New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-15
MORGAN RIVAL
CALLED TO AID
ALLIES LOAN
J. J. Hill Goes from Great
Britain's Agent to Kuhn,
Loeb & Co.
PRO-GERMANS
IN QUANDARY
French and English Bonds Float
ed Here to Bear Five Per
Cent Interest.


Have the Morgan interests, TO make
certain the success Of the sl,OOO,Ooo'-
600 loan which is to be hoated in this
country for the Allies, held out the
olive branch TO Kuhn, Loeb & Co.!
That was the question which all wall
Street was asking yesterday, when 1t
became known that from an early call
at the corner building"-the Morgan
ofices-James J. Hill had gone straight
70 the Kuhn, Loeb Offices and had spent
half an hour there closeted in earnest
conversation with Jacob H. Schiff.
Kuhn, Loeb & Co. head a group OF
bankers whose alignment against the
Morgan group was fairly distinct be-
fore the war. 1t includes in its mem
bership substantially every banking in
terest that is rated as pro-German.
Mr.. Hill gave no satisfaction to in
ouirers about the purport Of his visit.
He had merely made a call on an old
friend, ha said.
Later in the day however, there was
a partial answer TO Wall Streets ques-
ton. when one of the leading bank
ers Of the country declared significant
" that there was room for all IN the
loan Aotation and "a chance for every
American to take off his coat and get
to work"
Like other bankers who inevitably
will be found in the syndicate, he lals
stress on the idea that the loan Is no
device to give aid and comfort TO the
Allies, but a measure in when the
United States is quite as much inter.
ested as Great Britain and France II
not more so.
Viewed as Commercial Arrangement.
II was a purely commercial arrange.
ment. he said. the primary object OF
which was to preserve Americas eX-
port trade by restoring stability to
foreign exchange and so make it posi-
BILE for Europe to purchase commodl-
ties here without being obliged to pay
a ruinous premium Viewed in this
lioht. il was no more than an act OF
patriotism for all true Americans 10
support the loan That was what he
meant when he said that it provided
chance for every American to get TO
work.
It is through the emphasis laid on
the commercial and patriotic character
Of the loan that the negotators on ooth
sides hope TO insure its success. Neither
the foreign delegates nor the bankers
who will ultimately constitute the fiota-
ton syndicate feel that they can afford
70 antagonize any interests in this
country except those which are bound
70 see in the loan, regardless of ex-
plantations and of its essential charac-
ter, an aid to Germany's enemies.
While they professed confidence yes
terday that the loan would be success
full in any event, and even without the
help OF bankers who were unrepresent-
ed AZ the first reception of the Anglo
French representatives in the Morgan
library last Friday, they said that they
wished to see nothing occur which
might arouse antagonism toward their
efforts, even though it remained pass
i've.
Dilemma for Pro-Germans.
As Wall Street saw it, bankers with
pronounced German sympathies, be
cause of their syndicate and branch
connections in Europe and because Of
their clientele here, were on the horns
OF dilemma. Because the proposed
loan is not to enable the Allies TO pay
for war munitions in this country
those they will finance with gold or by
other ethods-and is intended to pro-
tect the trade Of the United States
with Europe by stabilizing exchange,
patriotic bankers cannot afford TO write
themselves out Of participation.
On the other hand, the loan undoubt-
eddy will benefit the Allies to nearly as
great an extent as it will the United
States. II then the pro-German bank
ers subscribe TO IL they will be in the
position of helping Germany's enemies
and will undo much of the work the
submarine blockade" is supposed to be
accomplishing.
More was heard yesterday of Ger
man efforts to defeat the credit ar
rangement A number Of the depos-
itors in two national banks whose Of
fcers are prominent in the Clearing
/ House Association gave warning that
/ they would withdraw their deposits il
the banks took any part in the loan.
Members of the foreign financial
mission, too, have lately received
threats of bodily harm. They are well
protected by detectives, however, and
so far have done nothing but laugh at
the warnings.
No Protests at City Bank.
At the National City Bank, though,
there was a brighter side TO the pict
ure. There it was said yesterday that
of all their $500 country correspond
ents not one had sent in a protest
against the loan negotiations. Every
letter that had been received from
them with reference to the note issue
had asked for participation. One
( depositor Of the bank threatened to
close out his account, and was told
promptly that the officers believed
. themselves competent 20 conduct its
business and that he was at liberty
to take what action he pleased.
All the members OF the Anglo
French party spent some time in Wall
Street yesterday, receiving visitors snd
calling on friends. They held no for
NAL conferences, however, and while
some of their interviews were in one
Of the rooms OF the Clearing House
there was seldom more than one II
the delegates there at a time. The
same was true OF their meetings wi:n
callers at the Biltmore, where they
have their headquarters.
/ Basil B. Blackett, secretary OF tie
mission, said late yesterday that moth
ing specific had ye; been accomplished,
that the members were still looking
over the ground and receiving infor-
/ nation and suggestions.
In Other quarters, from persons VINO