Evening star., 1917-05-04
PLAN TO LINK j. s.
BANKS WITH ALLIES
Permanent Financial ReIa-
tions With Britain and France
Sought by Officials.
MANY ASK FOR BONDS

Linking of the American and British
governments in direct and permanent
financial relationship. step deemed
extremely desirable in view of Ameri-
can loans to the allies, probably will
be accomplished this week by the for
NAL appointment Of the Bank Of Eng
land as correspondent Of the Federal
Reserve Bank Of New York. Appoint
ment Of the Bank OF France in a SINH
lar capacity is expected to follow
soon.
Since authorization Of the appoint
ment OF the Bank Of England last De-
cember negotiations looking to its
contamination have been in progress. but
because Of the many details involved
have been somewhat retarded.
officials in New York.
The subject was taken up again upon
the recent visit of Lord Cunliffe of
the British mission to New York, and
today Secretary McAdoo, Assistant Sec
retary Crosby and Gov Harding of the
federal reserve board are In New York
in conference with reserve bank OFF,
cials.
While their visit primarily concerns
the forthcoming bond issue and the un-
determined details. 1t is understood
that they also will discuss the present
stage of negotiations looking to the
appointment of the Bank of England
and formal announcement OF tho ap-
pointment may be made shortly.
Thousand Bond Subscriptions.
More than 1000 replies to Secretary
McAdoo's kilograms to the banks OF
the country requesting their co-opera-
ton in floating the first two-billion-
dollar offer of liberty loan bonds had
been received today.
Several days probably will elapse pc
fore an approximate estimate can ps
and their clients will take: !ndicatlons
are that the big loan will be heavily
oversubscribed.
Federal reserve banks continued to-
day to receive SUBSCRIPTIONS tis.s 70 tne SEC
announced several days ago. The sub
scription books will remain open for
several days, possibly till May 10; and
indications are that virtually all OF
fers of subscription will be received.
thus making the extent Of the offering
indeterminate. The certificates Will
mature July II and may be converted
into bonds. the proceeds OF the GER
tificate Offering being used 20 NEE.
the allies prior to the receipt OF pro-
ceeds from the on-dollar bond
offer.
Another Loan to Britain.
Another loan to Great Britain within
the next week was forecast by ofncials
here today. The frst credit Of $780,
ooo, 900 is being spent at the rate Of
50, 100000 day on purchases in the
United States. and It 10 desired to COM
plete the second loan before the British
Commission leaves Washington and be-
fore the frst is entirely used up. It
probably will be larger than the hrst
credit. go - ~ -St.- a
Sir Eric Drummond and c. F. J.gDor-
mer, secretary and assistant secretary,
respectively. to Fofafgn Minister Bal
four, went to Baltfmore today to pay
the official respects Of the. British mis-
sion to Cardinal Gibbons.
Mr. Balfour had word today from Vice
President Marshall that the Senate
would be happy to receive him inform
ally next Tuesday. It was originally
planned for Mr.. Balfour to be received
tomorrow by both houses and to 60 to
the Supreme Court afterward. No
change is understood to have been made
In plans for his reception by the