Evening journal., 1915-09-30
HALF billion Allies
loan IN DEMAND
Franco-BritiSh Bond Issue
May Be Over
a Subscribed
BANKERS ARRANGING
ALL THE DETAILS

NEW YORK, Sept 80 Representa-
tiYes Of many banking and investment
houses met yesterday at the Offices of
j.. p. Morgan x Co. to formulate a
definite program for placing on The
American market the 5000, 0,0O0,00O
joint Ans.o-french iye-year bonds
soon to be issued to secure the credit
loan to Great Britain and Frantt
such rapid progress was made dur
ing their protracted meeting that the
entire program probably will be In
shape to make public today
Undetermined details concern chief
ly the minimum subscriptions to be
fixed for individuals who desire TO pur-
chase large blocks of the bonds an 96.
the price to the syndicate; the method
of marketing the bonds. the date on
which they Will be offered: their list
ing on the Stcck Exchange. the life
of the syndicate and the terms 10 be
offered purchasers who wish TO pay
by instauments Upon none OF these
points. it was said, had a final deci-
sion been reached
Bankers who have worked with the
Anglo-french Commission perfectlnr
the pam announced Wednesday night
were iuhilant yesterday over the out
come and The prospect There was
no doubt, they said that the eeniire
issue would be placed without great
! difficulty.
AZ the Morgan Office It was
thought that the big issue might be
oversubscrihed From every section
! or the country. IL was said. had come
/ Wpo'esale assurances of supporf.
Fully 60 per 'ent df the issue. IN
! the opinion of the president of one oil
4 the largest banks here, will be sub.
/ scribed in New York city alone. This
would leave 100000 600 10 be placed
elsewhere He thought that this could
/ be readily done. although. IN hi,
! opinion. bankers i'm Chicago and Other
Middle Western cities would not sub.
scribe heavily. if at all. In Chicago
he said, many bankers who wonlt
otherwise subscribe might be pre-
: vented from doing so by the large pro
4 German element among their deposi
tors. Opposition had developed there
/ he said, on the part OF certain largi
manufacturing interests also.
( Local syndicates IN the chief none,
/ centres OF the country will ASSUME
control of the sale of bonds in thei
sections AT the conclusion of today
conference J p Morgan q Co. sen
Itelegrams to bankers i'm about a dozel
bcities which had not heretofore beei
mentioned i'm connection with the pro
ieci. These telegrams outlined tn
loan plan and invited the recipients {
join the syndicate.
II became known tonight that a
energetic selling campaign will d
pressed by leading bond houses I'm dii
posing of the issue that bond salei
men would travel the country in nun
bers TO interest Investors. In the ligl
of assurances received today, the b'
lief prevailed among bankers that th
loan would be a popular one; that
. would be largely absorbed by inve'
tors and that the proportion of IA
issue remaining in the hands of th
banks would not be great A repoi
that not more than 100000, 900 wort
of bonds could be sold investors q
present was denied by the president {
a large New York bank.
al can count that much now in sig
from individual investors, he said.
The proceeds of the loan will be avai
able TO the British and French COVER
ments rather than directly TO importe
I'm Great Britain and France This ga'
rise 10 considerable conjecture in Wa
street as TO the manner in which u
sum would be used 10 stabilize eNchane
Il was pointed out that there is nothii
to prevent Great Britain and Fran
from using the money solely for Cover
ment purchases here, leaving their in
porters to their own devices TO pay the
bills In the United States
Whatever arrangement is made-aI
there will doubtless be some arrang
= ment. in the opinion Of most banke
/, hereto relieve the importers abroi
viii be entered into between the in
I porters and their government. and Anne
= icau shippers will not be directly co
! cerned.
s The bonds will probably be offered
the public within two weeks. They a
soon 10 be listed ON the stock eXchan
here. Tn bond issues the listing fee
ordinarily $50 per million. II this prn
tice were followed the listing Of the d
, issue would involve the payment of
d s25 600 fee TO the stool, exchange
2 was thought that this. was extreme
: unlikely. however Heretofore certa
| municipal bonds have been listed wit
) ont Charge and the belief prevailed On
uos.ihlv the bio AnelO-Fronch iss