The Birmingham age-herald., 1924-10-20
FOREIGN FINANCE HOLDS INTEREST
 OF MONEY MART
1OO,OOO,OOO Loan T o France Believed Next
 Development
(By Associated Press.)

NEW YORK, Oct. 19-Five-fold over subscription of Americas $110,- 100000 portion of the $20O,O 100000 German loan--a reception unpreced- rented in the history of foreign financ- ing-overshadowed all other develop ments in last weeks bond market. Of ficial estimate of subscriptions placed the total in excess Hf $500, ,0O0, 900 but bankers who participated in the offer ing estimated that on the basis of their individual orders more than bill liondollars worth of the bonds could have been sold.
 Public demand for the new bonds was so great that they commanded premi- um of as much as 35s points above the offering price of 92 in stock ex- change trading. With allottments dras- tically scaled down to an average of less than 20 per cent, investment houses engaged in spirited bidding for the liens to satisfy customers requirements. Subsequent profit taking carried the price below the weeks high level, al though a substantial premium was maintained. Transactions in the issue, in the first four days of trading ap- proximated $15,0OO,0W.
 French Loan Imminent
 Following the successful floatation of the German loan,l which also was oversubscribed in foreign countries, J. P. Morgan conferred with French if nance officials regarding loan of $100, 100000 to $150,000,000 for that country. Bankers here admitted that the American market was open to French borrowing but asserted there was little prospect that an offering would be made within the next three weeks.
 Present indications are that the $100, 900 GOO Morgan credit to the bank of France will be converted into long term loan and the $50,000,000 addi- tional will be made available to the government for fiscal purposes, or for use of the state railways. Before the end of the year, BelSium also proba- bly, will enter the American market with loan of $50, 100000 to $1O0,000,- 900.
 The desire of the Investment com munity to give the German financing a clear field prevented last weeks total of new offerings from eclipsing the years high record. The aggregate of $152, 100000 compared with approx imately $100,000,000 in the preced- ing week. The interest aroused In the German loan aided the floatation of other issues, among which was a $6,00O, 900 offering of the cityof Bogota, Colombia. -
 Corporation Formed
 Two steps which are certain to be the fore-runners of further European financing in this country were the formation of the American and Con tinental corporation. designed to pro- vide investment capital for foreign in- dustrial enterprises, and the extension of a $2,5O0, 900 credit to the Ruhr Coal Syndicate. The public will be given an opportunity next week to subscribe to the $3O, ,OOO, 900 investment trust, which will aid in financing European indus try.
 Price movements on. the stock ex- change last week were obscured by the fluctuations of the new German bonds. French issues reacted on prospects of the heavy volume of internal and ex- terDal financing to be done by the gov ernnient. Domestic corporation liens moved irregularly lower, but the treas ury 4As achieved a record high price.
 
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