May 30, igi8 
Land & Water 
Singer Company sold sewing machines to the Armenians ; we 
bought much of their tobacco, figs and rugs, and gathered 
their Hquorice root. In addition to these activities, mission- 
aries and educational experts were about our only contacts 
with the Turkish Empire. The Turks knew that we had 
no desire to dismember their country or to mingle in Balkan 
politics. The very fact that my country was so disinterested 
was perhaps the reason why Talaat discussed Turkish affairs 
so freely with me. In the course of these conversations 
I frequently expressed my desire to serve them, and Talaat 
and some of the other members of the Cabinet got into the 
habit of consulting me on business matters. Soon after 
my arrival, I made a speech at the American Chamber of 
Commerce in Constantinople ; Talaat, Dj imal, and other 
important leaders were present. I talked about the backward 
economic state of Turkey and admonished them not to be 
discouraged. I described the condition of the United States 
after the Civil War and made the point that our devastated 
Southern States presented a spectacle not unlike that of 
Turkey at that present moment. I then related how we 
had gone to work, realised on our resources and built up 
the present thriving nation. My remarks apparently made 
a deep impression, especially my statement that after the 
Civil War the United States became a large borrower in foreign 
money markets and invited immigration from all parts of 
the world. 
This speech apparently gave Talaat a new idea. It was 
not impossible that the United States might furnish, him 
the material support he had been seeking in Europe. Already 
I had suggested that an American financial expert be sent , 
to study Turkish finance ; I had mentioned Mr. Henry 
Bru^re, of New York — a suggestion which the Turks had 
favourably received. At that time Turkey's greatest need » 
was money. France had financed Turkey for many years, 
and French bankers, in the spring of 1914, were negotiating 
on another large loan. Though Germany had made some 
loans, the condition of the Berlin money market at that 
time did not encourage the Turks to expect much assistance 
from that source. 
In late December, 1913, Bustany Effendi, a Christian 
Arab, and Minister of Commerce and Agriculture, who spoke 
English fluently — he had been Turkish commissioner to the 
Chicago World's Fair in 1893 — called and approached me» 
on the question of an American loan. Bustany asked if 
there were not American financiers who would take entire 
charge of the reorganisation of Turkish finance. His plea 
was really a cry of despair and it touched me deeply. But 
I had been in Turkey only six weeks ; obviously I 'had no 
information on which I could recommend such a large contract 
to American bankers. Talaat came to me a few days later, 
and suggested that I make a prolonged tour over the Empire 
and study the situation at first hand. Meanwhile he asked 
if I could not arrange a small temporary loan to tide them 
over the interim. He said there was absolutely no money 
in the Turkish Treasury; if I could only get them £1,000,000, 
that would satisfy them. I told Talaat that I would try 
to get this money for them and that I would adopt his 
suggestion and inspect- his Empire with the possible idea 
of interesting American investors. After obtaining the 
cortsent of tlie State Department I wrote to my nephew 
and business associate, Mr. Robert E. Simon, asking him 
to sound certain New York institutions on making a small 
short-time collateral loan to Turkey. Mr. Simon's invest- 
igations disclosed that a Turkish loan did not seem to be 
regarded as an attractive business undertaking in New 
York. Mr. Simon wrote, however, that Mr. C. K. G. Billings 
had shown much interest in the idea ; and that, if I desired, 
Mr. Billings would come out in his yacht and discuss the 
matter with the Turkish Cabinet. In a few days Mr. BiUings 
had started towards Constantinople. 
The news of Mr. Billings's approach spread with great 
rapidity all over the Turkish capital ; the fact that he was 
coming in his own private yacht seemed to magnify the 
importance and the glamour of the event. That a great 
American millionaire was prepared to reinforce the depicted 
Turkish Treasury and, that this support was merely the 
prchminary step in the reorganisation of Turkish finances 
by .\mcrican capitalists produced a tremendous flutter in 
the Foreign Embassies. So rapidly did the information spread, 
indeed, that I rather suspected" that tha Turkish Cabinet 
had taken no particular pains to keep it secret. This suspicion 
was strengthened by a visit wliich I received, from the Chief 
Rabbi Nahoum, who informed me that he had come at the 
request of Talaat. "There is a rumour," said the Chief 
Rabbi, "that Americans are about to make a loan to Turkey. 
Talaat would be greatly pleased if you would not contradict 
it." Wangenheim displayed an almost hysterical interest ; 
the idea o£ America coming to the financial assistance of 
Turkey did not fall in with his plans at all ; in his eyes 
Turkey's poverty was chiefly valuable as a means of forcing 
the Empire into Germtiny's hands. One day I showed 
Wangenheim a book containing etchings of Mr. Billings's 
homes, pictures, and horses ; he showed a great interest 
not only in the horses — Wangenheim was something of a 
horseman himself — but in this tangible evidence of wealth. 
For the next few days Ambassador after Ambassador and 
Minister after Minister filed into mj' cffi;e, each solemnly 
asking for a glimpse at. this book ! .\s the time approached 
C. K. G. Billings 
An American capitalist who visited Constantinople in March, 1914, to discuss 
the question of an American loan to Turkey. At that time the Turkish Treasury 
was empty and was seeking financial support elsewhere than in Eutope. Talaat 
was turning to the United States because he knew that the United States had no 
territorial ambitions in Turkey. The German Ambassador was much excited 
over the possibility that American bankers might finance the Turkish Empire. 
for Mr. Billings's arrival Talaat began making elaborate 
plans for his entertainment ; he consulted with me as to who 
should be invited to the proposed dinners, lunches, and 
receptions. As usual Wangenheim got in ahead of the rest. 
He could not come to the dinner I had planned and asked 
me to have him for lunch ; in this way he met Mr. Billings 
several hours before the other diplomats. Mr. Billings 
franldy told him that he was interested in Turkey and that 
it was not unlikely that he would make the loan. 
In the evening we gave the BiUings party a dinner, all 
the important members of the Turkish Cabinet being 
present. Before this dinner, however, Talaat, Mr. Billings 
and myself had a long talk about the loan. Talaat informed 
us that the French bankers had accepted their terms that 
very day, and that theyVould, therefore, need no American 
money at that time. He was exceedingly gracious and 
grateful to Mr. Billings and profuse in expressing his thanks. 
Indeed, he might well have been, for Mr. Billings's arrival 
enabled Turkey at last to close negotiations with the French 
bankers. His attempt to express his appreciation had one 
curious manifestation. Enver, the second man in the Cabinet, 
was celebrating his wedding when Mr. Billings arrived. 
The progress which Epvcr was making in the Turkish world 
is evideiiced from the fact that, although Envcr, as I have 
said, came of the humblest stock, his bride was a daughter 
of the Turkish Imperial House. Turkish weddings are 
prolonged affairs, lastirtg two or three days. The day 
following the Embassy dinner Talaat gave the BiUings 
