New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-12-16
LOAN SYNDICATE
EXPIRES; SALES
ARE S32O,OOO,0OO
Success, Say Backers OF
Allies War Issue in
This Country.
S3,OOO,OOO TRADE
IN BONDS FOR DAY
New Low Price of 941s-Mor-
gan & Co. Show Large Num-
Der of Individual Buyers.

J. P. Morgan e. Co., as managers OF
the $500 900 900 Anglo-French loan syn
dictate, which expired on Tuesday night
announced yesterday that within the
sixty-day life Of the syndicate more
than 80 per cent of the bonds were
taken for investment, including those
withdrawn at the syndicate price OF
esK and those sold to the public at 20.
Between S2e5 OOO. 900 and S3OO,OOO.OOo
we're understood 10 have been with
drawn by the underwriters, under thelr
option TO take up their allotments IN In
fnU at 96lt. and between S2O,OOO,OVo
and sos. 100000 were sold at the puoli0
Offering price Of 0s, leaving approx
rnatelv $3.50 900 900 to be divided among
the underwriters. 49,.
The statement issued by the Morgan
firm. in announcing that the greater
psrt Of the bonds taken for Investment
rss nv the participants who joined the
svndicate with the idea OF Immediately
withdrawing their bonds at the s{hul-
cote nrice. pointed out that large
nurnber of the syndicate subscribers
were also individual investors Inc
statement added: .
"Conseouently, with so many invest
ors out Of the market, sales mace Dy
the syndicate upon the public oHerlns
we're hound TO be in small units, ana
thus 60 a limited aggregate ne
amount Of cash which the syndicate
managers are distributing 70 those VINO
aid not withdraw their bonds Tor IN
vestnent amounts 20 between ~ per
cont and II per cent Of the amount OF
their participations. II must be re
membcrcd that the smallest unit in
which the bonds arc issued is SlOO'
The managers will accordingly dlstriD-
ute to the nearest unit g.,
In addition 10 the 10 per cent or II
per cent i'm cash which the syndicate
managers are distributing to those VINO
aid not withdraw their bonds Tor IN
yestmcnt there will also be sent the
protit on the bonds sold at 80.
Trading in the bonds on the STOCK
Exchange yesterday naturally was
heavier than on preceding days in view
of the removal of all restrictions re-
c9rding the price Several single
blocks that we're TUNED over repre-
sented more than 100000. The day
total sales amounted 10 approximately
Is. 1000 .OOO. The first offering consisted
of twenty-five bonds at 9iS4, point
under the previous low quotation at
regular sale. Under heavy offerings
the bonds went TO 94is, a new low
Price.
Considering the huge amount in
volvcd in the Anglo-French loan, bank
ers Yesterday referred to the distribu-
ton of more than 60 per cent OF the
5000. 900 600 total a. successful in view
Of the general belief that the bonds.
would sell lower at the expiration OF
the syndicate. FOR this reason, IT was
pointed out many investors had waited
before buying, in the hope that they
could get the bonds below either the
rublic Offering or the syndicate prices.
There is growing belief that the
enormous amount Of money now await
ing profitable investment, which viii be
greatly augmented with the January
interest and dividend disbursements,
will easily absorb the $lS0,000,OO0 yet
TO be sold. and that the demand for the
bonds will grow rather than diminish
after the first unsettlement of the mar
ket has passed.