Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-03
Are Placed in Full Control of
FIotation of $500, 100000
AngIo-French Credit.
SUBSCRIPTIONS EXCEED
HIGHEST EXPECTATIONS
Already Ffnanciers Are Discussing
Plans for Next Big Call for
Funds From Abroad.

NEW YORK. October ii. P. Nor
gan g. Co. have been placed in entire
charge, subject to the wishes OF the
syndicate managers. Of the fotation OF
the $500, ooo, 900 credit loan to Great
Britain and France in the United
States Announcement to this eject
was made today.
The Morgan arm was requested to
act as agents. 1t was said. at q meeting
between the sixty syndicate managers
in this city and the members OF the
Anglo French commission which was
held last night. The syndicate mana
gers are in charge Of the loan In the
entire country, other local syndicates
reportine to them The idea OF ap-
pointing the Morgan firm as agents, 1t
was said, was to centralize the work
Interest payments on the bonds will be
discussed through the firm. Possibly
interest will be paid in other cities
than New York.
Lord Reading and his associates on
the Anglo-French commission nave
virtually completed their mission here
and expect to depart for Europe
within the next few days. They have
yet to sign the contract, for the loan
and this probably will be done early
next week. Lord Reading will sign
for Great Britain. He has full au-
thority to do so without further ena-
bling act Of parliament, 1t is said. one
or both Of the French commissioners
will sign the document on behalf OF
France.
Further Credits Discussed.
With the virtual assurance that every
dollar of the big loan will be sub
scribed for, Wall street began today to
speculate as to the length Of time that
would elapse before another credit will
have to be established. Some authori-
ties placed this at nine months. some
at six. In the meantime, 1t Is prob
able that some other method will be
devised to aid in stabilizing exchange.
The fotation of a considerable sum OF
short notes has been mentioned.
TODAY to be exceeding the expectations
of the syndicate managers. The exact
amount spoken for thus far Is known
to the syndicate. but was not disclosed
today. It was generally believed now
scribed and that, while the entire
amount would be taken within short
time. it had not all been spoken for as
yet ..r,s =,
ths announcement today that some OF
the largest banking institutions in the
country were still taking all corners
with them into the negotiation, s on the the
underwriters' basis, which provides Tor
cash payment at the rate OF 50 and a
rebate later of IN: Even the su6scrip.
ers for 800 bonds were included: 1t
was said, Vnd would be until the under
writing lists are closed. The desire OF
the syndicate, 1t was said. Is to make
the loan as popular as possible and to
this end it was advisable that small
subscribers' wishes would be consider
ed first
Of the largest underwriters had given
maximum and minimum amounts, TOT
which they wished their names entered
This would provide considerable lati-
tude in alloting bonds to the small In
No figure whatever ha. been set a.
the mark at which 1t Is desired tc
stabilize exchange. and there is reason
| to believe that the commission anc
the syndicate will both be satisfied II
the rate on sterling does not fall below
its present level. which ranged today