The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-09-29
HALF A BILLION
IS QUITE A sum
Loan to Allies Having Been
Completed, Wall Street
Has Job to Arrange
Plans.
CHICAGO NOT EAGER
Committee Is Wlned and Dined In the
Windy City, But Cannot
Pick up Nickle
There.

TUnited Press Leased Wire Service.1
NEW YORK. Sept. 29.-England and
France must paw $25,000,0o0 annually
as interest on the half billion dollar
loan. This was the chief topic OF dis
cussion in Wall street today, following
the formal announcement OF the COM
pletion Of the most gigantic loan ever
negotiated.
One reason advanced as to the high
rate or interest was that It was neces-
sary to make the loan especially at
tractive In view of the fact that munf-
tions payments probable will be made
with FUNDS out Of the credit. While 1t
was not stated in the official agree
ment that war purchases would be
made with this money, 1t was not said
they would not be.
Even With Wall streets almost per-
feet system for handling huge sums
fof money, the task of setting the ma
chinery of credit in motion is a titanic
process Such details as having half
a billion dollars worth OF bonds en-
eraved: l,stinE that amount of securi-
ties on the stock exchange: arrange
ments for their distribution; selection
OF repositories and interest paying
stations, details never ATTEMPTED be-
fore today face managers Of the loan.
Chicago is Cold.
CHICAGO. Sept. 29-With the vir-
tual completion OF the half billion dol
lar loan to the allies, there was grow
ing realization today among Chicago
and western financiers who came here
to meet the Anglo-French commission
that the trip OF that body here had as
Its real purpose the mission of per.
sonal assurance that what benefits
are to be derived from the huge money
transaction were not to be confined to
one section of the country.
Thomas w. Lamont, partner of J..
IP. Morgan and Co.. explained the de-
tails of the loan to conference of
bankers. One meeting was held yes
terday and second one today. Every
effort was made to convince western
bankers that they would profit more
by the loan than would eastern capt
talists. Lamont kept in touch al, day
by telephone with the Morgan offices
in New York. The series Of receptions
and luncheons which characterized
yesterdays social side of the visit.
continued today Behind that mask
the loan commissioners and Lamont
continued their efforts to get the west
ern bankers in line for the loan. In
spite of the cordia, reception given the
visitors. the biggest western bankers
continued cold ON the proposition
Bond houses will probably be called
on to market the western consignment
of the loan.
Not Interested Out West.
DENVER. Colo, Sept. 29.-Because
Denver and the west was mot getting
much benefit from the war" John C..
Mitchell. president OF the Denver Ma
tional bank. and head Of the local
clearing house. declared today that
the Anglo French loan bonds would
not interest investors in this section
Communities in the east benefited
by the war orders. probably offer the
best market for the bonds said NIT
chell. Il have not been approached
regarding the loan by any of its back
ers and don't believe any one in Den
yer has"
Nothino Doina In Milwaukee.
NH WAUKEE. Wis.,, Sept. ga
half dozen of the biggest bankers here
TODAY refused to discuss in any way
lIe DlS lOaIl coHsuIiLndteu Nv the All
glo.French financiers. Despite their
refusal to comment On the negotia-
tions. practically all of them have in
dicated in the past two weeks that
their banks will have nothing to do
with furnishing money to the warning
countries.
THROUGHOUT the state Of Wisconsin,
banks have published statements
clearly stating that not one dollar Of
their deposits will be involved in the
loan to the allies. The big German
population In this section OF the coun-
try is responsible for this attitude.