The sun., 1919-11-02
NEW BRITISH LOAN
is ALL SUBSCRIBED
Offering Is $25O,OOO,OOO {
Year Note and 10 Year
Bond Issues.

The offering of s25o.000,0o0 British
Government obligations is success. J.
P. Morgan & Co. announcing yesterday
that syndicate participants had been no.
titled that they were relieved from un-
derwriting liability and it was expected
in banking circles that the new s45,-
100000 fifteen-year 81 per cent. French
Cities loan would be offered not later
than the day after election on a basis to
yield about So per cent. The books
for subscriptions to the British loan will
be closed at the end OF business to-mor-
row and the allotments of three-year
notes and ten-year bonds will be made
shortly after the subscription calcula-
tons shall have been completed.
The announcement made yesterday at
the Morgan offices was as follows: AZ
p. Morgan & Co. have forwarded to par
ticipapts in the United Kingdom syndi-
cate notice that applications for the
three year convertible notes and the ten
year convertible bonds have been re-
ceived to an amount sufficient to relieve
participants from their liabilities as un-
derwriters. Subscription books are be-
ing held open until the close Of business
on Monday 10 receive final reports from
participants on subscriptions.N
Average subscriptions to the $3.50, 000.-
ooo British loan We're smaller, it was
said Yesterday. than that of any pre-
vious British offering, the subscribers to
sl,oOo TO $4,000 Of the notes being espe-
cially numerous. AS matter of fact
1t was known to local members of the
syndicate last Thursday that the loan was
success, but the books were held open
partly to permit the holding of corpo-
ration board meetings, which resulted in
the case of the United States Steel Cor
poration in a subscription of SIC, 900, 900
and in an underwriting participation of
SlO.OOO,OO0 additional, and partly to give
small subscribers as large an opportu-
nifty as possible to subscribe TO the loan
The United Kingdom notes, which ma
.ured Yesterday to the amount of about
sio4'ooo,oeO' were paid as presented.
notes of the three French cities of Bor-
deaux, Marseilles and Lyons, which ma
tured yesterday to the combined extent
OF about s2s,500,0o0. also were paid.
Inc success Of the British loan paves
the way for the offering of $4,000. 900
nfteen year bonds by Kuhn, Loeb & Co.
In behalf of Bordeaux, Marseilles and
Lyons. Although no statement was
made at the Pine street offices. II was
learned elsewhere that present plans
comprehend the official announcement of
TIC feHcn CITY financing on Wednesday
morning.
Inc next big item on the foreign credit
schedule is the preparation of a big loan.
perhaps s1O0,OO0,O 900 or more, in behalf
OF the French Government. So far as
known, definite negotiations have not
been started, but 1t would cause no sur
prise II those negotiations were started
during the early part al the, coming
week. 1t is admitted that the French
Government would like to borrow money
IN this market, provided satisfactory
terms shall be arranged. and 1t is likely
tnat the conversion feature, which
amounted to call on sterling exchange
In the case of the British loan. VIII nroSe
TO be even more attractive in the case
OF French loan, owing to the fact that
the discount of the franc from parity Is
greater than the discount OF sterling as
expressed in dollars.