The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-25
HALF BILLION FOR
FOREIGN LOAN Is
ALREADY IN SIGHT
AnglO-Frcnch Mission Wait
inc Only for AuthOri-
cation to Proceed.
GERMAN OPPOSITION
no LONGER CONSIDERED

TIE close of the second week of rom
fercuces between the Anglo French mis-
sion and American fnanciers saw the
formal negotiation stage over the foreign
loan very much nearer. 1t was freely
predicted that within three or four DAY =
AFFAIRS will have reached n stage where
the Americans will begin the formation
Of the underwriting syndicate which is
to float the $500. 900, 600 credit consid-
.icd necessary to maintain foreign eX-
change at 4 stable figure.
SO far MS the Americans are con-
cctued It was thought yesterday that
they nave declared definitely thor opin.
ion of what should be done. and It now
remains for the members OF the mission
to obtain the authorization Of their re-
s~pertive Governments for them to pro-
coed.
That does not mean that in the con-
fcrcuCes both sides have come actually
into accord: IL means. rather. that the
proposals OF the Americans differ IN
some aspects from those members OF
tho mission were prepared to receive
and therefore they must await further
Instructions, There is no suggestion.
however. Of any hitch. any considerable
delay or anything else which will pre-
vent the contamination of the loan.
The american Oner.
Among bankers who have met the
members Of the mission and have con-
i,rred with them IL was h ght that
Monday hould see everything cleared
away for the formal negotiations to be-
gin. The American offer as II stands
is said to he:
One.baif billion dollars for Ave years
nj : per cent. On Joint bonds Of the two
countries. payments Ia b~ made at such
ttn,.s ~ xstl sfahillz. fnr.Ig, .-.u..
ny the purchase OF bills In the open
market.
This method will meet the wheat ex-
rortation demand. the cotton. corn.
grain and other commodities.
The bonds 80 issued are to have con-
version privileges attached permitting
the holders ~ the end OF the five wears
to take Joint twenty year bonds at "a
rer cent.
The possibility that German opposi-
ton might influence the making of the
loan * no longer considered As a mat
tor of fact. $500. GOO, 400 is already in
sight, not only for the mission. but
FOR III" syndicate. As tho head OF one
bank put IL. the men interested know
where the money is waiting. This same
man. who regards the loan as q settled
thing. said he has been surprised at
the response not only from banks
hut from individuals. He said he knew
of individuals who would AXE millions
~ the bonds. and he very emphatically
'n~ntradicted a man who expressed the
opinion that the loan will not be popu-
lar in the sense that the people gen.
orally will not subscribe.
How Loan L. To he Handled.
The method by which the transaction
70 TO be handled was explained yester-
d3N. As soon as tho mission and tho
American bankers have reached an
agreement on the fundamentals. proba-
hly early In the coming week. a group
or bankers. not New York men only,
will meet with the mission and execute
an agreement TO form an underwriting
syndicate TO take the loan. These bank
ors VIII be representative. through their
Institutions. Of every section and prac-
fcally every bank in the COUNTRY.
The bankers forming this syndicate
IN turn will execute an undertaking for
the entire half billion dollars. paya-
hle at such a TIM and place and In
such a manner. The bonds VIII go to
them. Acting for "A | per cent. COM
mission. their labors will he practically
patriotic contributions to the welfare Of
the country.
The members OF the mission yester-
day saw between twelve Il fifteen
bankers. some Of them from out OF
town. Among the visitors was Adolph
KATE, president NJ the New Orleans
National Bank. who spoke with expert
knowledge of the cotton situation. Henry
1'Helhelmer. Of Heidelbach, lckelheimer
4 Co. was another visitor. Mr.. Ickel-
heimer made 1t plain all along that his
FINN is not to be classed with nay So
called German group Of bankers whose
German patriotism weighs any on
sd'rat!on for the material welfar. of
their adopted country. His is an Eng
lSh and French house engaged in the
business OF banking