Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1915-09-24
MONEY SYNDICATE
TO MAKE BIG LOAN
BANKERS AND FlNAN.
GERS AGREE TO UNDER.
WRITE, is STORY.
WILL OPEN BOOKS TO ANYONE
Small Commission to Be Paid-Price
to the Investor is Par-Bonds to
Be STANDARDIZATION Of NUM-
tions Export Decided Later.

New York, Sept 2O.-The proposed
billion credit loan to Great Britain
and France, it is reported, is to be
underwritten by large syndicate Of
American financiers and bankers, who
are to receive a commission for their
services. The securities offered, it
was said, will be British and French 5
per cent government bonds and the
price to the investor is to be par.
The amount Of the loan, it was re-
ported, is as yet undetermined, but
will be between $500, 100000 and $780,.
100000.
Munitions Question Open.
Whether munitions Of war will be
included within the scope of the pro
posed credit, so far as could be learned
tonight, has not been decided.
The underwriting syndicate, it was
reported, will be the largest Of its
kind ever established in the United
States and probably will be open to
all national banks, trust companies
and state banks that may care to par
ticipate.
While the amount of the commission
to be paid these banks was not ex.
pressed in percentage it is understood
the profit will be small one, possibly
" of / per cent.
Elimination of the reported differ
ences in opinion between American
financiers and members of the Anglo
French commission over the manner
of placing the loan apparently has
tresulted in a victory for the American
financiers.
Financiers Win Point.
Previous reports were that the com
missions views were that the LOAF
should be placed by subscription ant
that there should be no underwriting
syndicate.
The American conferees were re
ported to favor adoption of plal
whereby syndicate would under
write the big issue and would receive
at least " of per cent for its ser
vices.
Efforts to elicit an expression of tn
commissions views on its part tonigh
were futile. The various members o
the delegation have been spending tn
day out of town, and it is said at thei
; hotel that some of them were not eX
pected to return until tomorrow.
Russia Question Unsettled.
One vital issue yet remains for dc
cision-whether the big sum raised b.
the sale Of the bonds shall be avail
able for the payment of munitions o
war as we'll as wheat, cotton and othe
commodities. Chief among other m
nor details yet to be worked out is tn
matter of Russia's participation. Ii
dications tonight are that munition
would be excluded from the scope G
, the plan and that another metho
would be adopted to pay for them.
Loan is Sure.
New York, Sept. 22.-Munitions c
war will not be allowed to block tn
proposed big credit loan to Great Bri
ain and France, nor will the 100000
900 or $500 100000 to be obtained b
locked up at once in New York trea'
uer chest, according to consensus {
opinion today of those in close touc
with the negotiations for raising tn
money.
Exports of munitions it was est
mated, constitute considerably les
than 25 per cent Of the total value {
American shipments to Great Britai
and France. Leaving them out of tn
calculations, if provision be made fC
the shipment of soil products and tn
chief manufactured articles, exchane
will, in the opinion of bankers, becom
stabilized. 1t would not be difficult