Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-09-15
COUNTER LOAN PLAN

Continued from Page One)
with the firm of Morgan & Co, and
in the loan. A report dl-
rectly the reverse of this, however. al
so gained circulation. 1t was impos-
sible to verify either.
Pro. German Attitude
BY a financier regarded as leader
among the half dozen or so really big
pro- German banking houses of New
York there was voiced this opinion;
There is no doubt in my mind that
many banking houses with Teutonic
affiliations might be induced to take
part in this undertaking FLOATING the
credit loan) if asked. not because it
would be helpful to the allies. but be-
cause it is essential to the maintenance
of the commerce and industries Of the
United States"
Some pro-German bankers high in
the money councils of Wall Street feel
keenlv the failure Of their firms to re-
ceiVe Invitations to meet the members
OF the commission.
Pro-cernan Attitude
Our sympathies and our hopes are
with Germany IN her struggle" a
spokesman for this group said, but
our pockctbooks speak loudly for the
United States
Not at al! in keeping with this cheer
ing word was the intelligence received
during the day by the commission as TO
the activities of certain other Ger
man sympathizers, chiefly in the Mid
die West
In the gossip of Wall Street, pro-
German bankers of Chicago, Cincinna-
Ii. St. Louis. Milwaukee and other
middle western cities, would bitterly
oppose any action whatever looking
for the financing of the loan by Amer
lean banks. These bankers. according
to report. were prepared not only &c
resent the suggestion that they nigh,
be permitted to participate. but would
take active steps to combat the tenden-
cy OF other banks TO lend the money.
Possible Counter Loan
No one would permit his name to be
linked with the report that pro-Ger.
man sympathizers were prepared tc
take extreme measures to oppose the
notation of the Franco British loan
but Wall Street heard that the Ger.
man sympathizers Of the Middle Yves,
We're contemplating as counter-move-
ment the flotation of half billion dol.
lar loan here for Germany with the sole
purpose of withdrawing this vast sum
from the money market of America and
making it unavailable for the allies.
1t would be far better, the originators
of this plan were quoted as having said
to tie up this great amount of money
and pay interest on it, keeping it idle
than to permit it to fall into the hands
of Germany's enemies to be spent here
for powder and shot and foodstuffs. 1t
would cost. in interest, s25, 900 a yea.
and would be worth the price, they were
quoted as saying.
Other Retaliation
This was not the only retaliatory meas
ure expressed in the form of a Wall
Street rumor. 1t was said that the most
partisan workers were prepared to advo-
cate that the pro-German depositors
show their displeasure with any banks
participating in the proposed credit loan
to France and Great Britain by seeking
other depositares for their funds.
1t was the opinion of some of the pro-
German bankers that the Anglo French
commission has made grave mistake
in placing its requirements so high as a
billion dollars. Such drain on the re-
nf he hor
institutions Of the country. they assert.
would not only not be necessary but
would constitute a menace to the monied
interests Of the country.
Position Of DePositors
These pro-German bankers declined to
discuss the attitude of the average Ger
man-American depositor toward any in
stitution participating in the proposed
loan. but they point out that German
sympathzers constitute very consider
able part Of the bank patronage in some
OF the larger cities Of the country and
the officials Of such institutions.
1t was limited also that persons of
Irish ancestry or birth figured i'm
portantly in the affairs Of banking in
stitutions Of the West and along the
Pacific coast. This element, it was in
timated. would be none too friendly to
banks participating in a loan to Great
Britain and France. 49,
The hopes Of the pro-British loan
contingent were buoyed, however, by
a statement made on, behalf Of the
National City Bank, the largest in
America. The institution has $500 cor
respondent banks. scattered through
out the country. Not a single corre-
spondent, 1t was stated. had registered
a protest against the institution par
in thu proposed billion dol
lar loan: ON thu contrary there WAS