New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-10

BANKERS TO BE
MORGAN GUESTS
Invitations Issued for Con-
ference To-day at Seth
Street Library.
FIRST MEETING
PURELY SOCIAL
Treasury Note Loan to Great
Britain of Possibly $1,000
100000 Talked OF.

With the expected arrival to-day on
the steamship Lapland Of the members
of the Anglo-French commission which
is coming here TO try to arrange with
American bankers a solution of the
foreign exchange difficulty, preparations
were completed yesterday, for their re-
ception. p. Morgan issued formal invi-
tations TO a numbe- of prominent fnan-
ciers. including bank and trust COM
pany presidents, TO meet the delegation
in his library, at 93 East Thrty-sixth
Street, at 2:45 p. m. to-dav for a
three hour conference.
1t was stated that the first meeting
would be purely of social character,
but il is understood that the more seri-
Gus questions in view will be touched
upon, even if only in a cursory way.
The visitors mentioned in Mr.. Morgan's
invitation are: Baron Reading, Lord
Chief Justice; Sir Edward HopkinsOn
Holden, managing director OF the Lon
don City and Midland Bank; Sir Henry
Darlington Smith, president of the Ma
tional Bank of Turkey; Basil B. Black
EFT, of the British Treasury; Octave
Homberg, of the French Foreign Office,
and Ernest Mallet, regent OF the Bank
Of France.
A member Of the Morgan firm denied
yesterday that the foreign deputation
would be met by Mr.. Morgan's yacht,
the Corsair. He also said that the
British and French financiers would not
make their headquarters at any hotel
=. -. -. II. &l., = ha do
clined to commit himself.
Change of Sentiment.
There has been noticeable recently
change of sentiment in the tentative
discussions of the terms of the fnanc-
ing Of further purchases by the Allies
in the United States. Bankers who have
heretofore insisted that any loan Of
large size be secured by collateral OF
gilt edge American bonds, and possibly
bonds of South America and Canada,
have now arrived at the conclusion that
it might be better that an out-and-out
loan should be maze, such as the is
suance in this country of British
treasury notes. Speaking along .hese
lines yesterday, a prominent banker
who has taken an active part in the
discussions thus far said:
W lLn iii lUt lUHtISc Cdpildl IL
sources this country now has at its dis
posal il does not seem to me to be
necessary for Great Britain to put up
a large amount of collateral for a loan,
as some excellent bankers have thought
advisable. If we are desirous Of a con-
tinuation of the huge amount of blv-
ing that has been going on for the last
year, II appears that II is up to us to
meet the Anglo-French commission at
least half way.
"There is no question but that the
sympathies of most of us are with the
Allies. We feel that we cannot afford
10 let Germany win in the present great
war. And under these circumstances
why shouldn't we place at the disposal
Ct England, France, Russia and the
other nations who are fighting against
erman miitarism a large part Of our
available resources? Germany already
~ealzes that sentiment generally IN
this country is against her, and under
these circum stances if we don't lend
the proper financial aid to the Allies it
means that we are going to incur their
Ill will after the war is over.
81 don't see why we can't loan Great
Britain from S500.000,000 to S1,000,-
100000 by selling TO banks and indi-
vidual investors her treasury notes, say,
IN one, two and three year denomina-
tlons. As to the interest rate some
bankers believe that it should be more
than per cent, but believe that We
will find 1t difficult TO convince the
English and French bankers that they
should accept a rate higher than B
per cent"
This banker made il clear, however,
that at the discussions which have
taken place on this side no dehnlte
conclusions have been reached. Every
effort will be made to reach an under
standing with the English and French
bankers which will leave no doubt IN
their minds Of a desire on the part Of
American bankers to adjust the eX-
change difficulty with as little incon-
venience as possible to all the parties
concerned.