The Washington times., 1915-12-16
WAR BONDS GO Up !.
ON MORGAN REPORT
AngIo-French Loan Viewed As
Success When Announced
$500, 100000 Purchased.

NEW YORK. Dec. 1s-J. p. Morgan
q Co. agents for the managers Of The
100000 Anglo-French s per cent loan.
announced that rup to the time of the
expiration Of the syndicate. at midnight
tuesday. more than 60 per cent Of the
entire amount Of the bonds purchased
py the syndicate had been taken for in
vestment.
When Wall Street learned that 70
iarse an amount OF the bonds had been
taken for investment It was generally
conceded that the loan had been A sue
| cess. 1t was pointed out that the Offer
ing was made under unusual and trying
conditions: that II was the frst big
foreign loan ever placed in this country.
and that 1t was made to two nations
| engaged in the greatest war which has
ever been waged. Further It was ep,-
phasized that the people of the United
| States do not take kindly to foreign
loans. and this one met with all the
opposition which q carefully planned
| pro-German campaign could bring
Following the dissolution OF the syndi-
cate automatically at midnight Tuesday
, ord price of 94h. seller thirty. sls.SNo
worth changing hands at that figure
| This was before the announcement bv
J; IcP. r. Morgan & Co; Of the success Of the
l
I'll the close OF the market the prices
\ were generally higher. The last sale
was $4,000 worth at sass, after a rally
| which carried them up to 95Is.
Statement BY Morgan Go
| The statement issued by ]. r. Nor.
gan & Co. was as follows:
| "rhe managers of the Anglo French
500. 100000 External Loan Syndicate
| state that. within the sixty-day life OF
! the syndicate which expired yesterday,
| over 60 per cent Of the bonds purcha sen
by the syndicate we're taken for invest-
| ment. OF the bonds SO bought for in
vestment. the larger oart was naturally
| taken by the participants who ioined
| the syndicate with the idea of incnnedi-
| ately withdrawing their boids and thus
| obtaining the benefit of the syndicate
| price.
| The size of the transaction naturally
| brought in (as syndicate subscribers),
| a large number of actual investors.
Consequently; with 80 many large in
| sales made by the syndicate upon tue
| public offering were bound to be In
small units and thus to a limited agsre-
gate. The amount of cash which tie
those who did not withdraw their
bonds for investment amounts to be
tween 10 pei. cent and II per cent nt th.
amount of the pnrttcilstions.
sn1aiIes. unit In which the bonds 40
issued s $50. The managers will ao
cordingly distribute TO :he nearest
unit"
A!tnsush no s sfsc's, sts.ement c.e was wss
ing the exact amount Of the bonds
Il N% was o generaily m conceded in Wall
Street thai about sos' on, mo hal hecn
disposed of In this manner at .3S'.. The
sxnaeate t ,s sls1 5ods soId a. ar1EeSs.sy
leaving Approximately s1sh.OLe,Noo - h.
taken hr the underwriters In ntrfr
words. those members Of the syndicate
who did not withdraw the amounts of
the bonds taken by them until the g.;
pirstion OF the syndicate viii ge: b"-
tween 50 per cent and ~ "er cent of
their original subscription.
Record Never EQualed.
1t was pointed out by bankers inter
ested in the loan that a great number OF
Investors saw At TO become syndicate
members and obtain their bonds at 9e'.'
Naturally, after this opportunity ex-
pired. many other persons who miSht
fused to do so at IS. holding that they
could get them at cheaper price aA1er
the expiration of the syndicate.
Notwithstanding that the loan has not
, | as vet been placed as a whole with Tn.
public, bankers say the sale Of $s2oooo,,
| 600 Of the bonds constitutes recorC
never equaled by a bond issue In this
country since the civil war. me An
glo- o-French loan was larger tnan an, IN
piece of financing ever attempted oy INT
United States Government since lSS
Even the sale of the Sis, 100000 pei
cent bonds which our Government au
thorzed In 1862 and which was mad'
when popular feeling in the North va,
running high was extended over a periot
OF many months. The spanish war loai
was only for $500 00h No railroad
! corporation has ever attempted TO noa
a loan at one time for more than $ioe'
O00. 900.
C,nc of the surest indications that tn
try believe in the loans is that they an
willing to lend up to 20 per cent Q
the market value of the BONDS. Inss ,
approximately what local fnsutntlon
are accustomed TO advance on raiiros
bonds OF the best grade.
Trading In the Anglo-Frenoh bond
was heavy YESTERDAY. approxfmatin
1000 900 of the bonds chanetnE hands a
prices ranging from gaia TO sors. Irsd
ing IN these bonds continued neaLi
Sav which was exceptionally large
s., ,61s. 900 pa value of bonds chanEin
p, Morgan s. Co. as agents for tn
syndicate managers will send out "a
night the profts OF The Offering to ~
swndicate members as well as the re
bate of ~ per cent obtained by thos
who became syndicate members. an
got their bonds at s6A. although paytn
IS for them at the time the syndicat
was formed.
The bond departments OF the variou
big banking institutions Of the city r.
port an excellent demand for thes
bonds at the lowest figures.
;. Colonial School Girls