New-York tribune., 1915-09-25
ALLIES BLAMED
FOR LOAN DELAY
Visiting Bankers Said 10
Be Waiting for Advice
from London.
MAY AGREE IN WEEK
ON WORKING BASIS
Views of All Financiers Through
out United States Are Sought
by NegotiatOrs.

A working basis from which to s;Ar'
actual NEGOTIATIONS for the Rotation
Of a $500. 900 900 Anglo-French loan IN
this country may be reasonably ex-
pected in the early days Of next week.
II is not certain that it can be tound
even then, it was learned yesterday
but there is general agreement
among bankers who have engaged IN
the conversations" that il Is at least
probable.
The responsibility for further delay
it was intimated, rests upon the
shoulders of the would-be borrowers
, Lord Readings commission has been
told what the American bankers could
and could not do for the Allied gov
ernments. Though no statement to
that effect could be obtained from the
mission itself, it was intimated IN hlgh
quarters yesterday that the mission
'was in frequent communication "iIp
the British treasury authorities ana
that IL had at present under discus
sion with the Chancellor OF the EX-
chequer a proposal from the American
bankers. II Is considered probable oy
those who will participate in the actual
reootiations. when they are begun
some time next week, it is hoped
the foreign delegates will be able 10
;.J;ooto Nth defniteness the limita-
tions Of their powers.
"To say that anything is finally set
tied" said a banker yesterday, rs 70
saw that everything is settled. ABOUT
tbe only thing upon which there Is
agreement is the size OF the Ioah
$500 900 600 And that is only approx
mate"
All Bankers Views Sought
Realizing, as it is said, the disadVsn-
tages of giving the discussions the
character of partisan operation, '"ose
who have been most active IN the
conversations" have extended INVITA-,
tions TO bankers throughout the Ohlteo
States to express their views OF no" Ihe
loan should be hoated and what lts
terms should be. The disadvantage u
tho nlan has been that, with the views
of bankers as far apart as the places
thev come from, no consensus has re-
yealed itself. On the matter OF the m
come-vield to investors, for example,
oninion runs from straight per cent
TO as high az 8.
Another difference of importance con-
Germs the conversion privilege that the
American bankers seek TO nave at
tached to the loan.
Lord Readings mission, it was said
in Wall Street yesterday, looks Tor the
war to end several years before the
maturity Of the notes taking II Tor
granted that the notes Will run hVe
wears. az is now on.emplated. WIN
the cessation of the war they look for
a great and progressive improvement IN
The borrowing power of the Allied ma
tions. They are unwilling, therefore,
TO bind their governments 10 an agree
ment to convert the proposed American
notes into long-term bonds at hXed
rate Of interest even so comparatively
low as Az per cent.
Callers at the Blltmore.
The mission is still receiving the
views of numbers of American bankers
Yesterday they met fifteen or twenty
in their apartments at the Blltmore.
Among the callers were Henry lckel-
heimer. of Heidelbach, Ickelheimer &
20 who IA a director Of the Importers
& Traders National Bank, the Fitth
Avenue Bank and the United States
Mortgage and Trust Company, and
Adolph Katz. of the New Orleans Ma
tional Bank. which has for correspond
onts in this, city the Hanover, Chase
and American Exchange national banks.
These three are important factors IN
financing the cotton crop, and cotton
is understood TO have been Mr.. hatZ )
theme.
In interested quarters the statement
was made, in connection with the
charge that part of the purpose or the
loan was to pay for munitions OF war
that England does not owe manutac-
turers here one dollar, for munitions
and that her whole expenditures here
on that account since the beginning OF
the war. including advance payments on
contracts. have not amounted TO more
than 3 per cent on her total outlay IN
the United States. This was taking
"munitions" in the sense of firearms
and explosives There have been other
purchases here for the British army
and navy, including uniforms, copper,
shoes, etc, but for implements OF war
the figure given is maximum:
France still owes money in this coun-
try, but her debts, according to the
same authority, do not exceed s2O,-
100000
One Of the points that were brought
up yesterday to account for delay in
the contamination of the loan was an
assertion that While the foreign finan-
cial mission had wide powers to nego-
tiate it could not sign firm agreement
until enabling acts had been passed by
the British Parliament and the French
Chamber Of Deputies and Senate.
So far as could be learned last night,
however. there is small possibility of.
the negotiations here being aborted by
legal difficulties. The commission has
plenary powers and ratification Of its
acts is taken by those familiar with
the situation to be matter of mere
routine.