The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-13
BANKERS READY FOR
LOAN CONFERENCES
Anglo French Commissioners
Guests of Morgan, Straight
and Vanderbilt.
JAMES j. HILL COMING

The series of conferences between
American bankers and business men and
the Angto-French financial commission
here TO devise "A plan to meet the exist
ing exchange situation and consider In
ternational credits will begin to-day.
The conferences will probably be held
daily in the Chamber OF Commerce
building, 65 Liberty street. II Is ex-
peoted II viii be several weeks before
things begin to shape themselves into
definite form. The problem faced by
the oonferees is most difficult and on It's
favorable solution depends the financial
stability of the three nations interested.
whioh in turn hold up the OF the
world.
The ultimate object OF the conference
i, in the language of the visiting com
mission, that and industry
nay suffer as little as possible during
the course of the war" Stated con-
cretely this means that the conferences
are for the purpose of agreeing upon a
method which will furnish American
credit TO an initial aggregate Of from
$500. 900, 900 to 81 900. 900. 900 for financ-
ing our export trade
Leading American banker will take
part In the conferences INC representa-
tives of every large inancial interest in
the city are expected to attend, except
those having German conneotions
James J. Hin IL hurrytng 10 New FORK
from St Paul 80 he can be here in time
TO attend the first formal meeting. and
other prominent inanciers from different
parts OF the country are expected TO
participate.
Rest Over sunday.
An,,hara 90 ,ho A.xt. tN--u -
spent a day of rest yesterday. That
means that Baron Reading. Lord Chief
Justice of England Sir Edward Hop
kinson Holden. Sir H. darlington Smith,
Octave Holden and Ernst Mallet OF
France and the missions secretary,
Basil II. Blackett, spent the day di-
versely at the summer homes of J. r.
Morgan. at Glen Cove. Willard d.
Straight and Frank A. vanderlip. at
Scarsdale.
In their visits OF course they met other
gentlemen interested in financial affairs,
but II Is the dehnit assertion that they
simply passed the day recuperating from
their voyage over on the Lapland and
making ready for to-day.
Figures give a concrete idea OF the
task ahead of them. 1t has been said
IN Wall Street that England and France
as well as the United States must within
the year provide for a trade balance In
favor OF the United States of at least
$1,000. 000, 200, or thu three countries will
% confronted with a financial situation
which will spell disaster to the United
states as well as to the countries Of the
Entente Allies.
The United States for the year. IL is
said. will buy from Europe or expend in
Europe In various ways approximately
1880, 100000. At the same time Eu-
rope will buy from us something like
$500. 000. 900 worth OF merchandise OF
all classes. Her munitions purchases AZ
the present rate will exceed 81 900, 00O.-
900.
Why Credit Is Needed.
Ordinarily Europe absorbs American
imports by sending TO this country
$780, 00. 900 worth of goods, getting
SSoO,00O.00 900 a year from tourists. $780,
100000 In returns from American In
vestments, $500. 900. 900 in foreign
freights, $3.50, 900. 900 in insurance pre-
miums, 500, 900, 900 in remittances from
h~yphenated Americans.
All of this. according to estimate, has
been reduced at least $3.50, 0O0, 900 and
IN war munitions have jumped up
enormously. creating the great balance
In our favor.
II has been pointed out that Europe
still OWNS about $500, OOO. 900 OF Amer
lean securities, the sale OF which would
for the time being restore the trade bal
anoe. 1t is admitted abroad that only
when AFFAIRS had become most desperate
could the foreign Governments induce
the holders OF these gilt edged securities
10 part with them. They might, 1t has
been said, induce holders OF $500 900. 900
worth OF them to part with their possess
sions, but not more. and before these
could be sold one or other OF the export
trade features, either the munitions or
the staple eXports would be nros,r,,.d