Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1915-09-17

York today to lend a helping hand to
the Angao-French financial commits
sioners in their task OF arranging a
way by which Great Britain and
France can Pay for the hundreds OF
millions of dollars worm OF imports
already shipped abroad and other
vast amounts contracted for and con-
tempIated.
The first of these arrivals was
James J.. Hill Of St. Paul. Mr.. Hill
was said to be provided with data up
on which he based his belief that the
iotation OF a mammoth credit loan
here to Great Britain and France is OF
more vital interest, perhaps, to the
United States than to the two coun-
tries seeking the loan.
Hill Outlines Northwest Attitude.
ANY loan that is arranged" Mr..
Hill said, must cover not only credit
for munitions Of war, but provide
fnuds for the payment Of grain and
other commodity exports. If the loan
were intended to be used only for the
payment of wal munitions it wouic
not, in my opinion, meet with general
response in the west and northwest
On the other hand, a credit loan in
tended for S in paying for all ccrn-
modities shipped to the two countries
would be popular in my section and
there is every Indication that even the
smallest western banks would give it
their heartiest support"
--
The $1,GGo, 100000 loan to the Eu'
ropean nations which James ]. Hi:
IS directing with the worlds greatest
inanciers in New York today inter.
ested the financial houses of St. Paul.
1t is generally agreed that tie loan
must be made or the crop movement
Of the northwest will stop.
Reluctant to Go.
Mr.. Hill was reluctant to go to
New York to take the lead OF the
large financial transaction. His 71th
birthday anniversary will be next
Thursday and he wished to spend it
vita his wife and family. II was on
the urgent request Of J. P. Morgan
that he consented.
Urge Banks to Help. /.
All the large grain men in Minneap'
oils met today with the bankers anu
urged them to participate in the ST.,
ooN, 0G1, 600 pool which will be spread
among the banks OF the nation.
L. W.. Hill, president of the Great
Northern ,railroad, said today that
there is some misunderstanding about
the character OF the loan. III
Tits d produce loan," said Mr.. Hill,
and not wax loan. 1t is to carry
on our commerce in grain. live stock,
cotton and the like. This is not a
loan to the allied governments for
war purposes, and it will be so stated.
This loan must be made to Europe
IL business is 10 go on in this country,
and I am satisfied that it will be
made"
Problem is Vital.
1.-THE country seldom has been con.
frcnted with a financial problem so
big and SO important" said W. JB.
Geery, vice-president Capital National
bank, "but we are unable to discuss
it at this time. When it comes before
the Capital National board of direc-
tors it will be acted upon"
We have got to make the loan OF
our crop movement Will STOP" said W
A. Mixer, president Of the National
Bank OF Commerce, land it Is the
most important matter VIZ now have
to consider"
Big Share Likely Here.
or the $1,000. 600. 900 pool it is es-
timated that St. Paul. Minneapolis
and Duluth will contribute at least
$4,000 900. CHICAGO. it is said. stands
ready to subscribe 100000. Oo0.
Cyrus P. FroTn. vice-president CT
the First National bank. is preparing
to leave for New York but denied that
his trip was in connection with the
European loan.
One Of the big things that Mr.. Hill
will fight for in New York will be for
the movement of the crop in the
northTect. The English financiers
will want to take Canada's 175.0G0,-
600 bushels of surplus wheat first.
Mr. Hill will want the northwest TO
get an even deal with Canada.
Tefore departing fer the East Mr.
Hill said: In the interest CT this
country TO time should be lost. In the
establishment Of an European credit
account for the marketing OF the I'LL
plus food product Of the United
States.
Minneapolis. Sept. 14-Mr. Hills
statement that, unless we are to stard
Idly by and witness a material decline
in the prices OF u principal farm
product. wheat. there must be a credit
established in New York. is absolute.
~ sound" Governor Theodore Void Of
the reserve bank said. 1T will lave
to be done il we do not want to see
produce values go so low that all blu.
siness will be affected. It is not a
matter OF the ability Of Minneapolis
to take care Of the financing OF the
northwest crop or the money supply
here. which is plentiful. It is a mat
ter CT financing the export movement
Of grain. Therefore we do not need
deposits of money in northwestern
banks to pay farmers for their gran.
which we are Amply able TO d.. But.
as Mr.. Hill said. we d. need a big
credit account in New York for our
foreign purchasers that the export
movement may not be bIcckei anC
the grain thrown back for the country
to carry"
Surplus Fund.
John II. Rich. federaI reserve agent
advised Washington the. there ia not