New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-30

ernment.
J. p. Morgan & Co., head Of the giant
syndicate which is in process of forma-
tion throughout the country to dispose
of the bonds for the S50O,0OO,OOO Anglo
French loan, are confident that the
issue will be ovcrsubscribed. A mem
Der of the firm said last night that, in
view Of the eagcrness for large blocks
of the loan expressed yesterday by
bankers here and in other large cities
from coast to coast, there could be little
doubt that such would be the case.
Between forty-hve and fifty banks,
banking firms and trust companies Will
participate in the central syndicate Of
underwriters in this city, and it was
estimated that over 60 per cent Of the
loan would be taken in New York. The
local list is yet incomplete, but repre-
sentatives of more than forty Of the
prospective underwriters met at the Of
fees of j. p. Morgan & Co. yesterday
to work out the definite plans for the
formation Of the nationwide syndicate
and the disposition of the bonds.
Everywhere among the big bankers
interested in the syndicate the reports
from other cities showed that the fota-
tion of the loan was being favorably
and enthusiastically received. The en-
thu siasm perhaps was not at the East
ern high-water mark in Chicago and
other centres in the Middle West, it
was said, wlere the presence of many
Germans on bank directorates might
affect the reception Of the bonds, but,
on the whole, the outlook was most en-
couraging.
Enthusiasm Over Loan.
"a very great deal of enthusiasm is
shown toward the loan in all parts Of
the country, according to our reports" /"
said Frank A. Nanderlip, president Of
the National City Bank. Chicago may
not be as enthusiastic for obvious rea-
sons, but We expect all preJudices wiz
be overcome when other sections Of the
country are educated to the real merits
of tn bonds"
Henry 2. DAWSON, of Morgan & Co.,
was even more optimistic in his predic-
tion that the half billion bond issue
would be over-subscribed. Nothing will
be left undone, however. 10 assure d
vide sale Of the securities II vas
learned that an energetic campaign viii
be pressed by leading bond houses and
bond statesmen will travel the country
in large numbers TO interest investors
The chief cities in which the issue
L. IL LII.
ton. Chicago, St. Louis, San Francisco,
Pittsburgh, Baltimore, Cleveland. At
lanta, St. Paul, Minneapolis, Denver and
Louisville. Other cities, IL was said,
would probably be announced as parti
cipants within a few days. At the con-
clusion of the meeting at Morgan &
Co. yesterday kilograms were sent by
that firm to bankers in other cities So
liciting them as members of the dis
tributing syndicate. II was announced
that any bank in any section Of the
country might join the syndicate.
The task of working out the final
details of the syndicate plan was
placed in the hands of eight banking
houses at the meeting at Morgan & Cos.
A. b. Forbes, of Harris, Forbes & Co.,
was made chairman of the committee.
The other members are Brown Bros.
a. Co., j. e. W. Seligman Co., Lee,
Higginson & Co., william A. Read &
Co.. White, Weld & Co., Kissel, Kinni
cutt d Co. and the Guaranty Trust
Company.
The bond issue has had n warm re
ception in New England, according to
reports received here yesterday. Lee,
HIgginson & Co. and Kidder, Peabody
& Co., of Boston, Will have charge OF
the underwriting and public subscrip-
tions in New England outside Of Con-
necticut.
The official announcement OF the
terms of the Anglo-French loan caused
the foreign exchange market to jump
three-fourths Of cent overnight, de
mand sterling opening at S4.711z. Ac-
tual business in sight drafts on Lon
don. however, commenced at 81 70 u
and the rate Immediately advanced to
s4.73, rise Of pa cents in the pound
over Tuesdays close. In exchange
circles the opinion prevailed that the
recovery in the last few weeks has
largely discounted the 1otatlon Of he
loan. and that yesterdays rise was due
in good part to sentiment. This OI IN
ion was borne out by selling Of bills
before the close of the market and de-
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