The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1900-08-11
THE WORLD K[NBANEER
So the United States Is Now Desig.
mated by the London Finan-
cial News.
HALF OF The new LOAN PLACED HERE.
British Brokers and Small Invest
Ors Inclined To Find Fault, But
Higher Financial Circles See in
the Transaction a Good Thing for
British Hanks.

London, Aug, 9.-The allotment o.
& 100000 of the c 10,000,0OO war loan
to the United States is received in tho
higher financial positions as a good
thing for London, in the present POI
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 Barings, 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 Bnrines 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, il 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 Q
large portion of the millions would
come in gold. Two million pounds, II
is understood, is already engaged
Wall Of the Critics.
The critics of the chancellor OF the
exchequer point out that the loan WA
worth 9-i0 per cent; that II was SO
excellent n thing that every pound
should have been kept here; that even
II the American offer was accepted
it should have been done differently
and that to ask for subscriptions Ia
6 i0,000,000, when E5,O00,00O were al,
ready allotted, was rather tricky
Generally, however, there is feel
ing of satisfaction IN financial clrclea
over the easier money prospect.
Factor TO be NcckOncd with.
The Pail Mall Gnzcitc says.
"The loan shows America will &C.
cupy new role In the f,lture-.that
of lender. Ere long American opera
tors und investors viii interest them
selves in the international group and
be Il factor TO be rpckoncd with"
WestmiuAtcr Gnxette's Kick.
The Westminster Gazette, under the
heading: 1.-THE trensury's insult Ia
The city; America financing our war;
says:
Attempts are being made 10 or
ennlze a deputntion 10 protest against
the sudden closing II the applications
for the latest war loan; but IT Il
doubtful whether il con get more than
the chancellors expression Of regret
II disappointment WIS oUused. There
was little use in opening tho lists al
ell, seeing that the chancellor had ar.
ranged to borrow most OF the money in
America, In any case, the fact might
have been made clcnr In the prospcc.
ius, which was a misleading document
When nm issue Is already half sub,
scrlbed, even by pushful American IN.
surance companies, It Is usual TO rtute
the fuct. The stock exchange commit
tee may recall this when the quota.
ton comes TO be considered"
. The Financial News refers to the
United States as "The worlds ncw
banker"