South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-04-24
BRITAIN To GET
FIRST WAR LOAN
Amount viii be Gagged by
Empires Need-Sum Will
be Announced Soon.

WASHINGTON, April "a. The
first American loan 20 the allied ma
tions will 20 TO Great Britain.
The amount and other details
probably will he made public by
Sec'y McAdOO within a few days.
Whatever the sum, the amount
viii be available out OF the proceeds
Of the 100000. 600 bond issue soon
TO be offered TO the public Of which
$4,000. 900. 600 will be loaned TO the
allies.
Announcement 20 this effect was
made Monday night at the treasury
department after "a day crowded
with conferences between Sec'y Nc
Adoo and federal reserve board Of
ncials and American bankers and
bond dealers and official rcpresen-
tatives Of Great Britain and France.
Issue Depends on Needs.
Another development was the an
nouncement that the size Of the first
issue OF bonds authorized under the
s7.0OO.OOO. war finance measure
will depend largely upon the imme-
diate needs Of the allies. Reports
as 10 this have yet TO be received
in detail.
The entire s5.OOO.OOO,O 900 of au-
thorized bonds will not be offered
in one lump sum. according to pres
ent plans. but viii be called for in
several installments Of issues. BY
this course it is believed that finan-
cial disturbances which might result
were the country called upon 70 alb
sorb the whole issue at once would
be averted.
Details as TO the amount of the
first issue. its distribution among
the allies, the character and terms
Of the bonds, methods of disposins
OF them and other questions will en-
gage the attention of treasury de
partment and federal reserve board
officials during the next 10 days.
Confer With Lord Cunlifte.
The first of these conferences be-
gan today with the visit of Lord
Cunlffe, governor of the Bank of
England. upon Sec'y McAdoo and
Gov. Harding OF the reserve board.
The members of the board returned
the call and have arranged TO en-
terrain Lord CuEuffe at luncheon
Wednesday, Thereafter negotiations
will be conducted with view TO dis
posing as rapidly as possible of de-
tails yet 10 be determined. so that
the bond issue may be offered with
out undue loss of time.
The French ambassador called
upon Sec'y McAdOO later in the day
and spent more than an hour dis
cussing the terms of the bond issue
and the immediate needs of the
French government.
ON behalf of Great Britain it is
expected Lord Cunliffe will place
before Sec'y McAdoo details as TO
her most pressing financial prob
lens.
AS soon as a definite idea is OBJ
tanned of the needs of the chief en-
tente governments, the tentative
program will be placed before
Prest Wilson and the cabinet for
approval probably by Tuesday of
next week
approximate idea of the imme-
diate requirements of Great Britain,
France and Russia, il is reported. al
ready had been obtained from rep
resentatives from those governments
prior TO the arrival OF the British
commission. Lord Cunliffe. it is be-
lieved. will amplify details already
in hand and possibly speak. in al
unofficial capacity, for other cOun-
tries than his own.
In reaching the decision 10 make
the first loan TO Great Britain. Of
fcials have been influenced by the
knowledge that Great Britain as
banker for the allies prior 10 Amer
ica's entrance into the war has met
the heaviest financial strain i'm
posed upon any Of the entente al
lies