The Birmingham age-herald., 1915-09-20
Amount of the Loan Will Be Between S600,0OO,OOO and $500, O,0O0,O00-All Banks To Participate
AGREEMENT WILL BE
 REACHED, IT IS SAID,
 WITHIN TWO WEEKS
Big Sum Not To Be Expend- ed In Payment of War Munitions-Russians Are Also After Loan

New York, September 19. The proposed mammoth credit loan to Great Britain and France, 1t was reported to- night, is to be underwritten by a syndicate of American finan- ciers and bankers who are to receive a commission for their services. The securities of- fered, it was said, will be Brit ish and French 5 per cent gov eminent bonds, and the price to the investor is to be par.
 The amount of the loan, it was re- ported, is as yet undetermined but will be between s6O0,OOO, 900 and $500, ,OC0, 900.
 Whether war munitions will be in- ciuded within the scope of credit has not been decided, it was believed to- night.
 The underwriting syndicate, it was reported, will be the largest of it's kind ever established in the United States and probably will be open to nearly all national banks, rust com- panies and state banks that care to participate,
 Profit Will Be Small
 While the amount of the commission to be paid the banks was not expressed In percentages. it is understood the profit will be small one, possibly 12 of 1 per cent
 Elimination of reported differences be- tween American financiers and the Anglo French commission over the manner of placing the loan. apparently has resulted in victory for the American financiers. It had been reported the commission wanted the loan placed by subscription and that there should be no underwriting syndicate
 So far as the plan has now developed, IL IS the intention of the conferees, 1t is reported, to open their books to virtual ly all banks, if not to all. who wish to and to place the bonds with any and all of them, pro-German and otherwise at figure only shade better than that which the investor will pay.
 Will Russia Participate?
 One vital issue yet remains for de- cision-whether the big sum realized by the sale of the bonds shall be available for the payment of war munitions Chief among other minor details yet to be worked out is the matter of Russia's par Iicipation.
 Indications were tonight that munitions would be excluded. Two other ways or paving for munitions are open-payment Tn gold to be shipped to the United States from abroad, or payment by the sale in this market of American securities owned In Great Britain and France The for mer method is regarded as undesirable by both parties. The latter Is said to be regarded as undesirable by members of the commission as it would entail the necessity of their respective governments possession of the American se- ,urities to be sold and these are in the hands of private investors
 It was said to be within the range of possibilities that a separate credit loan would be established to provide for muni- ions, but this was regarded as unlikely. l
 Separate Loan For Munitions
 Whether Russia will participate in the oan will depend. 1t is said, wholly on the conference at London by the Russian and French finance ministers and the British chancellor of the exchequer
 There will be no definite announcement ,f an agreement tomorrow. This became known tonight. The situation is regarded as encouraging but there are points, to be agreed on that will require some days to settle. A fortnight more nay bring an announcement that both sides have agreed on all details
 The commission will continue it's meet ngs tomorrow with American financiers