Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-17
LOAN FALLS TO HALF
ITS PREVIOUS SIZE
Five Hundred Millions Is Sum
Which Reports Set as Amount
America Will Lend.
NO OFFICIAL STATEMENT
In Some Manner. Not Under
stood. Situation Undergoes
Change Overnight.

NEW YORK. September ls-The
proposed billion dollar loan to Great
Britain and France shrivcled to-day in
the gossip OF Wall Street to half its
previous size Five hundred millions
was the sum which current reports
set as the amount American fnanciers
would lend. At least one fnancicr. in
close touch with the situation. was
quoted as saving that this sum would
be loaned. The commission itself and
its American financial aids had moth
ing TO say as to this phase.
In some manner not understood to-
night. the situation underwent
change over night. There was an al
most unanimous opinion among bank
ers whose views could be obtained
that n billion dollars was not needed,
and that in naming this vast sum at
the outset the commission sought to
place itself in an advantageous trad
ing position. Here is the way some
financial authorities regarded the sit
uation tonight:
The commission asked for billion
dollars, but did not expect to get the
full amount. To this request bankers
would naturally make n counteroTer-'
say, 4 half billion.
SERIES OF PARI.EYS
THEN WILL. FOLLOW
There would then follow series of
parleys. The commission would re-
duce the amount by $50. 700. 900 to $780,
100000. and the American bankers
would add few millions to their pre-
vious offer After a period of negotia-
tons. they would reach a common fig
81 nj
duration OF the loan and other details
could he arranged fairly soon
The Anglo-French commissioners. in
the opinion Of Wall Street. are master
players in the game of world finance.
They do not betray by their words
what their intentions are, nor do they
place all their cards on the table at
once, as Wall Street views It, Consc-
quently. il Is expected there will be
many more developments before II will
be seen what they really are striving
for. and whether they will win
dozen or more prominent New
i-A-nrk bankers talked with the commits
sioners to-day at meeting place
whose whereabouts was not disclosed.
j. P. Morgan and two OF his partners,
Henry F. Dawson and Dwight w. Nor
row. were among the number Who
"A
number bank presidents were not
at thei. .owntown desks. however. at
the hour when the meeting was held.
FORMAL STATEMENT
ISSUED BY COMMISSION
Issuance of formal statements was
begun tonight by the commission. 1t
is expected such statements will be
issued daily so long as negotions are
in IT,
reads follows:
The mission has nothing of fresh
Importance to say. Its members have
continued largely in their individual
capacities and occasionally as a body,
the discussions already begun with
reference to the exchange markets and
kindred subjects.
Figures have been collected going
TO show the total exports in recent
years OF cotton. grain and other food
stuffs to Great Britain; the totals OF
such figures having such a direct bear
ing upon the question OF establishing
credits In this country. The figures as
published to-day. give the total COM
modify exports OF this country last
year TO Great Britain, Canada and
France as approximately $1,000 ooo. 900,
the greater part of that being for ar
tlcles or normal export. These figures
II correct. as we assume them to be,
indicate the great volume Of inter
national trade involved in this whole
situation.
LAS TO any actual negotiations cover
ing proposed loan. it is almost too
much to say that they are actually
under way as yet but so much has
already been accomplished in ascer-
tanning the exact facts Of the situation
that 1t is hoped that the time for some
definite statement as to progress will
soon arrive"
MORGAN PLACES DETAILS
BEFORE ROCKEFELLER
representative of John D. Rookie
Teller, Jr.. confirmed late to-day the
report that Mr.. Morgan has placed be-
fore Mr.. Rockefeller tentative details
of the proposed loan. with view to
having Mr.. Rockefeller subscribe to it.
although Mr.. Rockefeller has not vet
been asked to do so. In his behalf. IL
was said he had neither opposed nor
espoused the project. but had taken Il
under consideration
Considerable Importance was at
tached to visit made to-day by Jacob
III. Schif. OF Kuhn, Loeb G. Co TO
James j. Hill at Mr.. Hills Office Re-
newal OF the report that the so-called
pro-German financial interests of New
York might participate In the loan fol.
lowed their talk. Neither would dis
cuss 1t, except to say that Mr.. Schirr
had called to extend birthday great
ings to Mr.. Hill.
Mr.. Hill was quoted afterward as
saying the commission would obtain
half billion dollars here