The Washington times., 1914-11-01

Haviny made marked progress with
the adjustment of foreign eNchanse
problems. and found markets ABROAD Tor
large quantities of supplies necessary
to the warning nations, thus improving
the balance of trade situation, the Uni
ted States through its individual bank
ing institutions is preparing to furnish
financial aid for the involved European
governments.
France already has secured a $4,000. 900
loan from one of the largest banks or
New York, and reports are current that
both Russia and Germany are In the
American market for financial assis-
tance
The loan made to France. however
will not entail the shipment Of gold
across the Atlantic. The loan was made
with the understanding that the money
was to be placed to the credit of the
French government, to be drawn upon
for the supplies and munitions of war
which the French will purchase in the
United States. The money Will be pro-
Vided by the New York bank for per
cent French treasury notes running for
nine months.
At the very outbreak of the great Eu-
ropean war one of the largest banking
houses Of the country was approached
py foreign government and asked to
make a heavy loan. The head of the
house was unwilling to act without the
permission of the Government, intima-
tions having come from this city that
such action would be dlscountenanced
by the Administration.
Attitude Changed.
Recently. however, the Administration
is said to have changed it's attitude on
that question. The State Department is
now said to have taken the stand that
American bankers, collectively or indi-
vidually, are free to make loans to the
European nations. II has been made
clear. nevertheless, that where such
transactions are submitted to the Presi-
dent they would not receive his favo"
but where the transactions were carried
on without being brought to his atten-
ton, he would not take cognizance Gf
them.
The French treasury notes will not be
offered publicly to investors, and this
fact Is said to have overcome certain
government objections.
The making Of the French loan is not
divertng any of the publcs attention
from the placing of foreign orders in
the American markets. New England
shoe manufacturers are said to have
already booked orders for more than
100000 pairs of shoes for the European
belligerents. This stimulus to the shoe
industry has naturally caused a great
booming the leather business. One
plant which annually did a business OF
81, ,000,C00 but which just prior to the
outbreak of hostilities was running at
less than 40 per cent of its capacity, Is
now running at 125 per cent capacity,
maintaining day and night shifts
From st. Louis reports have been cir
culated during the past few days of
efforts on the part of British. French,
and Russian agents to secure 10000 more
horses. Prices for the mounts are said
to have reached $40 per head. The
French agents are also said to have
purchased during the week more than
100 900 barrels of -four in that city.
Spend Ss,ooo,o 900 in>Chicago.
With $1,000. 900 gold in a Chicago bank.
British agents in that city have been
placing large orders for meats, clothing,
trucks and harness. French and Rus
sian buyers are said to have neen al
most equally as active. with the result
that the estimates made by the Chicago
supply men place the combined expendi-
lures of these nations at more than
SS0C0000 in Chicago alone.
With Congress adjourned, many finan-
ciers and business men have spent a few
minutes of the past week summing up
what the first session of the SiXty-third
Congress, which convened December l,
.9l3. accomplished.
Among its most important achieve