Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-20
u. S. F|NANC|ERS
WILL UNDERWR|TE
MAMMOTH LOAN
Syndicate of Bankers to Re-
ceive Commission for
Its Services.
AMOUNT OF BIG CREDIT
NOT YET DETERMINED
Will Be Between $500, 900, 900
and $500, 100000 at
Per Cent.
OPEN TO NEARLY ALL BANKS
whether Munitions OF War VIII BE
Included Within Scope
Still Undecided.

NEW YORK. September Ia.-The
proposed mammoth credit loan 10 Great
Britain and France. It was reported to-
night. is 70 be underwvtten by large
'yndicate OF American nnancicrs and
naHkerB, who are 10 receive a commits
sion for their services. The securities
offered, II was said. will be British and
French per cont government, bonds.
ana tho price 10 the investor Is 10 be
par
The amount OF the loan. i, was re-
lrorted. is as yet undetermined. but
~!N b" between $500. 600. 900 and $500.
900 600
Whether munitions OF war Will be in :
c!uded within the scope OF the proposed
credit. so far could be learned to-
night has not been decided
The underwriting syndicate /. was
reported. will be the larges, or it's kind
ever established in the United States.
and probably viii be open to nearly all
national banks, trust onpanies and
state banks that may care TO par
ticipate.
CONSIDERED VICTORY
For L. 6. FINANCIERs
Elimination OF tho reported difference
IN opinion between American fuanciers
and members of the Anglo French COM
mission over the manner OF placing tho
loan, apparently has resulted In VIC
tory for tho American nnnnc!ers Pre-
vious reports were 10 the effect that
the commissions views were that the
loan should be placed by subscription.
and that there should he no under
writing syndicate.
The American conferees were re-
ported 10 favor adoption OF plan
whereby a syndicate would underwr!.e
the big Issue, and would receive at
least onc-half Of per cent for its SER
vices. This. II IS reported. has been tho
plan tcntntivcly agreed TO
Efforts Ia elicit nn expression OF the
commissions views on this point to-
night were futile
SO far as the plan has now developed
II is tho intention OF the conferees, II
Is reported. 10 open their books vir-
tually 10 all banks. II not all who Wish
70 participate, and To place the bonds
with any and all Of them. pro-German
and otherwise. AZ n figure only n shade
better than that which the investor
Will have 20 pay. which. 1t was said to-
II was understood. has been definitely
agreed upon At per cent
ONE VITAL ISSUE
REMAINS FOR DECISION
one vital issue yet remains for de-
'ision-whc'icr tn. big sum realized
hy the sal. of the bonds shall be avail
lblv for the payment of munitions OF
War, as we'll rs wheat, cotton and other
comm odities Chief among other minor
details yet TO be worked out is the
natter Of Russia's participation Indi-
cations were tonight that munitions
would be excluded from the scope Of
the loan, and that another method
would be adopted TO pay for them
Two obvious ways of doing this are
[open: payment in gold 10 be shipped
10 the United States from abroad. OF
Ipavment by the sale in this market of
american securities owned in Great
Britain and France. The former
method is regarded as undesirable ny
both parties 10 the negotiations. The
latter is said to be regarded as un-
desirable by members of the commits
sion. inasmuch as it would entail the
necessity OF their respective govern
nents obtaining possession OF the
AnGefltdn securities 10 sofa, ana
these are in tho hands Of private In
vestors.
They might he forced out Of the pri-
vate investors hands. it was said. by
tax. but both Great Britain and France
apparently have been loath to go to
this extreme.
1t was said TO be within the range Of
possibilities that a separate credit loan
would be established to provide funds
'or payment Of war munitions. but this
vas regarded as unlikely.
Whether Russia will participate in
he loan will depend. IL was said.
wholly upon the conference at London
,mong the Russian and French Finarce
Ministers and the British Chancellor Of
The Exchequer