Evening star., 1915-09-19
Still ar From Agreement.


contrary there was every indication to-
night that an adjustment of differences
over these and other minor proposals
was still far from accomplishment
During the day it was reported that
an agreement had virtually been
reached and that the success of the
plan would be announced shortly, per-
haps Monday. This was too optimistic.
in the opinion of those who profess to
know precisely what the situation is
We have not yet begun actual ne
gotiations,' one banker was quoted as
saying. Heretofore our discussion OF
possible terms has been confined to
conversations. There is no definite,
concrete plan before us for considera-
1ion and | doubt if there will be be-
fore the middle of next week"
Viewed from the angle occupied by the
American banker, the commission has won
nearly every proposal so far and is stand
ing decidedly firm the others at pres
ent discussed. The first proposal-that
there would be no collateral-entiTely up
set all the calculations made by financiers
here in advance of the commissions ar
rival. The bankers gave in and the COM
mission won on that score.
Yield as to Amount
AS to the amount of the loan, the COM
mission asked for billion dollars, while
the American bankers had hardly con-
sidered more than half that sum as an
outside figure. There is good reason, ap-
parently, to believe that the commission
will be satisfied with $500. 100000 TO
SSG0,o00,090, and there seemed tonight
good reason to believe that they would
win on this score, too.
The third detail was the interest rate.
Bankers here had thought that they would
receive something for their services in
underwriting the loan. The commission,
it is understood, entertained no such
opinion. With the exception Of a Wig
orous minority of directors, the financiers.
from what can be learned tonight, had
been preparing to surrender that point as
well to the British and French visitors.
There is, however, a growing demand
that the bankers be afforded better terms,
Notwithstanding the reported declaration
OF the commission that London and Paris
will not pay any one more than per
cent. The opposition to this stand. on
the part of the Americans, bids fair. it
Is said, to Stlffen to the same degree as
the opposition to having munitions in
cluded within the scope of the loan.
In their negotiations with the COM
mission the American fnanciers appar-
emily have had in mind continually the
blow which might be dealt American
industry should the comm ssioners fail
in their work. AT the beginning of
parleys, it was said, the commissioners
pointed out that the establishment of
the loan. in their opinion, was more
vital to America than to either Great
Britain or France.
Today, nine days after the commits
sion's arrival here, the impression
seemed to be gaining ground that per-
haps this dark picture was painted
with purpose, and that in reality
neither Great Britain nor France would
let details OF minor Importance shut
to them the door of the only great
world market now left open. SO far.
If reports be true, the comp2ission has
hardly budSed from its original ten
tatiye proposals The time has now
come. many American bankers feel, for
Great Britain and France to make con-
cessions.
With this decided variance of opinion
reported to be existing between the
negotiating parties there hardly seem
ed basis in fact for the optimistic ru
mors that found circulation today. Nor
is there. IL was said. basis for pessi
mism. The situation was said to be
encouraging and virtually uncha nged
since N.Sterfl:iN