The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-01

more, Pittsburg. Minneapolis and st.
PAUL. The proportion as estimated
"a
cSicaso 'as centre OF district 10000 ooS
Boston and New England ...... O.o10. 900
phiisdelphia 'as a c"ntre'.'.'. 20 90. 900
Minneapolis and 81. PAU ~. 10000. oco
No estimate was made for Cleveland.
which Is reported most enthusiastic over
the loan nor for Omaha, Kansas City,
Denver. Portland. ore. and other cities
from which equally favorable reports
were received.
ChicREO's Interest GrOws.
Chicago, which is put dawn for $780,
100000. has shown more interest In the
loan since the return of Lord Reading
and his fellow commissioners Word
came yesterday that a syndicate group
would be organized there. There may
not be many Chicago banks in the group.
but there will be individuals, pr't ate
banking institutions and the BANKS Of
other cities where the German sentiment
10 not so strong ~ 10 blind men OF
capital to the benefits likely to accru.
TO the United states. one despatch
from Chicago yesterday promised $780,
900. 900.
The word from Boston vas that not
only in the wealthy investing classes
Of hat city you'd the bonds lind favor
but In every one OF the manufacturing
centres OF New England. II was the
same story ;rom Philadelphia. while
Pittsburg had already committed Itself
TO its 100000. Uoo. Minneapolis and St.
Paul. which Will speak FOR the great
wheat growing belt, will probably want
more than $40. 900. 900, but that amount
10 said tn be In sight.
No estimate * put dow for the
anadian subscriptions nor for the SUBJ
scriptions that are expected to come
from England itself, TO say nothing OF
Aollan and other wealthy neutral coun-
tries. Tie loa will have an extra at
traction FOR Britons, who ar. likely to
subscribe through New York institutions.
as will the Dutch. The Canadians will
use the banks of Boston. New York and
Chicago,
Eight More Join syndicate.
Eight new names were added TO the
membership OF the New York group
y~esterda" Two Of these were of banks,
three of crust companies and three OF
private banking institutions. Tn. =
brought the number Of banks. trust COM
panies and private firms In the synd..
cate up to fifty-nin.. Thu list did not
include the names of individuals who's
subscriptions make them members Of
the syndicate.
Undoubtedly the ruling of the Comp
froller OF the Currency that the bonds
do not come within the 10 per cent.
limitation and the further agreement
OF The stock Exchange TO treat them as
II does Government bonds will bring
In more banks.
The banks added Yesterday were the
Bank OF the Manhattan Company, and
the Hanover National BAN The trust
companies We're the columbia and Union
Trust companies and the United States
Mortgage and Trust Company. The pri-
vale firms We're Blair N Co. 6. II. Bar
ney q Co. n Lszsr ri Freres.
The committee Of bond houses having
the matter in charge announced ysster-
day some Of the rules FOR the under
writing syndicate. Others Will ne added
to ~ they are agreed upon. Those an.
nounced are
1-Partic!pition is TO he given TO all
CLASSES Of institutions, investors. dealers.
&c, without restriction.
2-The syndicate to have rights 10 re-
purchase up to 10 per cent of total
underwriting.
S-The selling commission to be a. OF
per cent, from which !. OF | per cent,
will b. allowed other dealers and lnsti-
buttons with hond departments no; in
the syndicate. Commissions not to be
paid until the syndicate il closed.
Withdra " ais 10 he Allowed.
<-Withdrawals to Ice allowed at %
n interest. and not less than - will
he renAf,A IN hnnIa ui.bI,nu NJ, .s,.r
the syndicate Is closed.
5-Temporary receipts will he deliv-
cred nj once in the form OF direct obi
cations Of the two Governments.
6--Durat'on Of the syndicate s!Nty
days.
7-Witsdrawn bonds shall not bo re-
sold during the life Of the syndicate. n
withdrawing participants shall be re-
kponsib!e for their numbers.
S-Any incorporated bank gets a de-
post equal To its participation-interest
TO he at the rate Of . per cent. per
annum.
Amy participant withdra wing his
full participation j. relieved from any
further syndicate liability.
After the a~nnouT"cmen Of these rules
II WAS learned hat the second was
adopted so as 10 prevent any ATTEMPT to
in1ure the standing of the loan by dump
ing a large amount of the bonds on the
market At one tine. thur driving dow
the price. Under the terms the syndi-
cate Will have the right. II il chooses,
10 go into the market and purchase
$4,000 600 OF the issue, ana the men,
bers of the syndicate who have not
Withdrawn their entire participate" win
he responsible for their pro rata share.
There was no announced minimum for
tyndlcate membership Yesterday, j. T..
Morgan saying n reply to a question on
that subject that il had not been neces-
fsry to place one.
Il was said by another banker that 10
subscription A. low as $3.50. coo had We.
been r., eived from any individual or in
stitution and tLIt Cor sums less than
that. in a! likelihood. the members OF
tue syndicate would act for the invest tor.
Expects 0,ersu Inscription.
W are more than pi."sed." said Mr..
Morcin. \ a matter Of fact We do
no; wan, to close the syndicate too
quickly, because We want the entire
country TO join In this. have believed
al; along that the .ssrie would be Owe
subscribed and developments are con-
firming my belief. II Is too early TO
give out iry amounts that Is a matter
or tabulaiiOu and equally il would Ice
Unethical 10 give on, the names of n
OF the large individual subscribers
one report mad II tuat one individual
Wa ready To- take $4,000, 900 of In.
l.tAlA II..AA a. 10 Ms l-Htt 60 la.