Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-09-14


some step be made by which stability
of this exchange can be secured. You
have mere in the states very large sur
pluses of foodstuffs and other mater
ial which you want to export. We,
on the other hand, want TO import
these goods and to the commercial
man nothing Is more difficult than to
arrange fixed prices when theirs is the
instability such as we have had re-
Gently ion exchange
we cannot say more than that at
the present hut that generally re-
fleets our views on the situation.
shock, Financial World.
Generally, the commissions reputed
claim came as a distinct shock to the
financial world In AN the talk that
has preceded the commissions arrival
here and in am the gossip that has fol-
lowed it. there has been only a Whls-
per now and then, that there would be
an attempt TO finance a loan of such
mammoth proportions, or i'm fact any
loan at all, without offering collateral
Fmanciers, secure in their belief there
would be- collateral. have even gone
SO far as to say what collateral would
be acceptable TO American financial
institutions and to express doubts as
TO whether anything but approved
American securities, now held abroad
..n1 O., l41 4p5ufrgd lt. Franco and
England, would suffice,
1t is to be loan without collateral
Of any sort on no loan mt all-that is
The present plan of the commission.
at least SO far as the American finan-
ciers visiting 1t have been able to
'earh
At'''udc OF COMMISSION
Here is the reported attitude of the
commission as gathered by bankers.
who have talked with the commission
crs during their stay here:
The credit of Great Britain and
France has never been questioned
They are able to pay for anything they
promise 20 pay for Their bonds are
the standard of world Investment.
These countries require only one
thing from the United states-mmi-
tious of war True, they would like to
have great many other things
wheat cotton, corn, meats, manufac-
ured goods, thousand and one diff
crent articles-but they can exist with
out some Of them and the others they
cam buy elsewhere. if necessary But
for the one thing these countries peed
war munitions they are prepared
Co pay i'm gold, if they have to. And
they will pay in gold rather than sub
NIT to terms that they think are oucr-
Gus i'm establishing a credit here.
The Washington Problem.
That. in a few words is said to rep
resent fairly accurately the imprcs-
sion of the commissions attitude
which has been obtained bv fiuanciers
visiting them.
The two chief obstacles that seemed
10 appear obvious were the question
whether the Washington administra-
ton would regard unfavorablv the Is
suauco Of loan based ON British and
French government bonds AS being
an unueutral procedure. and whether
the banks of America could assimilate
such loan without collateral
In some way the impression has be-
come strongly entrencbed that tbo
administration would not Interforo
with the issuance of such "a loan As
TO the banks taking il there is as vet
mo assurance that thcv woujd ar couId
but In some quarters If believed that
the feat can be ACCOMPLISHED II So
III viii have been neither ooualled
nor approached in the history ~
American finance.
What Failure Womb Moan
Wholesale curtailment ~ ordors an
the way down the Hsi from, The least
10 the greatest Of exnorts Win no
single execution If n1pIlIops ~ uar
which would be bought in increasing