New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-05
Books To Be Opened at 10
A. NJ. day and Closed
60 Seconds Later.
EXCESS DEMAND
OVER $4,000, 900
John D. Rockefeller Takes SlO,-
00,000-Morgan & Co. APP
pointed Agent of France.

When tIc hands OF OLD lrlnlty olal
point to 10 o'clock to-day there will
be formally opened the subscription
books for the underwriting Of tie
$500. 100000 Anglo-French loan. Sixty
seconds later they will be closed, and
II will be announced that the offering
has been over-subscribed.
Not until S o'clock tonight will
full week have elapsed since the terms
of the loan were published by the Anglo
French mission in New YORK and Chi
cago. Yet within six working days
there will have been foated the largest
foreign loan that has ever been offered
in this country, and the United st. s
will have taken the longest stride for
ward TO pre-eminence as financial
power that his been measured in her
history.
The amount Of the over-subscription,
the syndicate managers believe, will
be somewhere v,.ween $4,000 900 and
500, 900. The $5OO,OOO,OOO mark
that completed the syndicate's needs
was reached on Saturday night
No over-subscription was sought, be-
cause II was realized that 10 raise the
$500. 10000 itself within a week was
striking evidence Of the popularity OF
the loan. The sole purpose Of keeping
t.. books open beyond the time when
the half billion dollars were gained
was to give every section Of the coun-
try an equal chance to participate IN a
patriotic undertaking
Price Hereafter 9s.
All the subscriptions accepted up to
10 o'clock this morning will be at
price Of 96h4 for the bonds nomlnaily
os. but there will be a rebate to the
underwriters, paid after sixty days OF
! :. per cent. Purchasers Of the bonds
from now on will have TO pay the fuIi
price Of 9s, without rebate.
On the curb Yesterday the success OF
the loan fotation was foreshadowed by
p quotation Of 9S bid for the bonds and
an asked price Of 9Shs.
in the country are participating IN the
underwriting. John d. Rockefeller has
taken $4,000, 900 of the bonds, and ms
son a block that is variously reported
from 81 100000 10 $4,000 William
Rockefeller also is subscriber, re-
putedly for 100000. Charles NJ.
Schwab, president Of the Bethlehem
Steel CORPORATION, which is one OF the
largest sellers of war munitions to the
Allies. is reported 70 have taken SZ5,-
600 900. and General T. Coleman du
Pont. until recently head of the So
called Powder Trust, s30,000,000. None
of these reports, however, can be den
nitely confirmed. though they are
known to be substantially correct. The
largest single subscription 10 the syn
dictate is for S35,OOO,OOO.
John T. WHY'S, the automobile man
ufacturer, is a subscriber for Sl'OoO'-
900. Others who were reported yester-
day 10 have taken as much are VIII
lam B. Thompson. mine owner and d.
rector in the Federal Reserve Bank;
Harry Payne Whitney and J. Ogden
Armour. In all the big cities. includ-
ing Chicago. where pro-German actlV-
ity is violent against the loan, there
have been heavy individual subscrip-
tons.
Pro-German Move.
At the eleventh hour yesterday the
American Truth Society, through Ber-
nard H. Ridder, chairman of its com
mittee on bank deposits, announced
that il had called upon the savings
banks of the city TO furnish it with a
list Of the banks in which they deposit
they surplus funds.
1--WE have the written agreement of
9 900 or 10000 bank depositors to with
draw their funds from banks directly
or indirectly participating in the loan y
said Mr. Ridder "These depositors
these figures show only about 10 per
cent of our resources. that somewhere
near S750,O00,000 might be affected"
One Of the syndicate managers said
that the savings banks probably would
decline 70 furnish the information. but
whether they did or not il could make
no difference in the loan hotation.
Though the original intention was
70 let large and small subscribers into
the underwriting syndicate, there is
possibility that some Of those who
have asked for less than $1,000 Of the
bonds will not be admitted as under
writers. and so will have 10 pay the
full price of 90. without rebate.
Sir Ernest Cassel Invests.
While the syndicate managers have
discouraged would-be subscribers from
Great Britain, because their purchases
would tend TO aggravate the conditions
in the exchange market that the loan
fotation is designed TO correct. they
are not refusing applications which
will be paid for with funds on deposit
in this country. Profting by this, Sir
Ernest Cassel, financial adviser Of the
late King Edward VII and one Of the
three most prominent fnsnciers in
Great Britain, has taken 100000 Of
the loan.
Il was announced yesterday that j..