New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-27
LOAN ASSURED;
ALLIES BANKERS
Off CHICAGO
Final Obstacles Cleared
and Formal Notice Is
Now Awaited.

The Anglo-French financial mission
and the American bankers who have
been arranging with them for the flOta-
tion in this country Of a $4,000 900
loan for the Allies have, after two
weeks Of discussion, come to practically
a complete understanding. To-day tour
members Of the mission, including the
chairman. Lord Reading, will go to
Chicago "to meet some of the leading
men Of affairs from other great cen
tres as was announced last night.
They will be accompanied by mem
Der of the Morgan firm probably Henry
p. Dawson.
The real object Of the visit to Chi
cago is to emphasize the national char
acter of the loan and to make plain TO
the Western bankers that the fotatlon
is in no sense an Eastern or Morgan
operation. The cooperation of the
whole country is being sought for the
double purpose of insuring the success
full sale Of the notes and Of impressng
people outside the East, through their
banking representatives,, that upon the
establishment of the half-billion-dollar
credit the future prosperity Of Amer
ica's export trade depends.
II is expected that the mission viii
not remain in Chicago for more than
two or three days. In well Informed
banking quarters il was said YESTERDAY
that a definite announcement OF the
success of the loan negotiations was
likely TO be made on Thursday or Fri
day.
The loan will be for S5O0,000,0OO and
the interest rate will be rer cent. II
will be offered 20 investors az price
slightly Inder par. The syndicate OF
banks, banking firms and bond houses
that will float il will receive an addi-
tional discount on the price OF ! per
cent. though that is not yet definitely
settled. The term Of the notes viii be
five wears. and while IL is understood
that they will be convertible into
twentv-year bonds at maturity, which
will bear interest az the rate Of y per
cent. a failure TO agree on that tenta-
tive proposal will not be allowed 20 de-
feat the whole plan.
Lord Reading will head the delega-
tion which is going 70 Chicago. The
other members of the party, unless
there is change Of plan az the last
moment. will be Sir Henry Darlington
Smith. Basil 2. Blackett and Ernest
Nallett. the last-named one Of the two
French members Of the mission. Sir
Edward Holden and Octave Homberg
the other French representative. will
remain in New York Should Sir Ed
Ward decide 20 20 West Sir Henry
Darlington Smith will remain with VI
Homberg.
The mission last night would not dis
cuss their plans. but the following
statement was issued from their head
quarters. at the BlltmOre:
I'VE have spent much OF our time
since arrival In studying conditions in
thi. country and have conferred with
many bankers and business men. We
are now desirous OF meeting some Of
the leading men Of affairs from other
great centres. and tor that purpose the
chairman and some other members Of
the mission will start tomorrow for
Chicago.
we have been greatly pleased with
the active and cordial desire for CO.
operation shown b. divers interests
throughout the country and we feel
confident that an arrangement will be
effected for the attainment OF the COM
mon ends sought. namely. 70 preserve
and maintain international trade be-
tween the United States Of America, on
the one hand. and Great Britain and
France upon the other by the removal
Of the impediments which arise from
instability in the rate Of exchange"
The last obstacle in the way OF an
agreement with the Eastern bankers is
understood TO have been reached at a
meeting in the Morgan library late
Saturday None Of the Anglo-French
mission was there. the conference
being wholly Of leading Eastern bank
ers ard members Of the Morgan firm.
IL is believed that they received word
from the mission ~ that time that the
British and French governments had
accepted the terms Of the American
bankers as submitted to them by the
mission. ----a--