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Show Id DETAILS ARE j YET TO BE ADJUSTED Anglo-French Representatives Representa-tives Told Maximum Is $500,000,000. SECRET MEETING HELD Indications That Western Bankers Are Not Anxious to Participate. NEW YORK, Sept. 23. Troublesome details haye yet to be adjusted and minor matters smoothed out before Lord Reading, representing Great Britain and France, and J. P. Morgan and his associates, asso-ciates, representing the financiers of America, sign articles of agreement consummating con-summating the negotiations looking to the establishment here of a big Anglo-French credit loan. The representatives of Great Britain and France, it was said on excellent authority, au-thority, have been told tha.t the maximum amount they can get Is $500,000,000. Sir Edward Holden, representing the joint stock banks of London, was reported re-ported to have stood firmly on the ground that the commission's need was far more tha n a hal f-billion dollars and that the maximum interest rate would not exceed 5 per cent. Limit Is $500,000,000. It was reported today that the commission commis-sion had sought to raise a billion dollars on joint Anglo-French government notes without collateral, bearing interest at 4i per cent, and that it receded from it position only in the face of repeated assurances as-surances that it would fail in its mission unless it could offer better terms. A 5 per cent rate then was offered, It was said, with the positive assurance that this rate would not be exceeded. The demand still was for a billion dollars. Within the past week, an American banker said to-night, to-night, the commission had been compelled to recede from this position also, upon emphatic assertions of American financiers finan-ciers that it was unlikely a billion-dollar loan could be floated at that Interest rate. Difference of Opinion. Throughout the period of negotiations until a day or so ago, it was said, the commission had dominated the situation, pointing out to American financiers that the need for the establishment of the loan was greater to the United States than to either Great Britain or France. Quite a few American bankers, it was said tonight, to-night, have not shared this view, although al-though all were in accord as to the desirability de-sirability of establishing the credit if sufficiently suf-ficiently liberal terms could be obtained. ob-tained. In the absence of word from London as to Russia's possible participation in the loan, it seemed settled today that the negotiations ne-gotiations would be conducted only for England and France, and that Russia would have to make independent arrangements, arrange-ments, should any arrangements at all be necessary, for establishing a credit here. Opposition Increasing. During the two weeks' stay of the commission com-mission here opponents of the proposed loan have been far from idle. Well-defined opposition apparently has been increasing, in-creasing, it was said, in the west and middle mid-dle west, and New York financiers are said to look to the eastern section of the country for their greatest aid in establishing the loan. Considerable significance was attached to a meeting late today in the library of J. P. Morgan. Four partners of the Morgan Mor-gan firm Mr. Morgan, Dwlght Morrow, Henry P. Davidson and Thomas W. La-mont La-mont and Frank A. Vanderllp, president of the National City bank, were present for the American conferees; Lord Reading Read-ing and, it is said, another British member mem-ber of the commission represented the commissioners. The meeting lasted more than an hour. At its conclusion none present would say what had been under discussion. |