New Britain herald., 1915-10-01
KUHN, LOEB & co.
 NOT TO AID LOAN
Because it Has No Assurances
 Russia Will Be Benefited

New York, Oct. 1.-The banking house of Kuhn, Loeb X Co.,, will not help to float the $5OO,OOo,ooo credit loan to Great Britain and France because it has been unable to obtain assurances that Russia will not be benefited thereby. Jacob H. Schiff, senior member of the firm, so asserted today in the first formal statement he has issued on the sub- ject.
 Members of the big syndicate Of banks, trust companies and private banking houses which will manage the bond issue had received flood of applicants from banks and lnd1- viduals for permission to participate in underwriting the loan. The sub- scrption books have not yet been opened.
 S43O, ,OOO,O Already Offered.
 A maximum estimate of the total subscriptions already offered placed the amount as high as $430,000,0OO. Offers came from Chicago, Pittsburg, Boston, Minneapolis, St. Paul, Phila- delphia and other cities.
 At the office of J. P. Morgan & company it was said the aggregate Of the sums offered by applicants to take part in the underwriting had not been computed and no statement as to when the subscription member ship would be closed was yet ready.
 That some of the subscriptions will be very large was indicated by the statement that one of the most veal thy men in the United States had offered $30,0O0,000 and that other offers ranging from $3,000,000 to $5,- OOC, 900 have been made by New York banks or large corporations here.
 Superior in Income Yield.
 Sir Edward Holden, one of the IT, members of the nglo-French com mission was quoted today as saying that in his opinion the loan was so superior in income yield to anything in London that he expects a large amount of it will find it's way to that city. French and English people who have credit balances here" he said, "are investing those balances in the loan. This ought to put the loan after a time to a premium and if such be the case the commission will feel honored in having brought to d great success" .s>-.--',>--.- --@'->-.,.
 In the announcement of the terms of the loan virtually anybody with $1,000 to Invest was offered a pono at 96 1z1the price to the syndicate and i 3e4 per cent below the figure designated as the selling price to the individual subcriber.' The apparent conflict was reconciled by the admis- sion of practically all investors to the underwriting syndicate. The in vestor who obtains small lot of the bonds at 96 1-4,e however. must do so through a bond house or other members of the syndicate, such mem Der simply transferring to him with out commissions the bonds at the cost price. .- .. ~. ,-.' .. ...'. -.
 Life of Sixty Days.
 When the entire $50O,000.00o is spoken for, it was stated, no more individuals will be permitted to sub- scribe at 96 IA. The price will be 9S during the remainder of the syn dicate's life, which has been set for sixty days. The price will be pro- tected to a limit of $50,0O0,000, or one-tenth of the total issue, under the rules.
 Having completed this mission the members of the loan commission are accepting some of the many social invitations they have received. To- Gay the French-American Society gave a luncheon in honor of the com miSsionerS.
 Hartford Subscribing.
 Hartford, Oct. Tt was announced today that Hartford insurance and financial institutions would subscribe largely to the Anglo-French loan The aggregate up to ? o'clock this afternoon was $1,320,000. Of this the Aetna Life Insurance company proposes to take a half million and the Scottish Union and National In surance company $350,O0O. The Con- necticut Trust and Safe Deposit com pany take $170,000, which is ten per cent. of it's capital and surplus. The United States Bank will take $50,00O
 Other banks have expressed their intention of joining in the local allot- ment, but no decision concerning the amount has been reached.
 HARTFORD STRIKERS PARADE.