The Birmingham age-herald., 1915-10-23
An Encouraging Feature Is That All Parts of Nation
 Are Participating
TRADE NOWADAYS
 FOLLOWS THE LOAN
New Haven Officers, in Their De- fense, Are Going Into the His tory of the Line for the
 Past Forty Years
By HOLLAND

By HOLLAND
 New York. October 22.-(Special l-As soon as 1t was possible to say that the negotia tions for the Anglo French loan had been satisfactorily terminated. there were many surprises respecting the pro- portionate part of the total of s5o0, 100000 which New York city would bear. Henry P. Davison was quoted as having said in reply to a suggestion that New York's proportionate part would be about 60 per cent; that this was good illustration of the relation of New YorK city to the rest of the country When, in the early autumn of last year. the gold pool of $10o 00o.000 was underwritten through the cooperation of nearly all of the national banks of the United States a fairly good calculation was made wnrcn showed that New York city's propor,sona,e part of this underwriting was about 70 per cent.
 The circular issued a few days ago which called attention to the opportunity for investment which this loan furnishes contained some statements which lead to the inference that New York city's pro- portionate part in the underwriting of the loan was considerably more than GO per cent, and may have been as much as I5 per cent Other parts or the country, and in fact all parts. are represented in this underwriting. Therefore, the co-op- eration of the banks and of men of cap ital throughout the United States, which was sought by those who were organizing the syndicate, was secured and was one of the most gratifying features of the un- derwriting. Apparently. however. some of the larger financial centers-Chicago in particular-did not bear the propor- donate part in this underwriting which their financial strength ana resources might have Justified. Boston and New York. and to some extent Philadelphia, Pfttsburg. St. Louis and Minneapolis, are fairly we'll represented .n this underwrit- ing. and there are some reasons for sur missing that the part the Minneapolis fed era district bears to the entire under writing is, relatively speaking, larger than that of any other federal district west of the Alleghany mountains. except possibly Plttsburg. The managers of the syndicate apparently do not look upon the amount of underwriting as of as much importance as the fact that substantially the whole country Is represented in 1t.
 Another feature associated with this suco essful underwriting is the probability that it will have such educational value as Will well serve in case another re- quest for an external loan comes to the United States. This appears to be the meaning of one clause in the statement issued by group of business and pro- fessional men of prominence which was undoubtedly prepared by Joseph H. choate. For the intimation seemed to be clear in the statement that the prob- ability Is strong that England and France and other nations may come again to the United States for the purpose of securing large loans Having gained experience anc good understanding through the plac- ing of this loan, the United States Is likely to emerge from a sort of parochial or purely domestic relation into great world financing. The best judges are per- suaded that this negotiation will rapidly enable the United States to become what England has so long been, creditor ma ton. and when we are creditor nation in the full meaning of that term we shall be in position to command and main tain great world trade. That was the
 idea conveyed in the statement issued the other day which was undoubtedly pre- pared by Joseph H. Choate.
 Ihls IS only another way of setting forth. what the great business forces of europe nave long recognized as fact namely, that the trade now follows the loan, whereas it used to be said that trade follows the flag and sometimes fol- lows the rails
 If 1t should be discovered or made known to the public that the proportion- ate part of the city of New York bears to this loan is 70 per cent as a whole, tnere should be understanding of the fact that the resources and financial strength of New York. as represented by it's banks and it's men of capital, represent in no small part the resources and financial strength of the entire country. The stu pendous figures reported by the clearing house association of the aggregate trans actions of F months that were perfected by exchange checks and by payment of balances in cash reflect commerce and business throughout the United States In addition to that, the banks of New York are carrying vast volumes of de- posits which have been consigned to their care by other nations.
 It is spoken of as the most important feature of the criminal trial of the direc- tors of the New Haven railroad, which is just begun in the federal court. that it will furnish an excellent test of what is reasonable and therefore lawful com bination and what is unreasonable and therefore amenable to the federal statute The whole issue apparently is to be con- centrated upon the question. Did the men who worked out and perfected various within New England per form a good service whicn was to the advantage of the people of the New Eng land states or were their combinations made chiefly to perfect a monopoly with out regard to the interest of the people of New England?
 Evidently it will be the purpose of the defense to trace the history, some of which goes back to 1872, of the various by means of which inde- pendent railroad companies-independen in fact, as well as in name-were brought into a unified system. The defense will try to show that the econo.