New Britain herald., 1915-09-18


 ing what seems to be the prime source, if indeed not the sole source, from which future shocks to the friendly relations between Washing ton and Berlin might be expected.
 Foreign Loan Successful.
 While the negotiations just referred to have been in progress there, not unnaturally, has been some indica- tion of restraint upon entering new stock market commitments, Ad- ditional incentive for delay, too, has appeared from the varying reports concerning the probabilities of the successful Notation of the large loan or credit that the British and French commissioners have come over to our center to negotiate. No specific de- tails seem to have been announced thus far of the proposals the commits sioners are prepared to make or accept. That the visit of these foreign experts must end with success is, l think, foregone conclusion. The question Is one as vital to the interests of our own country as it is to the countries across the sea. If our grain and foodstuffs in general are to be sold to the nations that under current conditions are our natural customers, if, too, the products of our factories as we'll as our farms are to go forward in such volume as will mean pros perity at home, 1t is imperative, under present unexampled conditions, that proper financial facilities be afforded the buyers The question is the old one that Is so frequently misunder- stood of the difference between money and wealth. There is no question that the British and French governments have ample wealth with which to back up any obligations they may un- dertake The terms on which the credits they desire may safely be left tc the wisdom of the expert interests who are conducting the transactions. It would be conservative and good I think, to confine the credit, at any rate to start with, to say five hundred millions.
 Success Means Much.
 The success of the negotiations, as I have intimated, means much for i our own country. It would provide | in the first place not only for the con- but for very substantial increase in the volume of our exporta- 
 vital bearing upon the great granger sections of our country since it will decide whether the Entete govern ments will be prompt and liberal pur- chasers of our grains at remunerative prices at the beginning of the season or whether they will give preference to other sources of supply and hold back so far as our own grain is con- cerned until the eleventh hour. This would expose our grain more freely to the possibilities of the release of the huge quantities of Russian wheat the growth of two seasons-that are stored up awaiting the opening of the Dardanelles. As to the date that this event will occur any prediction would necessarily be mere guessWork. There are some horities who are convinced that the task is super human. On the other hand, With four of the worlds great nations de- proceeding to accomplish this great task and making actual even though slow progress day by day, the possibility of success is such as to clothe the subject with sufficient inn portance to merit consideration as one of the prime factors in the broad financial problem.
 Market Improves.
 With the possibility of the United States becoming an active participant in the European struggle so greatly removed and with the success of the loan so clearly in sight the outlook for the market for securi- ties may be regarded as having cor respondingly improved. The favor able money outlook will not be modi- fled materially by the practical steps that will be contained in the credit that is being arranged. They will re- main on deposit in the banks and trust companies until needed and will return to the banking institutions when the payments for supplies for which they are intended are made. According to laost Saturdays New York Clearing House statement, the