New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-02-03
France GetS200,-
900. 900 More, Say
Bankers Here.
STRONG ALSO
GOES TO EUROPE
Plans 10 Establish Branch
Banks. T. Harris
Third of Party.

IP. Morgan sailed lest night on the
Fp..srisr for Europe Al the Offices Of
y, banker detailed information con
,s,'ing the purpose OF his visit was
utibeld. except that the trip would
s,onbine business and pleasure
Information obtained in banking
,csrte-s. however, was that Mr.. Nor
r.n would 60 20 Paris 20 arrange a new
French loan. The amount. it was said,
hssn no, YET been definitely agreed upon,
~, Il vii he between Sl00.0o0000 and
s2oo0ooO00. This feature Of the loan
uill he settled following conferences
with French and British bankers and
officials Of The two governments. The
length Of Mr Morcau's trip will depend
gvon how long il will take to arrange
ne mslr features OF the loan.
Bankers Confer Over Exchange.
Exchange or Paris has been notice
ably weaker since the middle Of Janu-
sry. and conferences over plans for
Strengthening the market have been
ireouent between members Of the Nor
gan firm and other New York bankers
who have been prominent in the han
ding Of the Ang.o-French loan and
other foreign credits. Before Mr.. Nor
gsn's departure from the financial dis
,rict yesterday prior 10 his sailing he
consulted with these bankers.
Another loan for the Allies which Is
nearing completou is a s1o0.o00,ooO
credit to Russia. The negotiations are
being handled rs the Guaranty Trust
Company with the National CITY Bank.
and one Of the officials Of the trust
company was authority for tho state
ment yesterday that the details prob
ably will be announced IN tie near
future II was understood that the
financing o. Russia's needs VIII take
. ne form Of a government loan. with
collateral 20 make 10 readily re-
sslable in this market.
Guarantee for French Loan.
The proposed French loan, II is also
understood will be % the French gov
eminent. which win give its guarantee.
Unless present plans are materially
altered T. will rpr from three 10 five
years and viii he taken by New York
bankers. The collateral probably will
'sse Tho form Or American securities
and those Of other governments which
he French government has been mobi-
H5ing 10 f. manner similar 10 that
adopted b. the British Treasury au-
thorities
a great deal of secrecy has attend
I'd these negotiations This was evi-
'sneed yesterday by several bankers,
WHO expressed surprise at The an
1ouncement Of Mr Morgan's sailing 1t
vas leaned however. that his deci-
Nol 20 60 abroad was not reached sud
dsnly
On tie same boat with Mr.. Morgan
n'led Benjamin Strong. ir- governor
q the Federal Reserve Bank for this
district. aaj John ! Harris, Of Harris,
,nn,hrop q Co, prominent Wall
SIest Investment house. The purpose
NNr. Strong visit was reported 20 be
connection with the establishment
N branch banks abroad.
SsO,0OO,OOO Added TO Credit.
IN addition 70 ITS half Of the $500
'"VOO Arg'o-Freuch loan, France
slee The war began has borrowed in
ms market q total of S90.0O0.0O0. The
aoN recent transaction was the grant
g o. Sl1.O00OO0 acceptance credit
banking syndicate headed by Will
am +. Bonbr.ght & Co. Inc. Other
aS Ssas included $l0,000000 notes, $780,
V,,G0yJ one-year per cent notes, a
,;,.VVVOOJ commercial credit and II
N92VVOOO) banking credit.
ne total Of the foreign loans foated
4 Wis country since the outbreak of
", war amounts TO $1,000, 100000
regarding further British loans In
sSs market. bankers said yesterday
@st the credit Of $5O,O0O.OOO extended
"a group Of eight London banks had
W. YET been exhausted The opinion
ss expressed that Great Britain has
~ a yet sent any appreciable amount
securities 20 this market out Of the
lHse amount collected through its mo-
''n,1ston scheme.
d,T special arrangement, which off,
~" o. the Holland America Line did
io, explain, Nr. Morgan's car was al
,bu 70 pass 20 the extreme end OF
ptt' and the fnancier slipped up
;s"sh stairway there, boarding the
V'er the Second-class gangway.