Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-01
Subscriptions Offered Almost
to Limit of Issue Before
Books Are Opened.
BELIEVED PART WILL GO,
TO EUROPEAN INVESTORS
Practically Ali Purchasers to Be Ad'
mitted as Part Of Underwrit-
ing Syndicate.

NEW YORK, October members OF
the big syndicate of banks, trust com
fpa MES and private banking houses
which will man ge- the. 100000 0t
,bond issue negotiated here by the
tAngio-French loan commission had re-
teetved today a food Of applications
from banks and individuals for per-
mission to participate in underwriting
the loan Although the subscription
books have not yet been opened. it was
stated that offers to buy the bonds
already have amounted in the aggre-
gate to many millions.
The banking house of Kuhn. Loeb &
| Co will not help to float the loan be-
cause it has been unable to obtain as
surances that Russia will not be bene-
flied thereby. Jacob H. Schif. senior
member of the firm, so asserted today in
the first formal statement he has issued
| on the subject.
A maximum estimate of the total
ST. descriptions already offered placed the
bamount as high as $430. 100000 SUD
burFh, Minneapolis, St. Paul, Philadel-
phia, Boston and other cities.
| At the office of ]. P. Morgan q 70,
lit was said that the aggregate OF the
sums offered by applicants to take part
|
piled, and no statement as to when
/ the syndicate membership wooio Dc
closed was yet ready. III,
! That some of the subscriptions Will
be very large was indicated oy t tns
statement that one Of the most wealthy
linen in the United States had oHereo
$50 600, 600, and that other offers. rang
ing from 100000 to $5.000.000, nave
been made New York banks or large
corporations here.
London to Take Part Of Loan.
Sir Edward Holden, one of the mem
bers of the Anglo-French commission was
quoted today as saying that In his opinion
the loan was so superior In income yaeia
to anything in London that he expects
large amount Of it will find its way to
that city. Both English and French In
yesters are making extensive applications
for it," said Sir Edward French ana
English people who have credit balances
here are investing these balances IN the
loan. This ought to put the loan after
| time to a premium, and II such be the
case 1t will give great pleasure to the
commission. as they will feel honered IN
having brought to America a loan Whlch
| IL proved great success
In the announcement OF the terms OF
| the loan virtually anybody with $l,oo0
| to invest was offered a bond at 96A-
the price to the synd,cate-1& per cent
under the figure designated as the sell
| ing price to the individual subscriber.
| which was fixed at IS. The apparent
! conflict was reconciled by the admis-
sion of practically all investors to the
| underwriting syndicate.
Must Buy Through Bond Houses.
The investor who obtains q small lot
| Of the bonds at ssA. however. must do
SO through bond house or ether mem
| Der Of the syndicate, such member SIM
ply transferring to him without com
mission the bonds at the cost price.
When the entire $5oo.ooo.ooe IL spok-
en- for. it was stated. ne more individ-
uaIs will be permitted to subscribe at
96k. The price will be 98 during the
remainder Of the syndicate's life, which
has been set for sixty days The price
will be protected to a limit of 50.000.-
900 or. one-tenth Of the total Issue un-
der the rules. Having completed their
mission the members of the loan COM
mission are accepting some Of the
many social invitations they have re-
ceived. Today the Franco-American
society gave luncheon in honor Of
the commissioners