The Birmingham age-herald., 1903-11-22
MONEY SITUATION
 IS ENCOURAGING Several New Bond Issues Have Been Successfully FIoated OFFSET TO GLOOMY TALK One of the Bright Spots in the Market Is the Rapid Extinguishment of
 the American Department
 Abroad.
BY W. G. NICHOLAS.

BY W. G. NICHOLAS.
 New York. November g.-There are several encouraging features as to the stock and money situation at this writ ing. One is the rapid extinguishment of | American debt abroad Another Is the successful Notation of several new bonds issues made by leading railroads for the purpose of taking up floating indebted ness, both foreign and domestic. And, still another, Is the certainty that the return flow of money from the south and west will begin in week or two. and be under full headway within a month. As matters now look 1t Is not improbable that a decided change for the better will be felt by the beginning of the new year. It is not unreasonable to expect some thing of January boom, although noth 1 ing like one of whirlw!nd proportions or character need be anticipated. Not l withstanding the cut in the dividends of few industrials, the January disburse I ments to stock and bond holders will be larger this winter than ever before. The disbursement of something like $l5O,0OO | properties can not fail to give a stimu- lating effect. It will be an unanswera- ble offset to the gloomy talk which has been for so long indulged in by the dys- peptics and bears on the country and on business conditions.
 Persons who fully understand the ins | and outs of the international exchange market, and who are we'll qualified to 1 form intelligent opinions in relation there- ] to- express the belief that at no time within three years has the American debt to Great Britain and Europe been smaller than now. It has been as high as s400 900, GOO. It has been pared down to less than $150,0 0,000, ana IS In rapid process of entire extinguishment One institution which had it's paper afloat in money centers of the old world to the extent of more than s75,000000, has en- tirely cleared its slate and is at the pres ent time, a heavy lender of money in- | stead of a borrower. Concerns of lesser importance have been equaiiy alert and have trimmed sails until they are in an exceedingly snug position. This, indeed, has been the rule and not the exception. It is true, in local sense, that many banks and trust companies are carry ing considerable dead material, but they
 
 six months ago, and infinitely stronger than they were a year ago when the whole country was distended to the bursting point.
 The recent bond Issues of the Lake Shore and Pennsylvania railroads have already been placed in a large measure, very considerable per centage of both having been taken abroad Money Is thus provided to the amount of approx imately $70000,00O nearly all of which will be applied to the taking up of loans which are at present carried by banks and insurance companies and elsewhere. but mostly here however. By the first of January, the banks will be relieved just that much. Other loans will follow as fast as the easing money market will admit. The success which has attended the two loans mentioned has done much to restore confidence. not only among investors, but among railroads. The at mosphere has been decidedly cleared and corporations which were in some doubt as to whether they would convert flat ing debt into fixed obligations are con- siderably relieved in consequence.
 It Is now estimated that before the first of March 1904 1t will be possible for railroads to liquidate practically the en- tire current floating debt, or as much of it as they may care to take up. Alto- gether railroads have outstanding in un- funded notes approximately S3O0. 0.0OOOOb This indebtedness will mature from time to time during the next three years. That which might be called pressing is proba- bly, an amount not in excess of $175. .OOO, 900, and from present indications it will be taken care of without the slightest dis turbance to the money market except to give 1t increased strength and sta bility The liquidation of corporate float ing debt will liberate large sums and place the money at the disposal of scat tered business interests. Wall Street is never without it's boggy man. John D. Rockefeller is filling that role now. He is about the biggest boggy man the street has seen, and there have been several within the memories of very young men in stock speculation. It has sometimes occurred during the last few years that two or three belonging to this class have appeared on the stage at the same time For instance, James R. Keene, John w. Gates and J. Pierpont Morgan were trying to play the star part at once for a year or more. Attention was di- vided between them, first one and then the other being the most conspicuous figures in popular estimation. There were others of hardly less consequence. Now, however, they have all taken the backseat and have given way to the mighty MT. Rockefeller aided and abet- ted by H. H. Rogers and William Rocke- feller.
 If half the stories that are told about the elder Rockefeller and his friends are true, this coterie must be bound on wrecking the entire country and swallow ing everything up that is worth swallow ing. They are represented as attacking this property and that property with mal- eyolent intention to ruin present holders and to wreak mysterious revenges. Just why they should do all these things
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