
surance companies, II is usual 10 stat.
The fact. The stock exchange commit
tee may recall this when the QUOTA
ton ONE to be considered.'
The Worlds New Banker.
The Financial News refers to the
United States as 'The worlds new
banker"