The sun., 1917-04-24
Initial War Loan to BE
Transferred at Once to
Credit of Allies.
PLANNED WITH McADOO
Cunliffe COnfers With Sec
Ntary and Jusserand
Approves Plan.
FUNDS ARE NEEDED NOW
Great Britain to Distribute
Account With Nations
She Is Financing.
FUNDS ARE NEEDED NOW

WARRINGTON. April 23.-1he first OF
the series of foreign loans to be made
under the act Just passed by Congress
authorizing the extension OF a $4,000
600, 900 credit to the Allies will be made
to Great Britain. 1t will be merely an
initial loan for an amount understood to
be In the neighborhood Of $500. .OOO. 900.
The amount will not represent the total
credit which this Government is expected
to extend to Great Britain. but will cover.
II Is understood, requirements due 10
pressure for funds from countries which
she has been financing. particularly
Italy.
The amount Of the loan and other de-
tails probably will be made public nv
Secretary McAdoo within few days.
Whatever the sum the amount will he
available out Of the proceeds Of the &5-
nno.O0o.o00 bond issue soon to he Of
fered to the public. Of which $4,000. 900. =
600 will he loaned to the Allies
Announcement to this effect was made
tonight at the Treasury Department
after day crowded with conferences
between Secretary McAdoo and Federal
Reserve Board oficials and American
bankers and bond dealers and ofI,cial
representatives Of Great Britain and
France.
British Bonds as Security.
Another development was the an
nouncement that the size OF the first
issue Of bonds authorized under the
$1,000. 100000 war finance measure will
depend largely upon the immediate
needs OF the Allies. The entire IS. 900. =
600, 90" of authorized bonds will not
be offered in one lump sum, but prob
ably will be called for in several install
ments Of issues.
In making the loan the United States
will accept British bonds bearing a.,
per cent, interest az security, These
bonds will he deposited IN the Treasury
here and the interest payments upon
them-at a rate considerably, lower than
that which Great Britain has had n
pay for recent borrOwings-will balance
the payments made by the United States
to holders OF the American bonds
News that an announcement of a loan
to Great Britain might be expected soon
caused astonishment. The impression
had been that the loans at leas to Great
Britain and France would be announced
simultaneously and that II any prefer
ence were given II would he tn France.
1t appears that Great Britain's needs are
she has been assuming in financing Italy,
Russia and Rumania.
May Aid Italy Directly.
,., T., ;. . o, ., -.
..s ~,
~. w." .u'. -. 80, 49,
ing. For some time Great Britain has
been helping her recently TO the extent
of S2.OOO, 200 a month This country
soon NAV helm out Italy directly. but
since Great Britain has been doing So
and Is coenizant of Italy's reouirements
and financial condition II will he the
no,icy al first IL - understood TO allow
Great Rr,ta,n TO attend TO Italy's needs
and for ,his Government tn urap, i'm.
,nedi.,. ,ssistan,c to crea, Rr,tain
Ths ,,;,ia, loan 10 Great Rri,ain is h.
,,sysd to have haen decided upon to-day
at IN. start NJ ,he financial conferences
,ro,t.r, :, ,ha ,;,i, 81 ,ha Rritisb .,d
Eranch ,,jssiors ,o his co,,n,rv This
,,,,.,,in. Iord c,niir. y,ysrnor ~ ,h,
parh - En.,,,d c,,led n, tho Treasur,
p";lJ,n. ava conf.rr.d yor some ,ime
,';,h Sa,ra,ar, WrAdoo Wbrs tho nv
dors,andirg was thai to.day.s visits we're
nh;,av 4, ~. na,urs of rourtesy ralls
ora cunI;ffe ana MIR McAdoo started
rI.h, in IN ta,L business The situation
la h..r disclosed to Secret,ry NCAdoo
nrd othar msmbers of mis- C;oyernment
h,TSir p,ch.rd Crawford and 81, Hart
mar svar ~ tho Rritjsh EMBASSY here
q, nr.Ii,,,rar, corfarances MIR NcAdoo
,har.,nre uns in a nos,tion IN discus.
w,,h Lord CunIirfe the details OF the
,.nor,i MAN already ske,ched 70 him
J,...r.pa Gives ApuroyoI.
Following the conference with loro
Eunliffe Ny. McAdoo had an extended