Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-04-25
GREAT BRITAIN MAY GET
FIRST BIG LOAN TO-DAY
Lending Of $500 100000 Com
pleted i'm Washington.
TO MEET PRESSING NEEDS
Initial Offering to tic Public Under
ST,OOO,OOO,OOO Revenue Measure
Expected to Amount to $4,000
100000.
LRy Assoria,cd rrcss. !

! By Associated Press
WAsII1NGToN. April 2a.--The United
states will lend Great Britain 500, ,0o0.-
600. probably tomorrow. as the first
loan 10 any OF tho entente govern
men,s under the $1,000. 100000 war
finance law signed to-day by President
Wilson.
The money for this loan will be
available out of the proceeds of the
$3.50. 100000 of Treasury certificates OF
Indebtedness. due June 30. and just
placed with the banks of the country
through the Federal Reserve Board.
Secretary McAdoo Will call for the
proceeds OF this issue Tomorrow
morning. and as soon as the money liz
deposited in tho various Federal re-
serve banks IL will bc available for
the governments purposes. Tho Brit
ish loan will be made as soon there
after as the necessary formalitics of
transfer can be completed.
WILL. TAKE TEMPORARY
FORM OF SECURITY
The United States probably will take
some other temporary form of security
pending the arriva! OF the bonds.
Final negotiations for tho loan were
completed to-day at conferences par
ticipated in by Secretary McAdoo: Lord
Cunliffe. governor OF the Bank of Eng
iand: Pierre Jay Of the New York
Federal Rank; Treasury Department..
Federal Reserve Board and British en-
hassy officials. onicial announcement
Of the loan is expected within twenty
four hours.
The loan is not intended to cover
600. 600. 900 intended for the allies. but
is designed 10 meet EnGlands i'm
mediate and pressing financial needs.
\ somewhat similar loan soon may be
made TO italy
Tentative plans under considcra-
tion by administration officials call
for the issuance OF $1,000. .o0o. 600
in bonds as the first public Of
ferinG under the $1,000. 100000 war
revenue Law. signed to-day by President
Wilson. To he followed by a second issue
In from four Ia six months. and pos
sihIy third thereaf ftcr
While the whole program is subject
to revision. II is understood that Of
ficials are also seriously considering
tho advisability Of collecting tho pro-
cceds of tho first issue in installmcnts.
thirty days apart, and lasting over
period Of from four to six months
should the first issue be $4,000 600 900
and tho installmcnt feature he adopted
it is likely that subscribers will he
given four months in which t-o pay for
the bonds. This would bring revenue
into the Treasury At the rate of $500
100000 month. ample. il is believed
from preliminary estimates. to meet
the needs Of tho allies in this country.
= An,
expenses. until the new taxation meas
urc should begin to produce revenue.
BIG PROPORTION OF LOAN
WILL co TO ALLIES
Indications arc that the FIRST issue
will be divided among Great Britain
France, Russia and Italy. and that
some portion OF it would be reserved
for American military needs, the big
proportion. however. going to the
allies.
In this connection il was pointed
out tonight that virtually the entire
loan to tho allies Will he spent in this
country for foodstufis. munitions and
other supplies.
The subject will be discussed in con-
ferenccs tomorrow among Secretary
McAdoo and Federal Reserve Board Of
ficcrs and Lord CunliHc. Of tho British
| commission. Lord Cunliffe will be tho
guest of the board tomorrow at a
luncheon. which probably will develop
into conference concerning tho de-
tails OF tho proposed loan to Great
Britain. 1t also is likely that Lord
Cunlffc will confer with Secretary
McAdoo during the day.
In finally determining tho amount of
the first bond issue. the governmen,
will be guided largely by what the
representatives of tho chief entente
governments indicatc t. as their pressing
needs. Italy. it Ia said, is especially
dcsirous Of being among the first con-
! continued on Second I'agc)