Paul Bolo Pacha (on the right)] Herr von Jagow felt that even at that date peace with any belligerent was worth $1,700,000. He cabled back: "No. 150, February twenty-ninth. "Answer to telegram No. 679: "Agree to the loan, but only if peace action seems to you a really serious project, as the provision of money in New York is for us at present extraordinarily difficult. If the enemy country is Russia have nothing to do with the business, as the sum of money is too small to have any serious effect in that country. So too in the case of Italy, for it would not be worth while, to spend so much. "(Signed) JAGOW." The plan approved, the next step was to pay Bolo. Bernstorff's cablegram of March 5, Number 685, pleaded for the money. "Please instruct Deutsches Bank to hold 9,000,000 marks at disposal of Hugo Schmidt. The affair is very promising. Further particulars follow." The next day Hugo Schmidt, American representative of the Deutsches Bank, sent the following wireless through the station at Sayville to the Deutsches Bank Direktion, Berlin: "Communicate with William Foxley (the Foreign Office) and telegraph whether he has placed money at my disposal for Charles Gladhill (Count von Bernstorff)." The reply came three days later. It read: "Replying your cable about Charles Gladhill (von Bernstorff) Fred Hooven (the Guaranty Trust Company of New York) will receive money for our account. You may dispose according to our letter of November 24, 1914, to Fred Hooven." On March 11, Schmidt, who was working night and day to consummate the deal, wirelessed again to Berlin: "Your wireless received. Paid Charles Gladhill (von Bernstorff) $500 (which signified $500,000) through Fred Hooven (the Guaranty Trust Company). Gladhill requires further $1,100 ($1,100,000) which shall pay gradually."