Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-19
BANKS WANT TERMS
FOR HANDLING LOAN
Some American Financiers Think
They Should Be Favored
Above Investors.
PAY FOR MUNITIONS ISSUE
Adjustment Of These and Other
Proposals Still Far From
Adjustment.


session found the situation virtually
unchanged with respect to the variance
OF opinion over the proposed Anglo
French credit loan, except perhaps that |
some of the American iinanciers were
adhering more firmly to the idea that
banks subscribing TO the big loan |
should receive terms better than those |
given TO the investor.
Over this and the matter of includ |
ing munitions of war in the scope Of
the loans operation there was still
marked differences Of opinion between
some American bankers and the Anglo
French Financial Commission. These
bankers wish munitions excluded from
the list of exports to be paid for from
the proceeds OF the loan. 1t is reported.
while the commission is said to be Of
the opinion that munitions should be
included.
notwithstanding rumors TO the con-
trary. an adjustment of this and other
minor proposals was understood TO be
still far from accomplishment. Dur
ing the day 1t was reported that an
agreement had virtually been reached
and that the success of the plan would
be announced shortly. perhaps on Mon
day. This was too optimistic. in the
precisely what the situation is
NO DEFINITE PLAN
Is BEING CONSIDERED
We have not yet begun actual ne
gotiations," one banker was quoted as
saying. Heretofore our discussion of
possible terms has been confined to
conversations. There is no definite.
concrete plan before us for considera-
TOW, ,,.;l1 -
fore the middle OF next week"
Viewed from the standpoint Of the
American banker, the commission has
won nearly every proposal SO far, and
is standing decidedly firm on the others
at present discussed.
There Is growing demand that the
bankers be afforded better terms. de-
spite the reported declaration OF the
commission that London aid Paris will
not pay any one more than S i, srgGentsI
The opposition to this stand on fhe|
part OF the Americans bids fair, It is
said, to stiffen to the same degree as
the opposition to having munitions in
cluded within the scope of the loan.
The American fnanciers apparently
have had In mind continually the blow
which might be dealt American indus
try should the commissioners fail in
s.,
it was said, the commissioners pointed
out that the establishment of the loan,
in their opinion. was more vital to
America than TO either Great Britain
or France.
ONLY GREAT WORLD MARKET
NOW OPEN TO ALLIES
To-day, nine days after the commits
sion's arrival here, the impression
Il ~
haps this dark picture was painted
with a purpose, and that in reality
neither Great Britain nor France would
let details OF minor Importance shut
to them the door of the only great
world market now left open.
So-called pro-German hnanciers of
New York, ii is said. are willing to
subscribe literally TO the loan If none
of the money is spent in paying for
munitions.
possible solution for the munitions
questions is the suggestion that such
shipments be pad for in gold to be
shipped here by Great Britain and
France. 1t is n matter Of general
knowledge that the two nations are
prepared to ship gold here, although
bankers here are unanimously of the
belief that this is undesirable, as it
Nouiu teuu toward n OF III Na ton
and speculation. Another suggestion
Is that separate credit he established
to provide funds solely for the payment
of war munitions.
RUSSIAN QUESTION
REGARDED AS MINOR
The Russian question is regarded as
minor. Some American bankers be-
lieve they should deal directly with
n,
pointed out that when the war ends the
United States will find in Russia n
great and receptive market, and that
IL negotiations over the loan are direct
now, the way will have been paved
toward closer commercial relations at
that time.
Plans have been made by the COM
mssoners to spend Sunday out of
town. They left late to-day. most of
them being the weekend guests of
bankers.
Sir Cecil Spring Rice. British ambas-
sador, arrived here to-day. and spent
several hours at the hotel Of the COM
missioners.
The commissioners held a short ses-
sion, and no announcement was made
at the conclusion.
significance was attached to the drop
in sterling to-day from S4.73 to
$3.50 1-2. loss of 3 1-2 cents over
night. This conld hardly happen. 1t
was thought. IL arrangements for the
Il