German Loan

U. S. bankers and investors alike have become somewhat impatient waiting for the German loan. The publicity-orchestra has stopped playing, the lights have been turned down, yet still the curtain does not go up. At the American Bankers' Convention, Mr. Dwight W. Morrow was down on the program for an address entitled International Loans. Suddenly Mr. Morrow found he could not be present after all. Several thousand bankers, left in the dark, are more curious than ever.

Meanwhile, behind the curtain, scenery is being set in place and props properly located. J. P. Morgan himself, with his partner T. W. Lamont, have conferred with the Bank of England officials, with German Finance Minister Luther, and with Dr. Hjalmar Schacht, President of the Reichsbank.