New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-24
Possible Understanding
Within a Week, Bankers
Best Hope Now.
CONFERENCE HELD
AT MORGAN HOME
Anglo.French Agents Awaiting
Advice from London as TO
Participation of Russia.

sores OF NNiAFtl NhNANAN
tween members Of the Anglo-French
financial mission and American bank
crs. looking 20 the establishment OF
credit of half a billion dollars or more
IN this country for the Allies, have
vet failed TO develop a working basis
for actual negotiations. It was learned
YESTERDAY that the statements OF
"rrooress." emanatiag from both sides,
we're properly to he taken as express
sions of hope rather than Of convic-
ton.
Bankers who were confident last
Wondav that an agreement could be
reached within forty-eight hours are
now talking Of a possible understand
ing "within a week
There have been innumerable tenta-
tive suggestions made in the two weeks
the foreign mission has been here, but
few have outlived the daS Of their
birth. Terms that were acceptable in
themselves were found impossible when
coupled with other proposals, and as
any arrangement will inevitably en-
body a considerable number Of specific
items. the prospect for an early agree
ment is regarded as anything but
bright.
So far as could be learned yester-
day, s: is only the conviction OF both
sides that the loan has TO be made
which Is making possible a continuance
Of the discussions. Even bankers who
have little enthusiasm for the loan are
agreed that the complete failure OF the
negotiations is almost pnthinkable.
Confer at Morgan Home.
There was a meeting yesterday al
.ornoon in the Morgan library between
Lord Reading and Sir Edward Holden
representing the Anglo-French mis-
sion. and J. P. Morgan, Henry P. Davi-
son and others representing the Amer
lean group. But this was only one OF a
score Of such meetings, and there was
nothing last night TO show that the
loan had been advanced single step.
While the Anglo-French mission are
roderstood 10 have fun power to IN
,.pde Russia IN the negotiations or
leave that country out at will. the ao-
eerce Of substantial progress In the
loan discussions is believed 10 be due
in part 10 their reluctance 70 take a Gel
mite stand until the outcome OF the
conference in London between Pierre
Finance Minister. ana
Reginald Mckenna, British Chance!Ior
Of the Exchequer, Is known.
A leader Of the American group SAID
yesterday that the inclusion of Russia
among the participants IN the loan was
still a possibility. Asked il he thought
i, was worth while TO risk the loss OF
support for the loan of Jewish bank
ers for the sake Of bringing in RUSSIA,
he returned an ambiguous answer. ke-
ulrning 70 the subject later, he SAID
h. thought il hardly likely that Russia
could be brought in. "The credit OF
Great Britain and France" he said. Us
srsle security. Nothing OF impor-
,snce would be gained by adding Rus
,.a"
Loan Plan Gaining Friends
This same banker, when asked
whether he thought the success OF the
.oan was assured, said: Il don't be-
Heye any financial transaction whose
.erms are yet unsettled can be called
an assured success" He denied that
here was any friction between the
..nglo-French delegates and the Amerl-
IAN leaders.
"The loan is gaining friends all the
time" he volunteered. The NUMBER OF
,hem is constantly increasing"
Friends among the bankers or
among the investors-the ultimate con-
runners 2" he was asked.
Among people with money-ultimate
consumers, certainly" he replied.
He was told that a large number OF
bond dealers and others had said that
loan offered on a per cent income
basis would not 90 with investors; that
L would have TO yield 5is per cent at
east
u think that is a mistaken idea" he
-ephed.
While there is still a lack Of definite
ness about the personnel Of the com
nittee Of bankers who will constitute
he actual American negotiatore when
A working basis is arrived at, there ls
a practical certainty that the follow
ing men will be among those chosen:
J. p. Morgan and Henry p. Dawson, OF
]. p. Morgan & Co.; Frank A. Wander
lin. president Of the National City
Bank: Charles II. Sabn, Of the Guarsn-
~ Trust Company; Albert H. Wiggin,
president Of the Chase National Bank:
James S. Alexander. president Of the
National Bank Of Commerce; William