The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1915-09-24
ALLIES SAY THEY
NEED MORE THAN
HALF BILLION
Hitch in Biz War Loan to England
and France
LIMIT. BY AMERICAN BANKERS
Borrowers Reluctantly Advance In
terest one-Half of One
Per cent.

New York, Sept. 2S-Troublesome
details have yet to be adjusted and
minor matters smoothed out before
Lord Reading. representing Great
Britain and France and j. p. Morgan
and his assistants, representing the
fnanciers of America, sign articles
Of agreement consummating the long
negotiations looking to the establish
ment of a big Anglo-French loan
here.
Not the least o fthese details. it
developed last night is the size of the
loan The representatives of Great
Britain and France, it was said on ex
cellent authority, have been told that
the maximum amount they can get
is S5O0,000,Q00. In reply, it is report
ed, they have told the American
bankers that they need more and
that more will be expected.
Sir Edward Holden, representing
the joint stock banks of London.
which stand high among the financial
bulwakrs of Britain, and one of the
dominating figures of the commission
was reported to have stood firmly on
the ground that the commissions
need was for more than half billion
dollars and the maximum interest
rate would not exceed per cent.
When the commission first reached
New York it let it be known that it
was seeking billion dollars.
1t was reported yesterday that the
commission had sought to raise a bill
lion dollars on joint Anglo-French
government notes without collateral,
bearing interest at 1-2 per cent, and
it receded from its position in the
face Of repeated assurances that it
would fail in its mission unless it
could offer better terms per
cent was then reluctantly offered. it
was said, with positive assurance
that this rate would not be exceeded
The demand was still for a billion
dollars. Within the past week. an
American banker said last night, the
commission had been compelled to re-
cede from this position also as to the
amount, upon emphatic assertions,
of American financiers. that it was un
likely that a billion dollar loan could
be floated at that interest rate.
Throughout the period of negotia-
tions, until a day or so ago, it was
said on good authority, the commits
sion had nominated the situation,
pointing out to American financiers
that the need for the establishment
of the loan was greater to the United
States than either to Great Britain
or France. Quite a few American
bankers, it was said last night. have
not shared this view, although all
were in accord as to the desirability
of establishing the credit If sufficient
ly liberal terms could be secured.
Earlier in the week the commission
and its American conferees came
very near to an agreement on all de-
tails except the amount of the loan, it
was said. Upon this point, the COM
mission was reported to have been
insistent that the sum should approx
mate $7000O0,OOO, and the American
bankers We're said to have been equal
ly firm ntheir refusal to make the
amount more than S50O,0OO0O0.
When the bargainers parted Tuesday
night ii was with the mu-
tual expectation that this point would
be adjusted within few hours and
that the announcement of the sue
cess of negotiations would be. anounc-
ed Wednesday or yesterday
They failed to agree apparently and
there was no announcement. Last
night it was said that there might be
an announcement within 9 few days
or that possibly week would elapse
before an announcement would be is
sued