New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-03
china. Servia, Bulgaria, Aus
tria. Russia. Italy, Chill and
Brazil Want Loans.
HEAVY DOMESTIC NEEDS
n,oeent Period of Great Indus
trial Prosperity Creates Fa-
vorable Outlook for the
Financing of Nations.
rBy Gable 20 The Tribune

.he uncertain European situation and
49, effects on industry are the leading
,,siness topics here. First. there is
.ho question of the loans which will
.or,ainlv be applied for as soon rs
pesce is fact.
The French money market it is
hardly necessary to remark. is inter-
os,ed in two kinds Of loans-the one
national and the other foreign. 4
matter that is now attracting much At
,ention is the question of the hour-the
orotection Of French finance in tho
same way as the national trade and
industry are protected. OF internal is
sues We have the new years issue of
saoO0N nGO worth of Treasury bonds.
Then there was the credit foncier ST.
c0O0O bond loan. offered at > per cent
less than the nominal value of Jpb
francs. Further there is the expected
Paris municipal placing of bonds 10
the tune Of S1SO.0000OO. Apart from
the government and municipal under
takings there is the long list of indus
rial and commercial enterprises for
which money will be required.
Await Conclusion of Peace.
Numerous foreign states are about
due 10 come into the money marke-.
To begin with the new born Chinese
Republic is entering the lists with large
financial demands. affecting a popula-
ton OF more than 3J0,OO0,OO0 inhabi-
tants. The Servian government is
awaiting the conclusion of peace 10
come forward with proposals for loan
Of not less than S1O,OO0,0p. Bulgaria
and Greece il is believed, will follow
suit with their financial requirements.
The tightness of money is being Sc
yerely felt in Austria Hungary as a
result of the military mobilization, and
considerable financial assistance will be
applied for from Vienna when the mo-
ment Of anxiety is passed.
Russia will need funds for railway
extension TO meet the requirements of
The remarkable industrial development
Of the Empire Of the North Rumors
have been going around OF the in.cl p
La;ional financial markets that Italy
has been feeling the ground for OBJ
tanning loan varying, according 20
report from S1J0o00.Vp0 to S2O0,oOo-
e3 II is also said that Chill is pre-
Earring 10 contract a loan for S2J,Uro,-
80. necessary for important public
works and. furthermore. that Brazil Is
only awaiting the lifting Of the clouds
in order TO make an issue of bonds.
The list Of private money advances,
great and small, is too long even TO
summarize. But one and ali will have
10 pay a heavier rate of interest for ac-
Commodation. The Balkan crisis broke
ont at time Of industrial and com
mercial prosperity unprecedented since
the year 1900. Activity is still very
great in many countries, but the re-
suits are less than the anticipatiOns, in
consequence Of the Near Eastern
rGss.
Stocks OF Coal Nil.
\ large factor IN the situation here
is the brilliant position Of the coal min
ins industry. The recent great coal
strikes and the growing demands Of
industry for fuel have produced rise
IN prices, and tne supply is already
short OF the d-l.tuu. 70 is only in
Germany that th. . uaf compare
lively increased I'D there the
quantities brought 80 bank hardly
meet inland requirements. Stocks Of
coal are nil and prices are the highest
since 1907.
In the metallurgica industry rates
are also likely 10 equal those of 1901.
The demand for copper is greater than
ever before. The requirements are eN-
pected 10 be. this year far larger than
at any previous time and prices viii
doubtless form a record. Tin reserves
have shrunk perceptibly. and although
the production has increased this metal
will be dearer than at any time within
the last thirty years.
The cost Of petroleum is growing be-
cause, while the consumption is daily
extending. the supply remains station
.ry. Even rubber is likely TO be more
expensive, because the supply of wild
rubber is diminishing in proportion TO
The bigger quantities received from Tie
plantations. The vast development Of
The automobile industry is sure to
maintain prices
Dear money and higher bank rates
are the toll to be paid Tor state Of
Industrial activity unrivalled sine,
l9J0. II the Eastern question had not
been rcopcncd finance, trade and indus
Try would have fourished as they have
lot done for more than decade
Paris Bourse Expectsnt.
4 slack market for stocks with d
firm undertone. but with a Micawber-
Ike expectancy that something will
turn up, describes the situation of the
Paris Boursc The average business
man feels pretty sure that there will be
NJ European war and is reserving his
funds for the rush Of investments Ia
foreign bonds and home industrials
that he believes 10 he impending. ON
the other hand, several conservative
and important fnanciers are much less
optimistic and declare that the present
much Wanted agreement Of the great