Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-10-21
ARE GROWING CAUTIOUS
London Bankers Not So Free
to Loan Money to Anleri-
cans just Now
SLIGHT CHANGE IN SENTIMENT
Absehce of Willingness to Lend Money
Which characterized the Briton
During the Past Year-Abnormal
Conditions Prevailing in the Stock
Markets-other Financial Gossip.


New York, Oct. 21.-While it may
not so appear on the surface, London'S
banking attitude toward the United
States money and securities market
situation is not as reassurring as II
might be. There is absence of the eX-
IRENE Willingness to lend money which
characterized British lenders three
months ago. Not much is heard OF II,
but the undercurrent indicates a greater
degree of scrutiny of finance bills than
could be desired. The names of some
of the foremost borrowers in this coun-
try do not meet with the ready &C
ceptance they did a short time ago.
This information is presented merely
for the consideration of those who
prefer to bs guided by what may be
correctly stated as an actual rather
than as a presumed situation. The
stock market is a nervous indicator
of superficial as well as deep condi-
lions, and that which it represents
can not always be told at the mo
ment.
Foreign bills are being renewed 1T is
said. at a rate of So to 51a per cent
for ninety days. This seems to be the
minimum rate. 1t probably will have
a significant meaning to those who
deal in international credits. Foreign
exchange firmed up today, with an
ease in New York interest rates. There
is ready market at good prices for all
bills that are offered, and the slighter
ease in money here appears to have
operated to advance the price Of ex-
change, just as stiff rates few days
ago were accompanied by an advance.
Such an irregular movement indicates
abnormal conditions and banking inter-
ests here, while asserting the demands
for money will be met until the re-
turn of funds from the west still adj
wise their friends to be conservative.
For this reason certain houses are do
ing nothing in the stock market.
Finance bills issued by New York
banking houses are now estimated to
be maturing at the rate Of $1,000 OD
to $2,000,000 per day. These matur-
tiles necessarily call either for renewals
or for payment. With London SELL
ing stocks and cotton, provision, and
grain bills slow payments are in small
volume.
British SPECTATORS took advantage Of
the rise in New York securities in the
last three or four days to unload heav-
lily. TO day London was credited with
selling $4,000 shares and taking or
practically nothing. These stocks prob
ably would average at least par, so
that it means neat credit balance in
favor Of the Englishlnen.
Money ruled here yesterday at per
cent. There was reasonably free VOL
ume, but outside of the large opera
tions of Mr.. Gates ana his following,
market movements have not been ex-
traordinary. The Gates people were in
receipt of large quantity of funds
from the Louisville & Nashville deal,
and We're able to go into the market at
q time when other operators had to
hold off. Yesterday only moderate ac-
tivity was ascribed to this source.
Estimates vary as to the amount of
money which the Chicago banks still
have loaned in Wall street. One inter-
est puts the loans at a high figure, and
this suggests how much after all Wall
streets present calmness is indebted to
cut-of-town banks. Should the west
make larger demands these loans
would be called and Wall street would
again find itself in an openly disturbed
and unhappy state.
Additional reports from Iowa con-
firm the announcement made in these
dispatches two weeks ago that there
was great deal of sort corn which
would require cattle feeding and rather
vii ~ 20 TT To-
quite certain that Chicago banks will
sooner or later perceptibly feel this de-
mand.
The efforts of the bend houses to-
furnish government bonds tothe treas
ury department have been fully as sue
oessful as anticipated. Instead of s15,-
100000 only there has been added since
Friday $622500 to the syndicate's of
fering. This amount is about what the
syndicate people thought was left float
ing and obtainable by these several
houses. But in addition to this total
others are offering bonds on the terms
proposed by the secretary of the tras-
ury. Altogether the deal has beeen
quite q successful one and its BENEFICIAL
effect has been not alone national in
character.
Whatever plans the Gould interests
may have in mind with reference to the
formation of security holding COM |
pany will not be consummated until
after the legal position OF the Northern
Securities company shall have been
determined. If the Northern Securities
proposition be not legal a southern
securities company would fare no bet
ter before the law, since anti-merger
statutes exist in the southern as we'll
aus the northern states. Friends Of the |
Gould people say the opinion of the
latter at this time is that 1T would be /
unwise to build up corporation only
to find it's subsequent disintegration
legally necessary.
That the Goulds have considered
solidifying their properties thru hold
ing company is not a secret, but no
date for its bringing out has been de-
termined upon. The question of its
organization depends upon the consid-
GRAFTON named above.