The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-11-24
HOW BROKERS GOT MONEY
Foreign Banks Issued Loan Bills for
Sixty and Ninety Days.
HIGH WAGES AND SMALL DIVIDENDS
Freight Rates to Be Raised to Make Up
less in Earnings by lnereases-No
Employees or Dividends viii Suffer.
HIGH WAGES AND SMALL DIVIDENDS


Especial to The Post)
New York, November IS. The ability Of
Wall street to accommodate Itself TO any
hardships was shown by somewhat re-
markabie method discovered by stock
brokers for getting funds after the local
banks had shut down on time loans re-
fusing offers OF S or per cent In some
cases. one broker who ordinarily uses
100000 Of time. money in his business.
after hustliug around an the week, was
able to get only S6oooOo. and he had ia
plead for that Then IL occurred 10 him
to apply to the foreign bankers, VINO have
been for a long time sweeping up all or
the available commercial bills for remit
tance IN settlement Of maturing loans by
Europe to this country.
why can't you put out some loan bills
which can be utilized as margin for cav
ry'nG stocksw asked the broker OF a for.
eign banker whom he knew we'll Tho
banker fell in with the scheme aud AZ once
persuaded his principals IN Europe 10 sell
lot ot these bills They were snapped
mp with ayidity by other brokers aud
readily took the place or the loans which
they had been getting from the local banks.
nut most OF which had expired. liz meant
nothing more nor less than that the Tor.
eignerS had extended some OF their credits
ana were willing 20 allow our debts to be
carried along FOR sixty or ninety days
, ,5a- t,,il he nroNets ~ m9lny cases turned
trust companies or to ont Of town MONEY
lenders, getting the cash therefor In
Ir ,h, CtsVs lnT p'HSSTs nnnonneed thelr
other Side thereby giving inc icndcps sn.
CURLY on their bills. This, however, f.
the foreign houses hayn nntboJfv a. nav
cases to arrante for loans Of inc ehorsrtsT
mentioned.
AN OF tho hills rnentinnnd v,nro me ,,,+
for sixty to ninety DAYS beronse Rrot srs
wnut short tiuic nancy 10 cnt-,, the,, Nrar
the hrst of mo yenr Tbp rnnson ,ghy ia
local banks released to tic up any more az
their funds IN lime loans ivns that tbSv
nppreheud greater scarcltv Ma ,stfsr NIX
OF pecemhcr tbnu In mrs, lo,,s ,,nsrs 49,
they must be IN a position 10 meet lam.
above S1OO.OOO,ODO. After thot dnfe ,he,
NIL have plenfv 81 uoncy 10 ,coor,, ,,,i M
everybody Broker, rs n ruls Al ,ct cSt,
TO arrange for long loans OF Xix months
being In douht as H. tbs Gen's,t 49, , ~,
prevail In The sprinr in cnnaSet iSa' MA, Mn
stock market opprations SonittIn,es tttvN
Is a period OF dullncss
MORGAN HOLDS RACK corn
piorn,r. ,t,u..,, 4. -.
~ P'H' 'iVi s'u - unAA'Hs uercuiean
EFFORTS TO prevent gold from iebvihg the
country for Europc by himself muffin. ouf.
s+o,ii,, buis y.bo, tho aa,,,a,,1 - -
'V'""N N'''9 "uOn 'He uc'uauu eAchnhBe
rate Eets ABOVE slei. II be can stavc tn
shipments for o fortnight longer IL Is DO.
ljeyed here mar cotton and ,ro,,, ,,,us ,,.,,
-. anu e'"tN ''''9 WIZ
tueH pe pouring III III such volume as TO
meet the requirements for paying OFF press.
ing foreign loans So enr os tho ,ocot ann.
plp OF money n conccrnod no damn g. IN
here hut that within n short time Tho no,
turn flow from the interior viii no suf0.
Client TO carry things olonr fairIv We'll
untn january. The banks have neon can