The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1900-08-10
So the United States Is Now Desig-
mated by the London Finan-
cial News.
HALF OF THE NEW LOAN PLACED HERE
iritiAh BROKERS and Small Invest
ors Inclined To Find Fault, hut
Higher Financial Circles See in
the Transaction u Good Thing for
British hanks.

6 100000 of the G 100000 war loan
to the United States is received in the
higher financial positions as good
thing for London, in the present pc,
sition of the English banks. The
brokers and small investors severely,
| almost passionately. criticise the
chancellor of the exchequer, Sir Mi
chael Hicks-Beach, for privately ar
| ranging for half of the so-called pub
lie loan, and allowing the investment
plum" to go 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 Earrings Quoted.
The Barings say that though the
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 hers.
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
exchequer point out that the loan was
worth $40 per cent, that it was so
excellent thing that every pound
should have been kept here; that even
IL the American offer was accepted.
1T should have been done differently.
and that to ask for subscriptions ia
s10,ooo,00o, when s5.000,0oo were al,
ready allotted, was rather tricky.
Generally, however, there rs a feel,
ing OF satisfaction in financial circles
over the easier money prospect
Factor to he Rcckoned With.
The Pail Mall Gazette says:
The loan shows America Will &C,
eupy 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"
Westminster Glzette's Kick
The Westminster Gazette, under tha
heading: THE treasury's insult ia
the city; America financing our war. i
| saws:
Attempts are being made 10 or.
eanize a deputation &c protest against
the sudden closing Of the applications
| for the latest war loan; but IT i,
doubtful whether il can get mora than
the chancellor's expression of regret
| II disappointment WAS caused. ! here
was little use in opening the lists at
all. seeing that the chancellor mad ar
ranged to borrow most of The money II
America. In any case, the fact might
have been made clear in the prospec,
tus, which was misleading document
| When an issue is already half sui.
scribed, even by pushful American in,
surance companies, II is usual 10 stata
the fact. The stock exchange commit.
tee may recall this when the quota,
ton comes to be considered"
The Worlds New Banker.
The Financial News refers To the
United States as "rhe worlds new
| banker''