The Sentinel=record., 1917-04-26
UNITED STATES BECOMES BANKER
 FOR THE ALLIES
GREAT BRITAIN GETS 100000, 600 LOAN TWENTY.FoUR HOURS
 AFTER BILL IS SIGNED
The Warrant Was Drawn On the United States Treasury and Is the Largest Single Warrant Ever Issued by This Nation and Probably in the History Of the World.

State stoday stepped into Great Brit. aims former roll of banker for the allies with s20O,000. .000 loan to tGreat Britain herself and the prom se of other speedy financial relief to- Italy, France and Russia.
 The British loan was notable as the first made by the American govern. ment since it's entrance into the war, and for the celerity with which it Nas negotiated, less than 24 hours after the $I000G00,000 war finance meas ure had bee me a law. The loans to follow VII be placed where the money is needed the III {.
 l Whether Great Britain. Italy. France Russia or Degium-for Bel. gium is to have money if she wants it-wh Is to get the next loan had not been decided o.-sht All except Bel. | gium have presented their app,. a. tions for relief 10 the American gov. ernment. Secretary McAdoo expects r. spend the next 10 days or so in studying the situation in each country as reported by the visiting officials here, with view to co-ordinating their requests. formulating a definite pr gram and ascertaining just what sum will be needed in the first offer. ing of bonds soon to be placed before the public.
 As soon as a definite idea is tb tainqd of tha in, ,p,aJiota mad ,,.-.,,oo
 tive needs of each country Mir Me. Adoo will outline a program fer the
 president. approval The British
 loan made today was authorized by
 President Wilson yesterday, it was said. No others will be made until the president sancti,ns them
 The next loan will hardly wait for
 the bend issue but probably will be
 made upon the proceeds cf another subscription to treasury certificates
 of indebtedness as in the case of the
 loan made today. There yet remains $50,00a 900 of the &250,000,00 sub. scribed to the first offering of certifi.
 cates. Sh uld there arise need for l entente government it was tonight thought that this sum could be made
 ayailable without loss Of time
 The $200,000,00 furnished today is
 said authoritatively to be only in the
 preliminary financing of Great Brit.
 ain to enable her to make payments for muniti ms and ether supplies pur.
 chased in the United States. The . money was transferred by Secretary McAdoo to Sir Cecil Spring Rice. the
 British ambassador by treasury war
 rants-the largest single warrant ever . issued by this nation and probably in the history of the wcrld-and after on.
 dorsement vas turned over to John { Burke, treasurer of the United States.
 by the ambassador. with the request
 that the money be deposited in fed
 eral reserve banks to Great Britain's credit. As the funds already had been
 deposited in the reserve banks by financial institutions subscribing to
 the certificates. 1t was simply a mat. ter Of bookkeeping to transfer the amount from the credit of the Ameri. can government to Great Britain. IL will be withdrawn as needed
 In return for the treasury warrant , Sir Cecil delivered to Secretary Me Adco the British governments nctc for $200,O00,000 bearing interest at 8 per cent, the same rate as the certifi- - | fao ba 1. f~i,
 Great Britain has borrowed for many a day due June %. next, the date the certificates will expire. On that date
 the certificates probably will be re placed with bonds and the British
 note will be withdrawn and Brit sh I3h per cent bonds placed in the treas ury in it's stead
 Almost before the ink was dry on
 the warrant Secretary McAdoo was deep in discussion with Arthur J. Bal tfour head cf the British commission, and Lord Cunliffe, head of the Bank of England. of a program looking to
 meeting England's further financial needs during the next few months | I I pay for less than one months pur- chases in this country. as England is
 buying American goods at the rate ef $s, 000.000 a day. Within four months she will need one billion dollars and
 it is not unlikely that she will receive |. appr ximately this sum as a loan.
 Italy has presented an urgent plea for consideration. Her needs are said to be pressing and immediate, and in tdications are that loan will be eX-
 tended her promptly Italian finan' cial requirements are understood to be more urgent than those of either IFrance or Russia, and indications are that she will be the next country to
 obtain a lean. The size has not been ! determined