The Odanah star. [volume] (Odanah, Ashland Co., Wis.) 1912-1916, 1915-09-17
ALLIES BANKERS
THREATEN u S.
Want Billion Dollars or Will Shift
l. Trade.
HAVE GOLD FOR MUNITIONS
Reported That Anglo-French Commits.
sion VIII CurtaiI American Exports
II Plan to Raise Huge Credit
Meets With Failure.

New York, Sept. 15.-The repor.
that The Ang1o-French financial com
mission contemplated borrowing bill
lion dollars here without collateral OF
any sort and solely on government
notes OF Great Britain and France
oyershadows all other topics in the
financial section.
Heretofore, the opinion has pre-
vailed that Great Britain and France
would secure the proposed mammoth
loan by American securities, dollar for
dollar. or by some other acceptable
form Of collateral. All calculations OF
American financiers prior to the com
missions arrival here had been based
on that assumption. 1
The reported plan OF the commits.
sion providing for straight loan
without collateral, caused the biggest
sensation Of the year in the New York
financial district. II
May Find Task Difficult.
Il was the consensus of financial
opinion that the commission would
find its task tremendously more diff
cult than would be the case were tho
proposed credit loan secured by COL
lateral Of American bonds and, stock,
as at first suggested.
In brief, the reported plan of the
commission, so far as it could be
called a plan in the present somewhat
nebulous nature Of the commission 8
program, was as follows:
The establishment here ofga mann
moth credit loan from the proceeds of
which would be paid all bills for ex-
ports to Great Britain and France, and
probably Russia.
To fix the amount Of this loan at as
nearly billion dollars as possible.
Commission Keeps Silence.
The commission itself declined posi-.
lively to discuss the report that this
was it's plan.
In case the commission should fail
In It's plan, it was said, wholesale cur
tailment Of American exports would
ensue. There is nothing, it was said
that Great Britain and France buy
here that they could not obtain else
where with the single exception of mu-
nitions OF war. These they were pre-
pared to pay for in gold If necessary.
The wheat they will need for the next
year, 1t was said, could be bought in
Canada, Argentina, Australia, India
and Russia, should the Dardanelles be
forced by next March.
Cotton is already held In large GUAM
titles in Great Britain, 1t was said, and
by stinting, the supply could be made
to last until the great fields of Egypt,
now idle and untitled, could be made
to produce sufficient amount.
Meats would be bought to large ex.
tent, it was said. from the Argentine,
and manufactured goods from the re-
naming neutral nations Of Europe.
Americas exports would dwfndle to
the leanest figure of the leanest years,
it was said.
Awakening for Americans. .
Such was the dark picture held up
by financiers who spoke of the posi-
tablish its hoped for credit here. 1t
Is more to the interest Of the United
States, they said, than to the interest
of either Great Britain or France.
Before the commission reached New
York the belief was prevalent in some
quarters here that Europe was virtu-
ally on her knees to the United States,
and that the American bankers were
in position to-. dictate
the terms. Those who held this view
are said to have awakened with some
what Of a shock to find that the COM
entertained no such belief.
Whether the commission could bor-
row the money on the terms linked
with it's name today was not so much
D matter. OF interest as what might
happen to cripple American Industry
should 1t fail.