New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-16
Lord Reading, Signing
Loan Agreement, Ex-
poets Other Advances.
SUBSCRIBERS TAKE
HALF OF 100000, 900
Distinguished Gathering in Nor
gan Office as Document
Is Signed.

the $500, 100000 Anglo-French loan was
signed at o'clock yesterday after
noon in the board room of J. p Nor
gan & Co. in the presence of a notable
gathering. including the members of
the Anglo-French Commission and
Americas leading bankers.
/ There were attached to the historic
document the names Of Lord Reading
signed Reading of Erleigh), repre-
senting the British government; DC
tave Homberg and Ernest Mallet, FOR
France. and j. =. Morgan Co., agents
for the American underwriting syndi-
cate. Those who attached their sigma
lures as witnesses included Francis
Lynde Stetson and George II. Gardner,
attorneys for J. p. Morgan & Co.; r. W.
NJ. Cutcheon, of Byrne & Cutcheon,
who was retained as legal adviser TO
the Anglo-Fr6nch Commission, and
Basil 7. Blackett, Of the British Treas
ury.
The loan agreement, or what is teen
nically known as the bond contract, Will
also bear the signatures of the sixty
one syndicate managers, which are all
New York financial institutions. Owing
TO the physical impossibility OF obtain
ing these signatures at yesterdays
gathering the Formally of obtaining
them will be carried out to-day, or as
soon thereafter as possible. AS each
one Of the syndicate managers Will re-
tain a copy Of the agreement the aggre,,
gate of signatures will be in excess OF
1900.
When the members of the Anglo
French commission and the syndicate
managers had assembled, J. +. Morgan
arose and made a short speech giving
the credit for the success OF the loan
to his associates, the syndicate man,
ayers. Then proceeded the signing o;
the contract, following which Lord
Reading. in a few well selected words.
said: -.
MIR. Morgan and gentlemen-We are
met here this afternoon on an historic
occasion. We have just signed con-
tract for the S500000,0 600 Anglo-French
loan. don't want 10 separate from you
IN this occasion without telling you
how much we are indebted 10 you Tor
YOUR assistance il this matter.
I'VE realized from the first that l.
was only possible TO carry out a trans
action of this magnitude if there was
loval and devoted cooperation by all
concerned. from Messrs. Morgan & Co.
and from all Their associates in the
syndicate.
From them we ave had nothing but
tho greatest assistance and consclen-
tious and sincere advice, and IT IS Tor
that reason that desire 10 express our
/ sincere gratitude. This has not been
an easy task. and, or the whole, taking
into account the magnitude OF that
4 transaction, the result has been very
creditable Especially as we have ca
red it through by the date originally
fixed for the first payment on the oohdS'
at may not hay been the exact ia (
W intended, but We have got there
The credit for that is due to the WORE
so thoroughly and earnestly performed
by Messrs. Morgan Co. ana you VINO
are associated with them, ana by thI
staff of Messrs. Morgan & Co., wnlch
/ know has been working day and nlghc
"May | add another observation
which | think will be OF interest 10 tn@
nublic AT large tibet after a close study
of conditions here, after having maze
/ ourselves acquainted with the Difficult.
ties of the transaction, IN country
whore the people IRE not familiar with
/ external loans. the advice given us was
I conscientious and honestly offered, not
| only in the best interests of our own
countries. but, we believe, in the best
interests of the United States.
Octave Homberg, II behalf OF the
F French government, made speech IN
French. also thanking the underwriters
for their efforts to make the loan hota-
/ ton successful.
In an informal talk TO the newspaper
men. after the formalities connected
with the signing of the loan agreement
had been completed, Lord Reading
stated definitely that the matter Of es-
tablisbinr additional credits here 20
aid England and France is being dis
cussed. He said it was still too early
10 predict what form these credits VIII
lake. but he made it clear that they
would be banking transactions. Inc
tentative plans which have been gone
over informally with bankers here he
thought might be completed WITHIN
month or two.
Nothing will be decided until we
have returned hCme and presented the
matter TO our respective governments
he added. ITO continue the converse
tons with American bankers MI
Glackett and VI. Homberg will remain
ip this country. and representative OF
.he British Treasury VIII also leave
England soon after our arrival there
to aid in whatever arrangements may
/ be arrived at" lord Reading explained
that the proceeds Of the present war
loan will be available not only for the
British government but for individuals
as we'll
The syndicate managers who attend
ed Yesterdays signing of the loan con
tract included j. p. Morgan and ms
mariners. William II. Porter. William
/ p. Hamilton. Thomas W. Lamont and
+ Dwight W. Morrow; Alexander j.
/ Hemphill. chairman Of the Guaranty
Trust Company; Frederick Strauss. OF
J. g. W. Seligman & Co.; Joseph Mar
tindale. president of the Chemical Ma
tional Bank: George c. Van Tuyl, jr..
president Of the Metropolitan Trust
I Company: Edward S. Marston presi-
dent of the Farmers Loan and Trust
I Company; Lewis l.. Clarke. president
of the American Exchange National
Bank; Stevenson Ward. vice-president
OF the National Bank of Commerce;
Charles V. Rich. vice-president OF the
National City Bank. and +. q. Brown,
Of Redmond Co.
II was understood that more than
one-half OF the $500.000,000 was with
drawn and paid for by subscribers yes
I terday, allhOugh tne eNaSt HSut rs WI,
not be made public until to-day and
POSSIBLY not until next week. j. p.
Morgan e. Co. issued the following
statement:
at is understood that an impression
is current that it is impossible TO Dor
row on the participation receipts IN the
Anglo-French loan. This is absolutely
erroneous. The receipts are not trans
fcrable without the consent OF the
syndicate managers, but upon request