Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-09-25
LOAN IS TURNING
POINT in FINANCES
Marks First Step in Establish
ment of Financial Capital of
World at New York

New York, Sept. 25.-The compile
tion of arrangements for the great loan
to enable England and France to go
on purchasing American products is
regarded by bankers here as marking
turning point in the financial his
tory of this country. They say that
while there has been much loose talk
about New York supplanting London
as the financial capital of the world,
this is the first real step in that direc-
| ton.
1t is not so much because of the
size of the loan that they take this
view as because it marks the first in
ternational transaction on a scale lik-
ely to familiariZe American investors
with foreign securities While
American bankers have done some fl
nancing in a small way for Latin
American countries the instruments OF
these loans remained in the bankers
strong boxes. In the case of the
present loan, however. it is expected
that the securities gradually will find
their way into the hands of the pub
lic and so may pave the way to the
fiotation of other international issues
here. 1t is noteworthy that at the
very time when negotiations for the
loan were in progress movement was
on foot to secure the listing on the
Stock Exchange here of leading Sc
curities of strong South American cor
porations. Probably never again will
a single week see the taking of two
such important steps toward giving
the United States a new position of
power and leadership in the financial
world.
100000 in Schools
Avowing allegiance to the United
States flag, approximately eight hun
dred thousand public school pupils
started in their school year in New
York city last week. When the off,
cial figures of the registration finally
are in it probably will be found that
between forty and fifty thousand chill
dren will be compelled to attend part
time classes. This is slightly in ad
vance of the normal increase of part
out one hundred medical inspectors
and two hundred nurses in various
schools of the city, but did not begin
the scheme of stripping the children
which has aroused strong protest from
parents and children. The health Of
ficials contented themselves with
merely superficial examination, TAX
ing observation of the children TO no
tice whether they had any affection
that was evident. such as skin trouble,
eye or ear affections or any disease
that could be determined at a glance.
New York Pays Debt
While it has not attracted so much
attention as the negotiations over the
billion dollar European war loan, New
York City has just put through the
largest cash transaction in its history
by paying off S57, 100000 of indebted
ness all at one time. The obligation
was incurred last year in order to
raise money with which to take up
loans of the city falling due in Lon
don just after the outbreak of the
war. At that time the transfer was a
matter of no little anxiety to city Of
ficials and attracted much attention
on account of the heavy rate of ex-
change against the United States. The
transaction. this week received scarce
ly any notice, the contract illustrat-
ing the tremendously strong financial
position of the United States as COM
pared with a year ego.