Arizona republican., 1915-09-16
SAY ANNOUNCEMENT
 BE PREMATURE
Pro-Gclman Banking EIc- ment Feels Hurt Because of Failure of Financicrs to Invite Them to Partic.i- pate i'll Big Loan.
ASSOCIATED PRESS D1sPlrcH1

NEW YORK. Sept. I5.-Ameriea's billion dollar loan to Great Britain and France seemed to be well on the Way to actual accomplishment to- night. according to bankers familiar with the pledges secured by the mem bers of the Anglo French finan -ial commission during their five day stay here. Announcement at this time that the success of the loan is assured would he. these bankers thought de- cidedly premature but there is every indication in their opinion that the commissions work thus far has met with degree Of success that fully equalled expectations.
 Overnight feeling of resentment in certain financial groups of Wall street To increase on the matter of participation by so-called pro -Germa n financiers of New York. These fin anCiers who constitute a formida ble array of financial power had not been invited to take part in the loan and were inclined to feel hurt.
 Tn many cases said the spokes- man of this group. the name of the firm is German. and the officers are all American, descendants from Ger mans. but born and raised in this NhUAlll ItSt IlEn 1It SDOu -Aiil- orleans and feel hurt that they are not permitted to share in councils If interest to their country They certainly will not beS to be taken in but would like 10 be shown a least the courtesy of being asked
 The rosy view of the men who ehampioned the financial commis- sion's cause does not coincide with those opposing the big loan nor that the so-called pro- German financiers here who were not invited to attend the conferences. As far as could he learned. pledges have already been secured for a considerable fraction of the big loan Other pledges are in prospect. The socalled pro- Ger man banking houses in New York will be invited to participate in the loan if the commission is persuaded they are sincere in their expressions of willingness.
 The billion dollar loan would prob ably be divided two. and possibly four separate parts of equal amounts. The bonds upon which the loan will be granted would bear not less than live per cent interest be payable in dollars. and free from British income tax requirements.
 An attempt will be made to sell the bonds at par. in which case the rate will he five percent. Mem bers of the commission fully be- lieve that such funds can be dis posed of at par. hut American bank CTS have doubts on this score.
 Opposition to the Notation of a loan. country wide among Americans of German sympathies or percentage, but strengthened other bankers in their determination to aid the float ing of the loan. and in the opinion of the commissions friends. has not seriously impeded the task.
 The bonds are to be payable either in five or ten years. Possibly one series will mature in five years and the other in ten years. This has not been decided
 Into the hands of the commission, it became known many American bankers have placed pledges to take part of the loan. Not a hint as to the amount of these pledges was given, but there are indications the sum tOtalled many millions
 In nearing intimate details of the transaction. members of the commis- sion narrowed their conferences to a smaller circle of financiers which included only the most influential of the cOuntry's financial industrial factors. Among the men who are known to have consulted the com missioners are ]. F. Morgan, George Barker. James Hill and Festus Wade of St Louis. Wade said the pro- posed credit loan. if obtained, would provide funds for the care of ex- ports of cotton as well as every other article imported by Great Britain and France from this country.