Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-30
TO PLACE
BONDS ON MARKET
Representatives of Big Banking
Houses Make Rapid Prog
ress on Program.
SOME DETAILS UNDETERMINED
Local Syndicates in Chief Money
Centers to Assume Control of
Sale of Foreign Issue.

NEW YORK. September 29-Repre-
Scntativcs of many banking and in
VeStincnt houses met to-day at the of
fees OF ]. T.. Morgan G. Co TO formu-
late definite program for placing on
the American market the $500 900 900
I! joint Anglo-French fve-year bonds
soon TO be issued to secure the credit
loan to Great Britain and France
Such rapid progress was made during
their protracted meeting that the en-
tire program probably will be in shape
to make public tomorrow.
Undetermined details concern chiefly
the minimum subscriptions to be fixed
for individuals who desire to purchase
large blocks OF the bonds at 96 tho
price to the syndicate. the method of
marketing the bonds: the date on which
they will he offered: their listing on
the stock exchange: tho life OF the
syndicate. and the terms TO be offered
purchasers who wisll-to pay by install
ments. Upon none of these points, it
was said. had final decision been
reached.
EXPECT SALE OF BONDS
WITHOUT DIFFICULTY
Bankers who have worked with the
Anglo French commission perfccting
the plan announced last night said
| that tho entire issue would he placed
without great difficulty
Fully GO per cent Of the issue. in the
opinion OF the president of one of the
largest banks here, will be subscribed
In New York City alone. This would
leave 100000 to be placed else
where. He thought that this could be
readily done. although. in his opinion,
bankers in Chicago and other Middle
Western cities would not subscribe
| heavily. In Chicago, he said many
bankers who would otherwise subscribe
might be prevented from doing so by
the large pro-German element among
their depositors. Opposition had de-
vcloped there, he said. on the part of
certain of the large manufacturing in
terests also.
Local syndicates in the chief money
! centers of the country will assume con-
troll of the sale of bonds in their sec
ions. An energetic selling campaign
will be pressed by leading bond houses =
| in disposing OF the issue and bond
statesmen will travel the country in
! numbers 10 interest investors.
PROCEEDS AVAILABLE
TO GOVERNMENTS
The proceeds OF the loan will be
available TO the British and French
/ governments, rather than directly to
! importers in Great Britain and France
This gave rise TO considerable coricc-
! ture in Wall Street as to the m ser
in which the sum would he used to
stabilize exchange. It was pointed out
that thcrc Is nothing to prevent Great
britain and France from using the
| money solely for government pur-
chases here, leaving their importers to
their owi devices TO pay their bills in
the United States. Whatever arrange
ments are made to relieve the i'm
porters abroad, will Lc entered into
between the importers and their gov
crnmcnt, and American shippers will
not be directly concerned
The bonds will probably he offered
TO the public within two weeks. and
they are soon TO be listed on the stock
| Exchange here.
SYNDICATE MANAGERS
FOR NEW YORK CITY
y partial list of banks, trust COM
panies and financial houses in New
York City which will participate as
syndicate managers for New York In
the loan was made public tonight.
These include thirteen of the largest
national banks, large number Of
trust companies and twenty-cight
financial houses. which include August
Belmont & Co. Kidder, Peabody & Co.
l.adenburg, Thallman & Co. William
Solomon & Co. j. and w. Seligman.
hountZe Hrothcrs, lIallgRrtcn &
Co. Heidelbach and lcllelheiiner & co.