Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-04-24
FIRST AME ER|CAN LOAN
TO GO TO GREAT BRITAIN
Amount and Other Details Will BE
Made Public by McAdOo Within
Few Days.
PART OF $1,000. .00O, 900 ISSUE
Day Crowded With Conferences Be-
tween Treasury Head, Reserve
Board Officers, Bankers and Repre-
scntatives of England and France.
PART OF $1,000, 100000 ISSUE
tBy Associated Press.

BY Associated Pross.l
WASliJ.\GTON April .3.--The nrst
American loan 10 the allied nations vii.
go TO Great Britain
The amount and other details rrob-
ably will he made public by Secretary
McA6oo within a few days. Whatever
the sum. the amount will be avail.
ahle out OF the proceeds Of the s.. 600.
100000 bond issue soon 10 he onerco
TO tho public. o. which $4,000. 600. 600
Will he loaned To The allies
Announcement L" this crcc, MAS
made tonight AT tn Trcs:,l- Depart
mcnt after Il day crowded with confer
cnccS between Secretary AfrAdoo and
Federal Reserve Board officers and
American bankers and bonhhC idcr., and
official representatives OF ,roat Britain
and France.
Another DEVELOPMENT Was the an
n"nncement that tre sizc Of the first
issue OF bonds authorized unde, the
-, 100000, GOO war finance measure Will
dcpend largely upon the imnc.Iiatc @
needs or the allies. Reports as 10 his
have yet to &c received in detail
The entire $1,000, 900 ESQ OF author
lied bonds will not he otfcred in one
lurp sum. according to present tcnta.
tive plans. but probably Wi be called
for in several installments or issues.
Ry this course. ii is believed that iinau-
"ial disturbances. which mi.;ht result
we're the country called unun 20 All :
sorb the whole issue at olcr. will be
avcrted
DETAILS or ISSUE
TO BE WOitNED utT'
"Details as 10 the amount Of the Grst
/ issue. its distribution among Cie allies.
the character and terms OF The bonds.
methods of diSposinc Of them and
otE"r questions wiz engage the az
ten'ion of The Treasury Department
ana Federal Reserve Board officials
during the next ten days. The FIRST
of these conferences began to-day with
the visit of Lord CuniiHe. sovcruo:. OF
the Eank Of England. upon Secretary
MCAdoo 1nl Governor Harding Of the
reserve board NEGOTIATIONS will be
continued with n view 10 diS,osiug as
rapidly rs DoSSiblc OF details. so ,hat
The hcnd issue may hc offered without
delay
The French ambassador called uDou
Secretary McAdoo later in the day. and
discussed the terms OF tho bond issue
and the immediate needs Of the French
government. On behalf Of Great Brit
ain. IL IL expected Lord Cunliffc vii!
place before Secretary McAdoo details
as To her most pressing financial prob
lens. AS soon as Il definite idea is oh
taincd of the chief entente govern
mentS. the tentative plan viii he
placed before President Wilson and
the Cabinet for approval. probably by
Tuesday Of next week. In reaching tn.
decision to make the first loan To Great
Eritain. officials have bccn influenced
by the knowledge that Great Britain
as banker for the allies prior 10 Amer
ica's entrance into the war. has met
the hcaN financial strain impoScd
upon any OF the entente governments
In making tho loan. the United states
will accept British bonds bearing , l..
per cent interest as security. These
bonds will be deposited in the Treas
ury here, aud tho interest payments
made upon them--at Il rate consider
ably lower than that which Great Brit
ain has had to pay for recent borrow
inSS--will balance tho payments made
by the United states to holders of tho
bonds. Similar methods viii he cm-
ployeh in making loans to other allies.