The Owosso times. (Owosso, Mich.) 1897-1926, 1915-09-17
HUGE CREDIT TO
ALLIES ASSURED
S1,OO0,O0O,0O0 Loan to Brit
ain and France.
WASHINGTON WILL NOT OBJECT
Expenditure Of Vast Sum In u. s..
overcomes Protest by Pro-German
Objectors-To Be Repaid In Five
to Ten years-oermany May Seek
Credit Also.


to Ten Years-oermany May Seek
Credit Also.
Washington, Sept. 15.-It may bs
stated upon authority that the Wash.
ington government will not attempt
to discourage the placing of the huge
loan desired by the allied financiers
now in New York provided the loan
sought is in the nature of an arrange
ment for credits. There are no indi-
cations at this time that the contesp-
lated loan is anything ,Aore than a
credit loan, so this disclosure Of the
governments attitude is regarded as
sufficient to put at rest reports which
had arisen to the effect that the plans
of the bankers might meet with OPP
position at Washington.
New York, Sept. 15.-Further de-
tails of the loan by which the Anglo
French mission and the American
financial interests will endeavor to
stabilize foreign exchange has become
known In the Wall street district No
one who was in a position to have
definite information of the affair had
heard that anything less than $1,000
100000 would suffice. The credit is
to be established by the issuances of
joint government bonds of England
and France drawing per cent inter-
est, the bonds being a first lien on the
two countries named
Information was not so definite as
to the maturity of the bonds and chat
will be one of the matters settled by
discussion. From one source it was
learned that some favor ten year
bonds while others favor bonds which
shall run from five to ten years, the
former being the minimum and the
bonds to mature serially.
To Be Repaid in v. S. Dollars.
One thing has been definitely
agreed upon or agreed upon without
discussion, and that Is the bonds,
principal and interest, are to be paid
IN American dollars free from the in
come taxes of both countries. The
interest will be paid in New York city
and the principal also as it becomes
due. The bonds will be listed on the
New York stock exchange and will
be dealt in as other bonds are dealt
in. That is one of the arguments
used by those who favor the longer
term for the bonds, it will afford
more opportunity for trading.
The bonds are to reach the Amer
lean public through the most power
full financial syndicate ever organized
This syndicate will consist, not of any
single group of bankers, any single
financial interest, but will be made
up practically of every big banking
institution in the United States. II
was that principle which led men in
terested to declare that it was absurd
to say that great banking firms like
Kuhn, Loeb & Co. or the Speyers
would not be asked to participate.
Germans Also Want Loan.
Supplementing the Anglo-French
loan came the report in the street
that great German interests realizing
that nothing can prevent the present
loan going through since it appeals
directly to the farming interests of
the country, are now advocating a
similar loan for Germany. Inasmuch
as Germany is not now importing d.
rectly or in any quantity the plan is
to make large purchased of cotton
and other commodities which will
keep and store them in this country
until after the war. The movement,
1t was said, has begun in the west
and has been presented to pro-Ger-
man interests in this city. 1t has
not yet assumed any tangible shape.