Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-16
LOAN WELL ON WAY
TO CONSUMMAT|ON
Bankers Familiar With Pledges to
Anglo-French Commission
Take Rosy View
PRO-GERMANS Do NOT AGREE
Proposed Credit Will Provide for
Cotton as Well as for Other Ar
ticles Imported by Allies.

ica's bilion-dollar loan to Great Brit
ain and France seemed TO bc we'll on
the way to actual accomplishment 20
night. according TO bankers familiar
with the pledges secured thus far by
members of the Anglo French Financial
Commission.
There was every indication. these
bankers thought, that the commissions
work had met with a degree of success
that had fully eQualcd their expecta-
tions
This rosy view. however. did not
coincide with the sentiments Of the
o-called pro-Gcrman fnancicrs here.
who have not been invited to meet the
commissioners.
SO far as could be learned from
bankers in close touch with the com
missions work. the situation tonight
was as follows:
Pledges already have been secured
for considerable fraction of tho
loan.
Other pledges are in prospect.
The so-called pro-German banking
houses of New York will be invited TO
participate If the commission can be
persuaded that they are sincere in their
expressions of Willingness TO do so.
TO DE DIVIDED INTO SEPARATE
SERIES OF Eat.i AMOUNTS
The billion dollar loan probably will
be divided into two, and possibly four.
separate series of equal amounts.
Bonds upon 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. The commission
fully believes such bonds could be dis
have their doubts.
Opposition to the loan is country
wide among Americans of German
sympathies or parentage. but has
strengthened other bankers in their
determination to aid in its floating. and,
in tho opinion of the commissions
friends. has not seriously impedcd the
task.
The bonds nre to be payable in either
five ten years. This has not been
decided
In nearing the intimate details Of
the transactions the members of the
commission narrowed their conferences
to-day TO smaller circle of the most
influential of the country's financial
factors. including J. P. Morgan, George
r. Baker. James j. Hill and Festus ]
Wade, OF st. Louis.
NECESSITY OF COVERING
SHIPMENTS OF COTTON
In much the same vein as Mr. Hill
has spoken for the wheat growers Of
the Northwest. Mr. Wade, 1t became
Known. ,iSc
tlon 10 the necessity of covering shin
ments of cotton with any credit loan
that might be negotiated here The
prosperity OF the American cotton
grower OF 1915. Mr.. Wade thought, was
wrapped up in the success of the com
missions plan. With the allies elimi-
mated as extensive purchasers of cot
ton by the commissions possible fail
ure to establish the desired credit, Mr.
wade was inclined TO take q gloomy
view OF the situation in the Southern
States during the year to come
The commission is reported as hav-
ing made II clear TO Mr.. Wade that the
proposed credit loan, IF obtained, would
provide funds to care for exports OF
cotton as we'll as every other article
imported by Great Britain and France
from this country
AS TO actual details of the loan. th.re
was no authoritative information, but
bankers generally were agreed as TO
the reported life CT the loan and the
interest rate.
FEELING OF RESENTMENT
SEEMS TO INCREASE
The feeling OF resentment in certain
financial groups in Wall Street seemed
TO increase to-day on the matter OF
participation by the so called pro-Ger-
man financiers. These hnanciers con-
stitute Il formidable array OF financial
power
In many cases" said spokesman
for this group. the name of the firm
is German. and the officers all Ameri-
can descendants of Germans. hut born
and reared in this country. These men
are good Americans, and they feel hurt
that they are not permitted to share
in councils OF so vital interest to their
country.
They certainly will not beg to he
taken in. but they would like To no
shown at least the courtesy OF being
asked"