New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-24
5000 OPEN WAR
HERE ON LOAN
Pledges to Thwart Allies
Credit Effort Made at
Truth Meeting.
RIDDER ATTACKS
TRIBUNE AS BlASSED
German Alliance May Strip
Banks That Aid Deal of
Many Teuton Depositors.

The first Of a series Of meetings
with the avowed purpose Of blocking
the proposed Anglo-French billion
dollar war loan was held last night
under the auspices Of the American
Truth Society at Terrace Garden.
Three thousand enthusiastic members
of the society, mostly Germans and
their friends, packed the hall, listened
to frey speeches of protest against the
loan, unanimously adopted resolutions
protesting against the participation Of
American banking institutions in the
proposed loan, and pledged themselves
to do everything in their power to
thwart the loan.
There are about three thousand
people in this audience" said jeremiah
OTeary, the president of the American
Truth Society They all belong to the
thrifty, saving class Of people. Rough
ly estimated, they represent about
twenty million dollars 90 deposits in
our banks. They are in full sympathy
with our plan TO witndr their saw
ings from any banking institution
which participates in this financial out
rage"
MIR. OLeary then read a letter re-
ceived from the German Savings Bank,
one of the largest savings institutions
in the country, which, in answer to a
query from the American Truth So
ciety stated that it would withdraw
its deposits from any national bank
which would participate in the loan.
George Whitefeld Mead, secretary Of
the American Truth Society acted as
chairman Of the meeting and intro
duced Alphonse G. Koelble, president Of
the German-American Alliance of New
York. which represents membership
oc more than a hundred thousand Ger
n-Americans. Mr.. Koelble charac-
terized the participation of American
banking institutions in the loan the
British finance committee is trying 10
arrange in this country, an "an unneu-
trail and deliberately unfriendly act
against the Central Powers"
IF America puts $1,000, 100000 into
the pockets of the Allies it will pro-
long the terrific slaughter in Europe
indefinitely and place Germany and her
allies at a decided disadvantage" he
said
Bernard Ridder, managing editor Of
"The New Yorker Staats-Zeitung," as
sailed the English New York dailies in
general and The New York Tribune in
particular, for their unqualified and
unneutral support of the British cause"
in view of the close relationship be-
tween the owner Of The New York Trib-
une and the British authorities" said
Mr. Ridder, little may be expected OF
The Tribune in the way of unbiased
presentation of the news"
Mr.. OLeary, who is q lawyer, told his
audience just how far they could go
under the law in an endeavor to stop
the naturalization of the big loan. At
his suggestion. slips were distributed
among the audience with a~request TO
I'LL in name and address of the bank
where the signer had money on deposit
and a declaration that he was opposed
TO the participation Of American bank
ing institutions in the loan.
Mr.. OLeary said: This is fight
between bank depositors and bank bur-
glars. | wan, TO say to the gentlemen
Of the press, if there are any here who
represent Mr.. Morgan, that | don't
blame England, for the press has given
England carte blanche over US. | don't
blame England for thinking she has
stolen away our senges and that we, in
a wave of partisan feeling, have thrown
wisdom to the winds"
Letters protesting against the loan
were sent to President Wilson, State
Treasurer Wells, Mayor Mitchell. Con-
troller Prendergast, City Chamberlain
Bruere and the State Banking Depart
ment. Over the signature of G.. W.
Mead, of the American Truth Society.
the following statement was contained
in the letter to the President:
1--WE ask you TO have definite state
ment issued by the Federal Reserve
Bank that it will not rediscount any
portion of this proposed $1,000, 100000
loan"
Resolutions were unanimously
adopted characterizing the proposed
loan to Great Britain and her allies as
"unsound, hazardous and improvident,
subversive to the interests Of deposi-
tors and corruptive Of the purpose Of
our Federal banking laws" 1t was
further resolved to appoint a financial
committee vested with full power to
investigate our banking conditions, 20
wait on public officials and TO continue
their organization of bank depositors
and to do every lawful act and thing
to the end that the banking resources
Of our city and country shall be con-
served for the normal, ordinary bank
ing business Of the nation"
Another mass meeting will be held
tonight at Laurel Garden, and other
meetings will be called in various sec
tons of the city.
At the conclusion of the meeting the
following resolution introduced by Mr..
Mead was unanimously adopted:
This meeting extends its thanks and
congratulations to W. R. Hearst for
his courageous opposition to the pro-
posed billion-dollar loan and expresses
the hope that with the aid Of his great
chain Of newspapers he will help arouse
the people of this country to the truth
as TO the loan and thereby assure its
complete defeat"