The Birmingham age-herald., 1915-09-16
American Bankers Quick to
 Realize Advantages to Be
 Derived From Participat- ing in Foreign Bond Issue
SALE OF COTTON TO
 BE INCREASED BY
 GREAT BOND ISSUE
EstablisI 1t of Desired Gre ,ssSill Help Directly
 Ss Terested in South's Y .SSs:ble ,

New York, September 15--Ainerica' s billion n-dollar loan to Great Britain and France seemed well on the way to ac- tual accomplishment tonight. Bankers familiar with the pledges secured by members of the Anglo French financial commission during their five-day stay in this country thought an announcement now that the success of the loan was as sured, would be decidedly premature. but there was every indication. they said that the commissions work had met with degree of success that had fully equalled their expectations
 This rosy view reflected the thoughts of the men who have championed the commissions cause here and aided them by hard work. It does not coincide with the sentiments of those opposing the big loan. nor of so-called pro-German fnan- ciers here who have not been invited to meet the commissioners
 So far as could be learned from bank CTS in touch with the commission ard their work, the situation tonight was about as follows:
 Loan Situation
 Pledges have been secured for a con- siderable fraction of the big loan.
 Other pledges are in prospect.
 So-called pro-German banking houses of New York will be invited to partici- pate in the loan if the commission can be persuaded they are sincere in their ex- pressions of willingness to do so.
 The billion-dollar loan probable will be divided into possibly four separate sec tions of equal amounts
 Bonds on which the loan will be granted will bear not less than per cent interest and will be payable in dollars, free from British income tax requirements.
 An attempt will be made to sell the bonds at par in case the interest rate should be per cent. Members of the commission fully believe that such bonds could be disposed of at par but Aneri- can bankers have their doubts on this score.
 Opposition to the Notation of the loan. is countrywide among Americans of Ger man sympathies or parentage but has strengthened other bankers in their de-
 
 the opinion of the commissions friends. and has not seriously impedcd the task.
 The bonds are to be payable in either five or ten years. Possibly one serieg will mature in five and the other in 10 years. This has not been decided
 American Bankers Pledged
 It became known today that many American bankers have pledged them selves to take part of the loan. No idea of the amounts were given, but there are indications that the sum totaled many millions. These promises, 1t was as- sumed. were contingent on condition of the loan.
 In nearing the intimate deta. of the transaction. members of the commission narrowed their conferences today to a smaller circle of financiers, which includ- ed only the most influential of the coun- try's financial and industrial factors. with the commissioners are J. P. Morgan, George r. Baker. James J. Hill and Fes- tus J. Wade.
 Loan to Help Cotton Market
 In much the same vein as Mir. Hill had the northwest. MT. Wade, it became known, called the commissions attention to the necessity of covering shipments of cotton with any credit loan that might be negotiated here. The property of the American cotton growers of 1915, Mir. Wade thought, was wrapped up in the success of the commission. With the allies eliminated as extensive purchasers oe cotton by the commissions possible failure to establish the desired credit, Mir. Wade was inclined to take a gloomy view of the situation in the southern states during the year to come.
 The commission is reported as having made 1t clear to Mir. Wade that the pro- posed credit loan. if obtained. would pro- vide funds to care for cotton exports as well as every other article imported by Great Britain and France from this coun- try.
 Overnight 2 feeling of resentment :n ce: tain financial groups in Wall street st. med to increase on the ma. .'r of par fieipation by tfe so-called ro-German tii,anciers of New York Tn -so fnanciers, WI c constitute a formida ble array nf financial power have not b.en invited to take part in he loan and scrc inclined today to feel hurt.
 "In many cases" said a spokesman for this group, "the name of the firm Is German and the officers all Americans. descendants of Germans. but born and reared in this country. These men are good Americans and they feel hurt that they are not permitted to share in coun- cils of SO vital interest to their country
 They certainly will not beg to be taken in. but would like to be shown at least the courtesy of being asked"