Friday, August 21, 2015

August 21st, 1915

- The finance ministers of France and Britain, meeting at Boulogne today, agree to float a joint loan in the United States, though it will formally be in Britain's name only.  It was also agreed that proceeds would be shared with Russia, though Russian involvement would be kept private as American investors would be very hesitant to take up a loan backed by a government with such a poor fiscal reputation.  It is hoped that American revulsion at the sinking of the passenger liners Lusitania and, two days ago, Arabic would enhance the willingness of American investors to back the Entente financially, and President Wilson has indicated privately that while he will not endorse the loan, he will not oppose it.

- The Russians opposite Prince Leopold's army group retreat during the night, and during the former's pursuit of the latter today elements of both the German 12th Army and General Woyrsch's command cut the railway linking Brest-Litovsk and Bialystok while cavalry seize the town of Kleszczeli.

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