The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-09
ARE ANGRY IN ENGLAND
BROKERS AND NEWSPAPERS say
LOAN SHOULD HAVE BEEN
KEPT AT HOME
o. s. AS THE WORLDS BANKER
In Higher .nanciaI Circles the Al
Iotment of $4,000, 900 to the
United States Is Gencr-
ally Approved.

LONDON. Aug. S.-The allotment of Esq.,
100000 Of the war loan to the
United States is received in high
er financial circles as good
thing for London in the present
position OF the banks. The brokers and
small investors severely, almost passion
ately criticise the chancellor of the ex-
chequer. Sir Michael Hicks-Beach, for pri-
vately arranging for half Of the so-calIed
public 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. Nor
gan & Co. and the Earrings, the joint TAX
ers, pointing out that this was an easy
and natural way to bring in gold and save
the exports to the United States in Octo-
Der. Otherwise the bank rate might have
to be raised to 8 or 6 per cent, and ex-
traordinary measures would have to be
taken to increase the gold reserve.
The Earrings informed the Associated
Press that though the loan was more than
subscribed in New York before the agree
ment was closed with Sir Michael Hicks
Beach, it was not twice covered. as 1t was
expected it would be by the negotiators
here. The Morgans said the insurance
companies were large subscribers, and
both the Morgans and Earrings said a
large portion of the millions would come
in gold Two million pounds. it Is under
stood, are already engaged.
The critics of the chancellor of the ex-
chequer point out that the loan was 39
per cent; that it was so excellent thing
that every pound should have been kept
here; that even if the American offer was
accepted, it should have been done diff
ferently and that to ask for subscriptions
to ten millions when five millions were al
ready allotted was rather tricky,
Generally, however, there is a feeling
OF satisfaction In financial circles over
the easier money prospect
The Pail Mall Gazette says;
The loan shows America will occupy q
new role in the future-that of lender
Ere long American operators and invest
ors will interest themselves in the inter-
national group and be factor to be reck-
oned with
The Westminster Gazette, under the
heading THE Treasurys Insult to the
City; America Financing Our War"
says:
Attempts ere being made to organize
a deputation to protest against the sud-
den closing Of the applications for the
latest war loan, but it Is doubtful Wheth-
er it can get more than the chancellor's
expression OF regret, If disappointment
was caused. There is little use of OPEN
ing the lists at all, seeing that the chan
cellor had arranged to borrow most of
the money IN America In any case. the
1act might have been made clear in the
prospectus, which was a misleading doc
ument. When an issue is already half
subscribed, even by powerful American
insurance companies, it is usual to state
the fact. The stock exchange commit
tee may recall this when the quotation
comes to be considered"
The Financial News refers to the Unit
ed States as the worlds new banker
NEW YORK, Aug. Starring, Magoun
& Co. today announced that SIS, 600 OOo
or the new British exchequer loan had
been allotted to subscribers In the Unit
ed States. The total subscription in this
country. they said, exceeded S55, coo, 900.
SHIPPING THE GOLD.
NEW YORK, Aug. 8-Tentative ar
rangements made yesterday completed
Tor gold exports by HeideIbach, IckeI-
hefmer & Co, of 100000; $500, 600 TO go
70 London and 100000 to go to Paris. and
by Lazard Freres of s1,OOO,OOO to go to
Paris. This makes a total thus far for
the week of $4,75O,OoO, of which s., $50 600
goes to London and s., 100000 goes to-
Farls. No further French shipments for
the French steamer tomorrow can be
learned OF, but exchange bankers express
the opinion that further shipments may
De made by Saturdays steamers
An engagement by Ladenburg, Thai
man & Co. Of 100000 makes the total
shipments of gold thus far $5,s00,G00.