New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-14
FRENCH REPLY SENT
TO W|LHELMSTRASSE
Negotiations, 1t Is Learned. Are
in Form of Draft Treaty
with Germany.
MONEY MARKET STILL TIGHT
Berlin Boerse Suffers from Sharp
Advance in Paris Exchange
Rates-Imperial Bank
Under Pressure.

| SpeCldl courier al ~ . CiOCh lO-HlSHt.
The Foreign Minister. NJ. de Selves,
early to-day carried the draft Of the
reply TO Rambouillet. where President
Fallieres is staying. and returned TO
/ Paris by automobile Before the docu-
ment was finally sent off VI. de Selves
| had an interview with the British and
Russian ambassadors.
According TO information from a reli-
! able source the reply is virtually a re-
vised version Of a proposed Franco
! German treaty relative TO Morocco sub
mitted 10 the German Foreign Minister
/ by the French Ambassador on September
| 4. The German government returned a
! duplicate Of this treaty TO NJ. Cambon
revised in accordance with German Off
cal notions-that is To say, including
number Of suppressions and additions.
| 1t is these that the French reply again
| revises, either reincorporating the aru-
| cIes suppressed by the imperial govern
ment or amending or deeting the articles
| inserted by that government. The
/ French reply accepts certain German
demands which do not involve the ques-
tion of principle.
A speciaj memorandum expressing the
views Of the French government is car
ried by the same courier This will fur
nish the French Ambassador in Berlin
with the elements for any further ex-
plantations which Herr Won kiderlen-
Waechter may request The memoran-
dunn was prepared by Jules Cambon. the
French Ambassador to Germany, and NJ.
RegnauIt, the French Minister to Mo-
rocco.
| Regarding the published statement
| that the Soci6te Generate had refused to
renew a loan Of Sl,2O00O0 to the
| Deutsche Bank VI. Dorizon, director of
/ The Societe Generate, denies that such a
/ loan ever existed The alleged loan had
| been mentioned by one Of the first bank
ers of Paris and was assumed 10 exist
when publicity was given to the matter.
Berlin. Sept. 13.-During the last few
tdavs. both at the Foreign Office and in
social circles. the Minister of Foreign
/ \
/ expressed absolute confidence that
satisfactory settlement will be arrived at
with France regarding Morocco. This
confidence is reflected by the staff Of the
| Foreign Office.
! The answer, it is believed, will accept
! r part Of the German proposals, leaving
others for further negotiation. The Off
cials scout the assertion that the reply
Of France will amount to an ultimatum.
| II is explained that Germany's demand
/ for an allotment Of 80 per cent in what
ever railway and other concessions
! France obtains in Morocco has been
wrongly interpreted abroad. This divi
sion which Germany would rccprocate
coward France in respect to concessions
obtained by the fatherland does not
toucb the concessions obtained by other
countries. The latter are left free to get
whatever concessions they can without
/ having 10 share with Germany or
/ France.
The Foreign Office regards this ar
rangement as fully within the terms Of
the AIgeciras agreement and as not in
rringinC the rights Of outside powers.
The Cologne Gazette" in its semi
official Berlin dispatch. says: IF France
recognizes the complete economical free
dom and the equal rights OF all the
rowers and will give proper guarantees
| 10 this end. she might just as well have
accented the last German proposition,
which sought only this result.
The BGrse continues more optimistic
! concerning the situation. Nevertheless.
stocks opened somewhat lower generally
to-day, owing To the disappointment
caused by the course Of yesterdays mar
kc- at New York.
The Withdrawals Of French money as
sumed much more serious proportions
to-day. causing an unusually sharp ad-
vance in Paris sight exchange.
The movement. however. does not eX-
cite particular concern among Berlin
dnanciers. because the Paris balances
here have already been reduced to less
than one-third Of the normal at the end
Of June. II is assumed in some quar-
ters that the Paris banks are acting on
a hint from the French government in
order TO bring pressure in the Wilhelm
strasse 10 influence speedy settlement
This calculation, it is believed, will be
wholly without effect upon the German
government
In other quarters, however, no political
significance is seen in the withdrawal Of
French money. as Paris is also recalling
balances in England. Switzerland and
Belgium. owing to the position Of the
French money market. ~he Withdrawals
locally are regarded as less serious at
this moment because the German bal
ances in London and New York have re-
Gently been largely Increased through
sales Of American securities.
Nevertheless the advance in the pri-
vate discount rates to-day awakens ap-
prehension at the Imperial Bank Of
Germany. which is under heavy pressure
this week. The managers, it is reported,
probably will decide in few days to ad-
vance the bank rate.
The re1ort from Paris that the Societe
Generate had refused to prolong loan OF
g. goo 600 made 10 the Deutsche Bank Is
,,opbatically denied by the officials Of
The latter institution
lena sept 13.-It was announced a.
to-d,,,s session Of the Social Democratic
| Continued ON second paSe-