The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-04-23
THE NEW BRITISH LOAN.
Fifty Million Dollars Worth Placed
In the Inited states.

NEW YORK. April 22-Fifty million
dollars of Great BritaiH's new loan mas
| been placed in the United States. Inc
National City Bank. J. P. Morgan & Co,
Barring. MagCun q Co. and the New YORK
Life Insura nee Company comprise the
syndicate thst has taken the loan fuil de-
tails of which were contained in circulars
issued by J P Morgan & &C. Ameri-
can subscriptions will probably ag-
sregate much in excess of the $50,69G09o
| arranged for as the investment yield of
the new cOnsols places the loan in the
front rank of nigh class Government in
vestmeuts. 1t was announced yesterday
afternoon that most of the loan had been
placed by the syndicate
OF the amount subscribed, the New
York Life Insurance Company has bought
outright $5.0y1.gr6 Of the new bonds. Be
sides this, il put in a separate subsCrip-
| ton yesterday for S5OO0,005 more, aggregat-
| ing as high bid as any American insur-
/ ance company ever put in for a foreign
Government loon. Speaking of his com
pany's subscription, J. A. Mccall. President
of the New York Life. said: We have
bought the bonds because nothing in the
whole range Of high-class investments on
the market today sUrpasses the security
of q British consoI at the price contracted
for. The bonds have already gone to a
premium in London, and may be depended
upon TO go above par before long For a
corporation holding trust funds nothing
is so good as q Government bond, and
when you have Great Britain behind it,
| no one could ask fer better security"
1t is understood that besides the $50, Co.,
0e0 contracted for syndicate members
have put in provisional bids for several
TO 10
| for the overflow subscriptions which
We're expected as soon as details of the
loan were announced The Mutual Life
Insurance Company was reported to have
subscribed for 5000, coo of the loan, but
at the company's office the rumor could
not be confirmed In syndicate circles,
however, it was intimated that the COM
pany had put in such d bid.
President StiIlnan. Of the National City
Bank, admitted that his institution, with
other members of the syndicate, had
taken S59.Go, 600 OF the bonds.
The British cOnsols offered in this coun-
Try at g41Z per cent, payable at various
dates up to December . next, bear inter-
est at the rate of ~ per cent per aununn
up to April 5, 1903. and afteTward at 2k
per cent per annum. The range Of prices
IN 1898 was $685. to ld3Iz; in 1898, 1895 to
! 1855; in 1895, 1855 to 1137s; in 1897, 10 to
H. IN 1898, flS9s to 1925. in 1888 972. to
lu1z; IN 1900. 9j2t to 1885,. Pending the
issue Of the present loan. the lowest quo
tation this year mas been glIz.
On the basis of the present issue. while
for the whole term of the bend latter
paying the present increased income tax
the inv estment only pays PSI per cent
during the first year, the holder viii re
ceIve net 31S per cent on his money. be-
sides whatever rise in price results from
a more settled state Of affairs IN South
Africa.
The Bank Of EngIand's official circular
! states that the bonds cannot be redeemed
until April , 1923 On and after that date
they may be paid Oft at par, as PaTlia-
ment may determine. Both capital and
[ interest are to be charge on the cousoli-
da>ed fund of the United Kingdom. Sub
scriptiOns viii close on Thursday; before
should the Government desire Ap2lica-
| lions must be accompanied by deposit
OF IS per cent.
Further payments viii be required as
follows s65k per centum on Friday, 18th
May. so per centUm on Tuesday, 18th
June SO per centum on Thursday, 18th
/ July, SO per centum on Thursday. Sth
August &lh per centum on Thursday,
! 9TH September; Els per ceEtum on Thurs
day 10Th October &l5 per centum on
Thursday 18th November S15 per centum
on Thursday, 9Th December InstallmentS
/ may be paid IN full on and after the 18th
May under discount, at the rate OF ga
| per cent per aunuIn-
The instant success of the Offering in
! this country shows the existence OF an
! enormous fund awaiting investment IN
| financial circles the success Of the nego-
tidtiOnS by American bankers TO share IN
! the offerings was attributed TO Mr. Nor
/ gan's presence in London and the ar
organize q syndicate the instant details
Of the loan we're announced The loan
was offered simultaneously in the United
States yesterday by J. P Morgan q Co,
Barring Magoun & Co. of this city, DreX-
81. Morgan < Co, at Philadelphia, and
kidder Peabody & Co. at Boston