The Sentinel=record., 1917-04-27
NEEDS OF ALLIES BEING DETERMINED
CONTINUED FROM PAGE ONE.

! AhA9 q ai41DAE lOl AtIutHE itlt dlIlef
 would be exhausted in from -ix tc
 seven and one-half months. lt is like Ily however, that the preliminary esti
 mates can be pared down to point
 where without emitting essentials The
 huge loan could be made to cover re
 qurements for a much longer peris q
 of time possibly for one year. Secretary McAdoo and his assistants | devoted today almost who ly to a study of entente financial needs and
 methods 10 be followed in placing he money al their disp. sal During the | day the callers at the treasury in. cluding Lord Cunhffe. governor of the
 Bank of England. with Sir Cecil SpringRice. the British ambassador
 and other embassy officials: a delega. | ton from the French commission and
 the Italian ambassador, Count Dicel 1 lere. Members of the French com. mission and Count Dice lere held ltne | conferences with Assistant Secretary Crosby. into whose hands has been placed much Of the detailed prelimi. nary labor
 Indications were that Mir McAdoo would consider favorable the sugees.
 ton that he offer probably within ten days, an2ther block f treasury cer. tif.cates 10 the banks of the country 1 through the federal reserve banks The second offering, it was said. prob ! ably would be the same size as the first. $250000 000 Should the govern mcnt decide to finance the allies to the extent of $500 00), ,000 a month, approximately $l GOO, ,000,000 would be needed 10 meet requirements pri1r 10 1 June 90, the date up7n which the first proceeds of the bond issue probably vi l be available
 Raising one billion dollars before
 the first proceeds If the first bond issue are available could only be ac- 1 camplished by the issue of further lots
 of certificates cf indebtedness. Should
 the government decide 10 raise this sum, it could be done by offering three
 more blocks of certificates, $2j0,000 | 000 to each offering. asout three weeks apart
 Secretary McAdoo is fayorab ply m. clined to the liberal use of the cer iificates of Indebtedness as a means I for easing the strain upon the coun try's finances in connection with the bond issue Under the terms of the war finance aw he is not limited 10
 total issue of 2,000 100000 but is i limited to an outstanding indebted
 ness of $2,000,O00,0o0 represented D, 1 this form of security It would be | possible therefore, for him 10 issue | far m re than $2.000, 000 GOO alto aether. retiring the certificates with | bends in such a manner to bring the | total due on certificates at any one lime well within the two billion limit Withdrawing money from the mar
 kets at the rate of s250,O00,00o every l two or three weeks by the issue of blocks of certificates, officials believe
 would be preferable to a sudden call for pr ceeds of a two billion dollar | bond issue
 In this manner it is thought the 1 banks of the country will be in a
 rong position to meet the strain of war financing.
 Sc tary McAdoo is desirous Of
 completing his financial program al the earle possible moment. It is
 believed that a program will be in
 shape fr President Wilson's oonsid, crat.on not ater than May 1. Al iodays conferences with French and Italian representatives the needs of those nations were discussed in de tall.
 France, it was represented, is spend. ing from $20o.000000 to $220, O0O, ,0GO abroad al the present time. one-hall
 or more of which is being paid cut in
 the Unite dStates for foodstuffs, muni.
 tions and ether supplies Approxi. mately one-quarter of the French for.
 eign spendings go to Great Britain,
 A''A NHiSA otHAAt VI tOdi anu other sup
 plies. Virtually all of her foreign pur-
 chases are made on credit. again {
 bond issues
 Il is understood that representa-.
 lions were made to the United States government that d heavy burden
 uld be lifted from French shoulders
 If a way could be found to furnish
 France with frcm $200,OOO.OO0 to
 $22O,0o0,000 monthly, designed to
 cover her expenses, not only in the
 United States, but portion of those
 in ether countries The credit of
 Great Britain, it was pointed out.
 WI u be further enhanced if the American government could relieve
 the British government of the neces.
 sity If furnishing credit 10 France for
 supplies purchased in Great Britain,
 And British credit il was pointed out.
 is needed now as never before. fo-
 carrying the war to successful termination
 Italy's chief concern is with her
 foodstuffs and coal supplies The sit