The Birmingham age-herald., 1915-12-07

bankers and men of capital But no one has so far been able to learn how much of that loan has been absorbed by the public. It is all matter of inference, and vet the reasons are good for surmis ing that the inference is correct, that these securities have been moving rather slowly from the syndicate to the public. The life of the syndicate will be ended in about two weeks Then there may be some announcement respecting prices which may stimulate a more rapid ob- sorption of these securities.
 Nevertheless, there appears to be not managers of the syndicate because the American public has not very rapidly absorbed these securities. The income from them is excellent and the security behind them is the credit and resources of France and England. Moreover, the terms which make it possible to con- vert the bonds into long time securities are regarded as very favorable, so that even though the underwriting syn dicate be compelled, because of a slug ish market, to carry these securities it will be no heavy burden because it Is tcNANSN RPVAl aS hA SASSAiShN WY ment
 WHAT THE REASON IS
 The presumption is strong that the req son why these securities have not more rapidly been absorbed lies in the fact that the American people, as a whole, are inexperienced. There does prevail a feeling in New England, for instance, and in some parts of the west that these securities would be safer investment if behind them were collateral securities well margined That view illustrates what some of our bankers call a pa rochial and narrow view which many of the people take, although this in part is due to our inexperience in matters of this kind. That the slow absorption of these securities does not give any con- cern to the managers of the syndicate or to those who underwrote the issue is demonstrated by the ease with which a large credit in favor of England and large credits in favor of France and Germany are easily obtained at this time
 THEY DO SELL
 It is, however, fact that these securi- ties are being sold, and no day passes without the marektfng of some of them The impression is general that this buy ing movement is gradually increasing be- cause investors are beginning to have good understanding of the profitable na- ture of the investments and of the fact that if the security is not good then there 1 is no security anywhere in the world that can be looked upon with confidence. A S50,OOO, ,OOO CORPORATION 1 If there really be timidity or hesitation about investing in the securities whicf represent the Anglo-French loan, there is on the other hand enthusiasm shown bs investors for the lately organized institu ] tion with $50,0O0,000 of capital which is tC undertake international financing, not ex l clusively, since the corporation will gladly l sponsor financially large constructive work which is to be domestic in it's char acter Those who are familiar with thi. ] organization, or with the preparation fol perfecting it, are inclined to think tha 1 it would have been possible easily to SC cure subscriptions to the stock, althougl the capital were to be as much as s100. 000,000. But a proposition of this kind il
 something which the American. peopl
 easily comprehend. There is no doub 1 that the day is not far distant when the, will also have good understanding of tn
 principle upon which the Anglo-Frencl | loan has been made and the excellent op l portunities for investment which it of l fers. From one of those who are asso ciated with this organization it wa
 learned this morning that what is espe cially in the minds of the incorporator
 of the new institution is financial assist
 ance to growing countries. This man em phasized the word growing. going so Ia
 as to say that there would be no assist ance for countries that are sluggish, in ert and stagnant. Apparently the incor porators can name some of the eountrie
 to which this description applies.
 I ALL FOR PEACE
 The chief executive officer in one of tn
 most important of the banks of this cit
 said this morning that he believed it t
 be true that the men of authority i II finance and business are up to a certai
 point in thorough sympathy with Henr
 Ford, although they are not in sympath
 with the means he has adopted whereb
 he hopes to restore peace. There is prot
 ably not a man of finance in New Tor
 who does not know that there is a
 earnest desire for peace in all the cour tries which are now engaged in war. Tn great difficulty, however, is to bring tn
 minds of these opponents to a point wher