The Bridgeport evening farmer., 1915-09-29
ALLIES AGENTS ACCEPT U. s. BANKERS TERMS OF
 HALF BILLION WAR LOAN

not covered by the. statements, an with the stereotyped formula:
 That is None of the details we are not yet prepared to, speak about.
 s Sir Henry let it.be understood that the officials in London and Paris had kept so closely in touch with the ne gotiations between their representa- tives here and the American bankers that there was no reason to look for any hitch in having the commissions work approved. He admitted that it < would come as something, of shock to the British public to learn that it had been necessarysto sell a fve-year 5 per cent, convertible bond at 96 in order to rais ernoney in this country, the British investor being accustom- ed to lower interest rates. He said that approval both by Parliamen and the French Chamber of Deputies would be required, but said that that would be little more than a forma1ity now that the discussions were con c1uded.
 He declined to say whether or
 not a part of the 00.00O,o00 had been allotted to each of the two par ttcipaung countries.
 You may rest assured that when two great nations like Great Britain and France act jointly they do so on equal terms" he said.
 War Munitions Problem. The question of paying for the pur- ehases of muitions of war was care fully avoided in the announcements. Sir Henry said that the proceeds of the loan would be expended accord ing, to instructions from London, and that it was impossible to say how the fund would be administered. He was unable to say whether individuals and l firms would be permitted to buy drafts against the credit established i in the United States, contenting him l self with the remark that. however, l used, the credit would lift $500,000,- 1 00e from the debit balance pressing on the exchange market. The com mission has not tried to estimate the length of time which, the credit will last.
 No provision is made in the agree nent for further advances, but the 1 impression was given that now that l the big problem. is out of the way. 1 the commission will endeavor to make supplementary arrangements with l some of the larger concerns supplying 1 the Allies with munitions, which will l still further tighten pressure on the | sterling market Bankers also under l stand that if the bonds meet with the
 success that is expected another loan. may come up for discussion at some l distant date, providing, of course, that | the war continues. =
 Stock Hxchange to Idst BOnds The bonds wi ii be listed on the New l York Stock Exchange in order to give l holders ready market. Henry K. PomroyFofl the Listing Committee and h President sH.sG. s. No 51e Of the H11as | change sEere in conference with the I Morgans on thah poin yesterday a I The attitude Of Kuhn Loeb & Co., remains Unchanged. Jacob H. Schin land Otto K. Kahn called on J. F. Nor l gan yesterday, and MT. Kahn visited I remaining in New York at th hes Hotel Bi1tmore last night. Wall street ex- lpects MT. Kahn and - - M ortin1er L.. lSchiff to buy the bonds as in invest I ment. Asked as to the attitude of MT. ISchif. Sr., a banker said last night. I j& All I can say is that MT. Schiff I tikes a ad-minded patriotic stand.''
 Work on the big task of floating the loan has already made good headway, MT. Davison said The undertaking of l necessity will centre at New York, but it will embrace every section of the country Committees will. be formed lat Boston, Philadelphia, Chicago, St. | Louis, Denver. San Francisco, and per- | haps at other centres to organize lgroups of banks and investors within the districts allotted them In New zl York City alone there will be forty Idistrib1ting houses including nearly leyery bond house maintaining sales men. Tn Pittsburgh, every bank in 1.-the Clearing House association has all ready agreed to participate.
 Subscriptions Already Made. Individuals of means will be allowed Ito join the syndicate on the same terms as the banks, subject to a re- lquirement that they take at least a lcertain large amount of the bonds. One national bank in this city has already received requests for $10 900 900 worth lof the new securities from a few veal thy investors.
 Payment for the new bonds sub- lscribed for is tol be made in several in lstallments, the first to be 25 per cent.
 Money paid in will be left with banks in the section from which it comes, ! the Repositories to pay the allied gov
 ernments interest at the rate of 2 per lcent. until the money is withdrawn for use, Payments out of the proceeds
 will be made bylJ. P. -~organ & Co., as Icommercial agents of Great Britain and France Russia is not participat- ling in the loanss The principal and in- iterest on the bonds will be payable in New York, conforming with a require ln1ent of the Stock Exchange
 <, Bond experts said yesterday that they regarded the AngIo-French bonds
 as by all odds the most attractive high-cIass investment offering ever
 made in this country. They are conf- dent that, with bonds in s100 denom- linattons and a much higher interest
 rate than has eyer been offered by a
 New York City bond the new issue
 will be widely distributed, and they
 predict that it will appreciate mate
 rially when the war ends Efforts will
 be made to place the bonds with farm
 CTS and others who are not ord1ina rily buyers of securities.
 Attitude of the West.
 A. B. Leach, head of the investment
 firm bearing his name and a former president of the Investment Bankers
 association, said yesterday, on his re-
 turn from the Denver convention
 The West pretty well underestimate
 what the loan means. The West real 1zeS that there is an enormous s1lrt11lis