The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-15
GOES AFTER BANK
Ten Cent Store Man to Merge
Giant Trust Companies.
American Capital May Build
Railroad in Spain.
JUDGE HUGHES TO RUN
He Is Being Mentioned as Can
didate for Presidency.
Not Believed He Will Allow
Presentation of Name.

New York, March 15.-Whether the
National City bank, in combination
with other banking interests, agrees to
finance the construction of a contem-
plated new national railway IN Spain
or whether the negotiations now I'M
derstood to be pending fall through, the
fact that American capital has been
found willing to undertake an import
ant piece of financing in Spain in case
satisfactory terms can be arranged is
itself another illustration of the ad-
vances this country has made in III
ternational financing.
Apparently there is no country in the
world now engaged in international
financial transactions on so large a
scale as the United States. Intimations
have come from France to this city
that Russia may seek speedily in the
French market a new loan possibly for
as much as hundred millions, certain
Iy for as much as 90 millions. The
funds obtained by the issuing of the
Russian loan in Paris will be chiefly
used in payment for the four new bat
tleShips Russia now contemplates build
ing as the nucleus of a new navy.
But France has for years been Rus
sias banker.
The recent movement of gold from
the United States to France and also to
Argentina is an incident in American
international financing of the present
time. The indications are strong thaS
American bankers continue to discount
bills drawn by German bankers aud
are renewing bills which were drawn
in the fall. Various coujectures a;e
made as to the amount of American
money which has been invested in Ger
man bills and loans, and the smallest
estimate now is 100 millions.
The Worlds Cheapest Money Market.
The United States mas been prepar-
ing ever since 1900 for participation i'll
the loans of other nations and also III
roans the proceeds of which are to be
used for the construction of railroads
and public works in other lands. To
day this country is the worlds best and
cheapest money market
But at no time heretofore has a pro-
position been considered by American
bankers involving the financing Of the
construction of a railroad in other
lands which entailed the borrowing of
as much as 60 millions Even though
the negotiations should fail, the fact
remains that Spain has turned from
France, where hitherto her obligations
have been placed to the United States
for the purpose of floating loan or ia
some way obtaining the money needed
for the construction of an internatioC-
al railway. 1t is called International
because it is the understanding thai
this railway will pierce the barrier of
the Pyrenees by tunnel to the French
boundary line.
These international transactions would
in all probability have been imprac-
ticable at this time, at least to the
extent which has chara cterized them,
had it not been for the rapid accumu
latton of money capital in the United
States. That has been due to the re-
luctance of capital to make investments
10 in hi NJ
though the opportunities have been
abundant for doing so. Apparently
there are still pending some technical
"details before the negotiation with
Spain can be completed, and it may be
that the transaction as a whole will
depend upon the report yet to be made
as to the commercial practicability as
well as the national expediency sug-
gested by the construction Of the ma
tional railway of Spain
Large Banking Capital.
Yet if capital is timid about invest
ment upon a large scale in railway
obligations or in the exploiting of
mining or other national resources
that timidity does not affect those that
have capital to invest in banking oper-
atoms. Recently authoritative reports
Of the merger of several trust institu-
tons in this city have attracted wide
and have even been discuss
ed at Washington, although they can
not be the subject of investigation by
the committee which is to investigate
the socalled money trust, since they
are state chartered institutions.
There has also been great deal of
interest and some discussion in bank
ing and financial circles in this city
occasioned by the presumed purpose
of Mr. F. w Woolworth and those
who are associated with him in some
Of his business undertakings to bring
about important national bank as well
as trust institution com binationS. Mr.. |
Woolworth has in the field of mer-
ous ability as an organizer as we'll as
4 distributor. He and his associates
have recently perfected a corporation
which is to control chain of stores
that, metaphoricaIly, encircle the
globe. The proposition is one of the
largest of recent years. Shrewd bust
ness men have always surmised that
SO great an undertaking as Mr.. Wool
evitably involves very large banking
facilities. Behind it must stand
abundant financial strength Some
years ago Mr.. Woolworth had oppor-
which distinguishes the trust institu-
tons of New York. He had been up
to that time identified with only one
national bank and, in fact. as recently
identified with this bank as one of its
directors.
The Il. L. Bank
In banking circles, not only in New
York, but throughout the United |
States, this bank is known as the b. L.
bank. The initials stand for the words
Bill of Lading. The bank was estab-
lished in the heart of the produce and
commission business in New York
city. 1t obtained and then increa sed a
very profitable business in the dis
counting of bills of lading which COW
cred produce brought to New York
city for sale. The transac action illus
trates what competent authorities re-
gard as the highest and best principles
Of banking.
When Mr.. Woolworth planned the