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Show ANNOUNCEMENT IS SIGNAL FOR CHEERS CHICAGO, Sept. Cheers from scores of Chicago's leading bankers and business men greeted the announcement at a banquet ban-quet here tonight that the 55O0,00n.o00 credit loan to France and England, the largest external loan contracted for In the United States, had been arranged for. The announcement was made here by Lord Reading, chairman of the Anglo-French Anglo-French commission, who. with three other members of the body, arrived today. The other visiting cocmmlssioners, who will return to New York tomorrow, are Sir Edward H. Holden, Basil Blackett and M. Ernest Mallet. With them came Thomas W. Lamont of J. P. Morgan & Co. Explains Details of Loan. During the day Mr. Lamont explained details of the loan to practically every banker in the city and representatives of bond houses. Tonight he expressed the opinion thai the bonds would be hospitably hospita-bly received in this city. Mr. Lamont explained that the selling operation was the largest ever undertaken by a syndicate syndi-cate In America. The bankers were informed that information infor-mation from New York today showed that hanks with German connection could be counted on to do their share at the proper time. Mr. Lamont explained that it was planned, In selling the bonds, to organize organ-ize the whole country into districts. The Chicago banks and institutions that desired de-sired to take part in the operation, Mr. Lamont gave as an Illustration, would form the Chicago district of the syndicate. syndi-cate. These banks and institutions will, according to the plan, select a committee to represent themselves, and to co-operate with the New York and other similar sim-ilar committees. All members of the syndicate would be on an equal footing. Mr. Lamont said, as it was a national operation. The local bankers will meet with Mr. Lamont tomorrow to-morrow morning and arrange details of the Chicago dtstlioct of the syndicate. Long distance telephone messages informed in-formed Mr. Lamont that Boston bankers were a unit for the plan, that Pittsburg promised a similar attitude, and that Philadelphia Phil-adelphia and New York were for it. "At our meetings today there was one unanimous expression," sa.d Mr. Lamont. "That was that an arrangement to ex-lend ex-lend credit to American customers was absoUitelv necessary to A merfcan export trade. One bond man described the plan as designed to allow valuable customers to give deferred payments on com modi -lies purchased." Refers to Big Loan. PARIS, ept. 2?. lt:lT b, m. The senate sen-ate today passed the bill already approved bv the ihcamber. providine the sum of S"" 40.000,000 francs ( H ,848.000.000) for national na-tional defense for the last three months of this vear. During the discussion of the bill the minister of finance, M. EUbot. tald : We aref preoccupied with England in obtaining a certain stability of negotiations nego-tiations with America, which will permit per-mit us to improve the situation a:- to exchange, and 1 do not doubt that America will give evidence in real form of its unquestioned sympathy. |