The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-16
LONDON IS CHARY
NOT SWAPPING UP STEEL STOCKS
WITH THE AvIDITY EXPECTED.
Heavy Declines in Prices of ConsoIs
and Industrial Securities, Fol-
lowed by Partial Recovery.
BANKERS HOLDING MONEY
UNWILLING TO LOAN FREELY ON
STEEL CORPORATION SHARES.
Their DisincIination Due Partly to
Settlement Day and Partly to the
Great Strike in America.
TALKS WITH FINANCIERS
VIEWS OF j. r. MORGAN. JR., LORD
ROTHsCHILD AND OTHERS.
His Lordship Advises Americans to
Settle Their Labor and Railway
Troubles IL They Want Loans.
Their Disinclination Due Partly to
Settlement Day and Partly to the
Great Strike in America.
TALKS WITH FINANCIERS
VIEWS OF j. T.. MORGAN, JR., LORD
ROTBsCHILD AND OTHERS.
His Lordship Advises Americans to
settle Their Labor and Railway
Troubles IL They Want Loans.

LONDON. July 15-The Stock Exchange
to-day was engaged with the preliminarles
of the settlement. There were marked ana
heavy declines in prices and large move
ments in the money market feellng OF
anxiety prevailed especially in the market
for Americans The rumor that bankers
would not lend on American securities is
gross exaggeration. Lenders, however, are
chary where long loans are asked for
Consols have fallen another ss, breaking
the low record of recent years. Prices or
Americans opened with a general frac-
tional recovery, but later declined, United
States Steel common falling A.. and Steel
preferred 5. Since the last settlement many
Americans have fallen from six TO eight
points and one or two sixteen or eighteen
points The depression in United States
Steel is chiefly due TO the report that the
London bankers refused 10 loan money on
stock of that corporation. The Associated
Press however, learns that the bankers
have not taken any such organized action.
In a few cases advances were refused, but
this was owing TO fear of the solvency of
the APPLICANTS.
In this connection ]. p. Morgan, jr., said:
1--WE have had no notification that the
banks were making difficulties. The only
reason which can explain the decline in
Steel is that there are more sellers than
buyers ! do not believe the strike to be
serious Only a few mills are concerned
and the effect cannot possibly be judged
for a few days. When these matters have
developed IL the banks should decline TO
lend money on Steel we would be glad to
do so If we have money available for such
purposes"
One of the largest American brokers in
London questioned on this subject said:
1T has always been rather difficult to car
ry over United States Steel Corporation
stock. and to-day it is more so than ever.
but / do not think any first-class firm will
find it impossible"
Lord Rothschild said to a representative
of the Associated Press: There is no dis
elimination against United States Steel
Corporation or other American stocks. 1t
is a business matter here that bankers
do not advance large amounts on one class
of stock alone. If a man came TO me and
asked for $4,000 on one lot of stock / would
not give 1t TO him. / should require several
different lots of stock The financial situa-
tin here depends entirely upon the United
States. II you send over good prices we
will keep them up. but If you are persistent
sellers, as you nave peen to-day, you can
not expect London TO go on buying. The
financial situation in Germany is all right.
Everything, as l have said, depends upon
the United States j. z. Morgan placed
e15OOo.OO0 of Steel here. They have gone
down considerably, and IT cannot be called
surprising If the London market is de-
spondent but there is no real anxiety nor
likelihood of any panic things of that
sort. | expect the situation in the United
States-the drought. bad crops and the
possible results OF the strike-to be ex-
aggerated. Settle your strike and arrange
your railroad difficulties and you will find
London willing as ever to support Amer
lean securities
The New York prices cabled over to-day
were lower than the London prices and
London promptly slumped in sympathy. but
quickly picked up again. Steel touched
371h, but rose TO 80. Steel preferred touched
S7h and rose 10 901z.