The Birmingham age-herald., 1915-09-19
Bankers and Commission as Far Apart as Ever-Re- ports of Agreement Are Not Verified
NO NEGOTIATIONS
 HAVE BEEN OPENED
 AS YET, SAYS BANKER
Commission Has Carried Every Point Raised and Is Standing Firm on Present Issue

New York. September 1s.-Tonlght found the situation virtually unchanged with respect to the variance of opinion over the proposed Anglo French credit loan, except that some American fnan- ciers apparently were adhering more firmly to the idea that banks subscrib- ing to the big loan should receive terms better than those given to the investor
 Over this and the matter of including war munitions within the scope of the loans operation. there still was marked difference of opinion between some American bankers and the Anglo French financial commission. These bankers want munitions excluded from the list of exports to be paid from pro ceeds of the loan. It is reported the commission is said to hold that muni- tions should be included.
 Notwithstanding many rumors to the contrary there was every indication tonight that an adjustment of these diff ferences still was far from accomplish ment. During the day it was reported an agreement virtually had been reached, and that the success of the plan would be anonunced shortly, perhaps on Monday. This was too optimistic view, in the opinion of those who profess to know the exact situation.
 Only Preliminaries Yet
 We have not yet begun actual nego- tiations," one banker was quoted as saying. Heretofore our discussion of possible terms has been confined to con versation. There Is no definite, concrete plan before us for consideration, and l doubt If there will be before the middle of next week"
 The commission has won nearly every proposal it has made so far, and is standing decidedly firm on the others at present discussed The frst proposal --that there be no collatera1--entirely upset all calculations by financiers here, but the bankers gave in.
 The commission asked for a billion dollars, while the American bankers had hardly considered more than half ently, to believe the commission now will be satifed with $500, 900 to $500, ,000,0 900; and there seemed tonight good reason to beleive they would win on that score, too.
 Bankers here had thought that they would receive something for their ser- vices in underwriting the loan, but the commission, 1t is understood, enter tained no such opinion. With the exeep- ton of a vigorous minority the finan- ciers, from what can be learned to- night had been preparing to surrender that point as well to the visitors.
 Better Terms Wanted
 There is, however. n growing demand that the bankers be afforded better terms. notwithstanding the reported declaration of the commission that London and Paris will not pay anyone more than 5 per cent. the Americans. bids fair. 1t is said. to stiffen to the same degrees as the oppo- sition to having munitions included with in the scope of the loan.
 Today nine days after the commission S arrival here, the impression seemed to be gaining ground that perhaps, this dark picture was painted with purpose. and that in reality neither Great Britain nor France would let minor details shut to them the door of the only great world market now left open So far if re- ports he true the commission has hardly budged from it's original tentative pro- posals. The time now has come, many American bankers feel, for Great Britain and France to make concessions.
 With this reported variance of opinion between the negotiating parties there hardly seemed basis in fact for the op- timistic rumors that found circulation today nor Is there. it was said, basis for pessimism. The situation was said to be encouraging-and virtually unchanged since yesterday.
 Significance was attached to the drop
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