The Birmingham age-herald., 1920-06-05
Daily Wall Street Gossip
BY HOLLAND.

Bl Hb
 New York, June (SpeciaD- King Albert of Belgium visited the United States in the fall of last year. some intimation was made that either he or some of those who accompanied him was at one time in touch with American bankers with intent to learn whether it would be possible for Bel Sium to refund the $50 0000 900 accept ance credit the maturity of which was to come in June, 1920 Since the re- turn to Belgium of King Albert, some. what vague or yelled reports have been in circulation of the approach to American banks by a syndicate rep resented by the Guaranty Trust Com nany and J. P. Morgan and Company with intent to learn how far reliance could be placed upon the banks for aid in refunding the acceptance credits.
 Probably it was deemed expedient to act cautiously. even slowly, because the amount needed for the liquidat tion of the acceptance credit was $50 900. - 900 and some anxiety did prevail lest, in view of financial and money con- ditions. and the contemplated restric- tion of credits, the American banks might not be ready to participate in the transaction. Now, announcement is made by the organizing of the syn dicate which is the fiscal agent os the Belgian government that arrange ments have been completed for the marketing of the new loans to Bel gium amounting to S50000 900. The funds which are received in this way will be utilized in liquidating the ac- ceptance credits.
 Although not so large by many mill lions as the joint loan made by Amer ican bankers to Great Britain and France in October. 1915. due October, this year, yet from many points Of view this undertaking is spoken of as very significant. Of course, the new loan of $50. 1000 does not in- volve the creation of an additional debt. It does no more than provide the means whereby s50,OoO, 900 of in- debtedness which must be liqudated this month can be taken care of The aggregate indebtedness therefore to Belgium will be no larger than it was at the time of the marketing of the acceptance credits.
 ALL BANK FRS INTERESTED
 For some time the evidences have been plentiful that the banks through out the United States, especially the larger ones have been much inter- ested in this proposition to refund the Belgium debt. Although the ifs cal agents of Belgium, J. P. Morgan and Company, and the Guaranty Trust Company. have been in constant com muncation with bankers throughout the country, nevertheless, not until recently has it been made certain that they could rely upon the American banks for participation in this trans action. Otherwise the announcement would not have been made that the negotiations for the new loan to Bel gium have been completed.
 It is not to be wondered at that the American banks were tempted by the proposition because the new loan will carry 71a per cent interest and may be marketed at .94A. Furthermore. the funds will be payable in gold at the rate of 115 per cent of the principal sum. the final payment to be made 25 years hence. Tn addition Belgium is to pay over to the trustees of the loan in New York s2,300.000 in United States gold coin, first payment to be made in March, of next year. and like payments to be made each succeeding year until she indebtedness is liqui- dated
 Sometimes 1t has been said that the American banks have for the most par