The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1915-09-18
BANKERS and
commission
IN A DEADLOCK.
Appearances Are That Big
Loans Will Not Be
Secured by Allies.
WANT TO EXCLUDE
MUNITIONS OF WAR
Bankers Think Loan Should
Be Used in Paying for
Grain and Cotton.
WANT TO EXCLUDE
MUNITIONS OF WAR
~ AssocIATEp PREss.


French financial commissioners seek
ing a credit loan and the American
financiers who expect to supply the
money are reported at odds tonight
over the question of including war
munitions among the exports to be
paid for by the loan.
The commissions view is that the
credit should provide funds for all
exports and bankers think the loans
should cover only such exports as
wheat, cotton, and manufactured
products and another method found
to pay for war munitions. While the
situation has not reached deadlock
the line Of demarcation is clearly de-
fined.
Many bankers, too, want to know
about Russia's part and some would
deal directly with Russia. A third
point of disagreement concerns the
rate Of interest the commission would
pay the bankers holding out for
more.
ANOTHER SECRET MEETING.
Another secret meeting was held
today between members of the An
glo-F French financial commission and
representatives Of the big banking
houses who are endeavoring to reach
an agreement on the proposed mans
inoth credit loan 10 Great Britain and
Exance.
No further word was forthcoming
from the commission than its brief
statement of last night saying SO
much had already had been accom-
plished that it was hoped definite
statement could soon be issued tell
ing of the progress made.
The proposal said to have been
made by American bankers that the
commission would be given a loan OF
half the sum originally asked was
widely credited today. Five hundred
millions, It is said, have been prom
Used.
This proposal has not appeared tf
be altogether acceptable to the com
mission and it is believed the sum
will be increased by 100000, 900 81
possibly to $750,000, 900. Whatever
is loaned, it is generally believed the
interest rate viii be five per cent II
the investor and about five and one
half per cent to the underwriters.
Whether the big credit should b
used to pay for shipments of wa
munitions as we'll as wheat, cottol
and other commodities has been thu
subject of much discussion. It is be
lieved much larger loan could b,
,fioated if it were understood that tn,
credit would apply only to com
) modify shipments and that niunition
would be paid for in some other man
ner.
Great Britain and France, it
said, oppose this plan, however, an
are DESTROYS of having the credi
cover exports of every form.
Increasing willingness of certai
so-called pro-Gernan financial inst
tutions here to participate, was mani
fest today. These banking houses
it was said was pro-G German only j
sympathy, and, if invited, man
would subscribe large sums to
credit loan which would operate tt
ward a continuance Of the preser
prosperity enjoyed by American es
porters.
The idea Of holding secret neel
ings was largely due, it was reportel
to the number of threatening and il
sulting letters received by the con
mission.
The presence Of the commissic
here and the publicity given their n,
gotiations have had a tonic effect Z
the foreign exchange markets. ste
ling was up today to $4.703- an
other foreign money values we,
correspondingly strengthened. Fran
were quoted at 5.s3 and Hres reach,
6.24. Reichsmarks, too, shared in Il
gain, touching 50 7-s.