The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-06
LOCAL BANKERS SEE
CONCESSION IN NOTE
Some Arc Doubtful. but All
Look for Further Discus
sion Of Issues.
FEW ANTICIPATE BREAK

Tra cr' scusuS OF opinion among the
l,adns New York bankers yesterday
.ecmcd 20 he that the German noe would
.csuit 100 no immediate break. Tho ar
sur,cuis were either based on the policy
~ cont ucd discussion maintained by
ADMINISTRATION Tor the sea since
t.r sinking of the Lusiiapia or In some
asses ou tho belief that tine note. with
tl, buster for home consumption ci.urcd
AWAY. mot suuat,ly the essential de-
mard Of President Wilson's note Of Apri.
go In certain circles "a pessim!stic
.crdcucy was 80 bc found. This was par
..ularly true among some of the German
rithc',.
several heads of large institutions.
10Th national banks and trust companies.
regarded the German note as "A direct,
insult TO THIS Government in many OF
II paragraphs and were not willing
10 admit tn" possibility that what
seemed 20 hem inso.cpce was merely put
toward IN cover up the fact before the
,ie,mdn people that Germany was back.
.Hg down These inen stated. however.
That the note undoubtedly left a loop
mole 10 the administration for tie p.o-
,orgauou Of the discussion with Ger
may and that il was to be expected
|fiA INV "'bi' ~ IAo-
long TO-
Perhaps the principal point in the note
. VII d objection was found was the
mt nation mt .he close that the herman
,io,c-uncrt would maintain lis modified
stand iu respect 80 submarine warfare
r..y " THIS Government too effective
nd satisfactory action against Great
Biia.U. pUc banker OF close German
.1nne,tions gave it as his opinion that
ms clause was a very definite string
attached 10 the German compliance with
ne Presidents demand and that conse-
luen,ly the modification could not safely
e REGARDED as permanent. although he
believed It would postpone any trouble
for IN" present.
One. international banker familiar
with The German people and point Of
view VINO had analysed the note care
fully In COMPARISON with the Presidents
note of April 80, believed IL was an
absolute compliance with the American
demand aud that the President had
aouhtlcss been so informed through Am
t1s,tdnr Gerard. lie pointed out that
ihe essential point of Che American note
had been the demand that Germany
abandon h"r method of submarine war
arc lie then Indicated the order is
sued 20 German submarine commanders
- the essential point of the German
f'ply. Abandoning the method objected
10. Any one who knew the temper IT
the G'rulau people, II was his opinion.
would recognize in the other clauses Of
the note a Government covering up its
yielding with words.
This banker and others pointed out
that the paragraphs IN regard to this
'ourtry's action against Great Britain
were not attached AS definite conditions.
ma they might be- answered by IN,
President with the same answer that he
has used betore-namcly. that our rela-
tipn with other Governments besides
Germany mad nothing to dn with the
Issue 81 hau thar with time. even
Z Great Britain declined 10 modify the
practices against which Germany pro-
test. thes" two paragraphs might easily
be forgotten unless Germany were really
anxious for a brcak.
A. the result Of the German reply
marks advanced slightly Yesterday IN 4
harrow market from 16l. for checks Al
the rr previous clos. 81 Thursday to TO-
and from 16lt for demand To- 20 4.
There was little business done in cN'
chang" on Berlin and tho bulk Of the
trausac'ions were for German accounts