The Alaska daily empire., 1915-09-27
BORROWERS HAVE LOAN
 CEMENTED

eign borrows and New York bankers have agreed on terms for the floating of half-biIlion war loan, late deyel- opments have indicated
 The terms would be as follows, 1t is said: Half billion to be raised, one joint British and French note be- ing given, drawing 51k per cent in- terest, with the notes to be offered slightly under par.
 Four of the members of the com mission left today for Chicago. to con- fer with Western bankers.
 Jacob Fl. Schiff, when asked if the report was true that he had written letter condemning the proposed war loan, said "The report is not true. 1t is false. ! never wrote any such letter"
 In connection with the loan nego- tiations, Major Henry L. Higginson of Boston made the following state- ment to The World:
 "Our farmers have made large and fine crops of corn, wheat, oats. hay and cotton. Our manufacturers. af- ter enforced idleness, have made ex- ceedingly large sales of shoes, ducks, woolen and cotton blankets, products and munitions of war. In 0 market open to all buyers our people are sell ing their wares, and are doing 1t in competition with the world. Our people have the inside track, but to keep 1t they must meet the prices of competitors, and to do that they must give credit for their goods; therefore, 1t amounts to this; that our bankers and investors must carry the crops and goods of our people for a period of time. And, as all the money in- volved stays on this side of the ocean, such loan Is no hardship. The mon- ey, which is only token. remains in the banks. If we cannot meet and overcome other sellers, our farmers and our laborers will suffer- more especially, our southern laborers. The unsold cotton will deteriorate; the un- sold grain will grow musty; and the idle worlpeople will go hungry.
 "Our German inhabitants talk of this loan as if its only object were to help the allies. Of course 1t will help them; but 1t will benefit every German in America; and just these men would complain bitterly if they suffered from bad markets and en- forced idleness. They, like. other for eign born men. have come to Amer lea with empty hands. have asked and received credit and help from our banks and investors, and thus have prospered, Is 1t wise or fair for men who have filled their own pockets through industry and others help to cut off other citizens who need help or credit2
 "Remember that we must sell our goods or suffer-every man and wo- man of us. To do 1t we must meet the terms of the only great buyers. the Allies. They are the only large buyers; but we are not the only large sellers. South America and Russia can furnish food; Egypt and India can furnish cotton. Money and cred 1t are but tools. Let us use them both promptly and cheerfully. for the good of others and for the good of ourselves"
 John D. Rockefeller has telegraph ed from Cleveland to the offices of the Standard oil Company here, deny ing that he has made any statement whatsoever on the proposed foreign loan.
 Alex Covert, National president of the verhaboy Aid Society, a Magyar organization of 2S,OOO members, an- nounces that the association had agreed to withdraw it's deposits. amounting to some s5OO,OOO, from the American banks, and to issue an ap- peal to every member to withdraw his personal deposits, if the banks in this country subscribe to the Anglo French loan.