New-York tribune., 1920-04-26
SOviets Seek
$20,000,00O
Credit i'm u. S.
Russian Co-operatives Maxi
ing Effort to Revive
Trade Relations, Accord
ing to Statement Here
Supplies Needed Badly
America Warned of Loss
to Merchants if the
Offer Is Not Accepted

The Central Cofncil of Russian Co
operatives is endeavoring to establish
here a $20,000,000 credit with which to
revive trade relations, which has thus
far been impossible due to the failure
of the United States to recognize the
soviet government of Russia. This in
formation reached the local headquar-
ters of the American Commercial As
soclation to Promote Trade with Rus
sla last night, and was nude public by
Emerson c. Jennings, president of that
organization.
The Russian Co0peratives. Mr. Jen-
nings says, will endeavor to find a buy
er here for S2O,O0O,O00 in gold, deliber-
able at Reval, and with this establish
credit to be traded against in the
purchase of machinery and other SUP
plies much needed at the present time
in Russia.
"The American Commercial Associ-
alton has received from the Russian
commercial representatives here a new
proposition by which trade NAV he
opened with Soviet Russia without DO
iitical complications" said Mr.. Jen-
nings last night.
Arrangements Made With British
M. Litvinov, who is in Copenhagen
se representative of the Soviet gov
eminent and who is head of the Cen
teral Council of Russian Cooperatives.
wishes to find a buyer in this country
for S20,000,00O worth Of gold to be
delivered at Reval. With this a credit
can be established here for the Cen
trail Co0peratives' delegation with
which beginning can be made in ac
tual purchases.
M. Litvinov states that a similar
arrangement has already been made
with the British. The American Com
nercial Association heard some time
ago through British correspondents
that gold from Soviet Russia was find
Ing its way to British banks to estab-
lish trade credits NJ. Litvinov now
confirms this report. We assume that
the S20,O00,0O0 credit which Litvinov
trial balloon. 1t is our understand
ing that the Russian government
stands ready to establish a credit of
l0O,O0O,000 or more Immediately for
trade purposes h1 the representatives
of the Central Cooperatives.
I'm his cable to the Russian repre-
sentatives here M. Litvinov indicates
that Soviet Russia is already begin
ming to place with other countries or
was originally intended to place in the
United States. He mentions a $6,O00,-
600 contract for agricultural machin-
cry now placed in Scandinavia.
Warned Agaist Loss of Trade
"Our association has repeatedly
issued warnings that some such lass
OF trade was inevitable, and we have
pointed out that other countries were
negotiating with Russian trade mis-
sions, while American merchants, han
dicapped by official Indifference, had
to remain inactive and could take no
steps to consolidate their rightful posi-
ton in the Russian market. This mar
ket is potentially the greatest in the
world
"Our foreign business rivals, SUP
ported by their governments, have ac-
t1vely been getting after Russian trade, |
while all American business has been
getting is antiRussian propaganda.
ut is now known that British trade
missions save held long conferences
with trade missions from Soviet Russia.
Berlin has entertained a Russian trade
mission. Public announcements from
Italy that an Italian mission will open
headquarters at Moscow and a soviet
mission will be lodged at Rome show
what Is being done in that direction.
Italian ships are already moving to a
soviet port to load grain.
I'm face of all this, America must
act quickly or lose it's place in the
Russian market. NJ Litvinow's propo-
sitlon gives US an opening. 1t would
be rank absurdity to disregard it, es-
peclaliy as the Russian market, if prop
eriy developed. will mean in the near
future hundreds of millions of dollars
IN yearly trade for American business