Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-09-30
PREPARE TO FLOAT
HALF-b|L[|0N LOAN
Morgan & Co. Are Expected to
Announce Full Details
Late Today.
BONDS MAY BE OFFERED
FOR SALE IN TEN DAYS
Several Difficult Problems Remain
for Committee in Charge
to Work Out.

NEW YORK. September 30.-Com-
plete details of the method of market
ing the $500, 600, 900 joint Anglo-French
five-year bonds probably will be an
nounced late today by ]. 2. Morgan
& Co.
Representatives of New York banks.
trust companies and other financial
houses continued today their confer
ences looking to the adoption OF dell
mite program which would place the
issue before the country within the
next fortnight Several conferences
among American bankers and members
of the Anglo-French commission re-
turning from Chicago were also on
the days calendar.
Details Agreed Upon.
A memorandum containing nine
points agreed upon by the committee
in charge of the sale of the bonds was
made public today by J. P. Morgan &
Co. Following are the chief features
on which an agreement has been
reached:
The syndicate is to have life OF
purchase at 98-the price to the in
vestor-and at the expiration OF the
sixty days will be refunded Ia per
cent. The difference between the price
to the investor and the price to the
syndicate is per cent. The remain
ing Y of / per cent will be used to
cover expenses.
Participation is to be given TO AL
classes of institutions. investors ana
dealers without restriction. The syn
~ffra
chase up to 10 per cent of the total
underwriting.
To Remain on Deposit.
Every incorporated bank participant
ing is simply to transfer the amount
of its subscription on it's books. the
money remaining in the bank to the
account of the syndicate managers
until such times as it will be needed.
It is understood that when Withdrawals
of this money are made they Will be
prorated among the various banks, SO
that in no case will the total amount
be withdrawn at once. The banks VIII
pay interest on this money at the usual
rate Of per cent year.
The memorandum reciteS that the
points agreed on embody the labors OF
the committee UP to O'Clock last
night Other conditions were yet to be
issued.
Questions to Be Decided.
Here are some of the questions which
the committee in charge of arrange
nents sought to solve at their confer
ence today:
How much must an individual sub
scribe in order to become eligible for
admission to the syndicate which Will
get the bonds at 60?
What terms shall be offered to the
man who wants to buy the so-called
baby bonds-those in denominations
less than s1.ooo-by installments?
When shall the bonds be placed on the
market?
For Entering Syndicate.
1t was also thought that the bonds
might be offered for sale within ten
days. In advance of official announce
ment, however. reports as to the mini
mum amount to be subscribed by indi-
viduals entering the syndicate and the
installment terms were pure surmise.
one report was that the minimum
amount an individual seeking to enter
the syndicate could subscribe would be
fxed at $25O,0O0: another fixed the
amount at s1.000.000. There was no
confirmation Oh either Vi theoC iSpoi to'
nor of the report that installment sub
scribers would be expected to pay one
fourth down and the remaining three
fourths by January l.
Lord Reading and the three other
commissioners who spent two days in
Chicago are to be dinner guests tonight
with Sir Henry Darlington Smith and
Octave Homberg, the commissioners
who remained in New York, of the Pill
grim Club. Lord Reading is to be one
Of the speakers.
Pittsburgh to Take $40, 1000, 900.
PITTSBURGH, Pa, September 30
That upward of s20,00o,0o0 worth of
the proposed five-hundredm!llion An
pIo-French war loan bonds will be sub
scribed for by Pittsburgh investors
was the statement of local banker
today. He admitted that plans already
well under way practically guarantee
the raising of at least that amount in
this district.
Negotiations here will be in charge
of a syndicate Of local banks most OF
which are represented in the member
shin of the Pittsburgh Clearing House
Association. A group of members OF
this organization met in conference
Tuesday with Seward Prosser, presi-
dent of the Bankers Trust Company of
New York. Mr.. Prosser left with the
a ssurance that little difficulty would be
experienced in floating war loan bonds