Show ACREE UPON fl HALF BILLION LOAN PLANS British and French Bonds Will Be Issued to Public at 98 Thus Yielding About 5 51 2 2 1 2 Per Pel Cent to Investor SYNDICATE TO SUBSCRIBE ENTIRE AMOUNT AT 96 Cash Realized to Be Left LeftOn LeftOn On Deposit With Banks i. i Throughout Country Which r r. Aid In Promoting Flotation t- t BONDS TO RUN RUN FIVE YEARS r NEr NEW YORK Sept 28 The The agreement agree agree- i ment between the An French Anglo lo I financial commission and the American Ameri- Ameri can bankers with whom they have e been conferring over o the tho proposed I k cre credit it loan to Great Britain and France has hns resulted ill in f he the formation of a definite a plan it was ns announced officially here her tonight for the establishment I o of n a loan issue j eon on on year five f f 5 per pel cent joint British and French bonds payable jointly and i. i severally by the two nations upon which the big l ll be bo a n first lien The bonds will be Issued to the pub- pub lie at nt 98 93 thus yielding approximately 6 PJ per cent to the Investor JO and md to the wide nation-wide syndicate of ot bankers which will subscribe e to the loan lORn at nt 96 Formation Forma Forma- tion of ot the syndicate has been left to tor r J J. J P. P Morgan Co and a 3 large group of or American bankers and financial l f r. r houses The Thc bonds will bo be Issued 1 In denominations as all low tore as and subscribers subs subs' sub sub- s' s scribers natal 1 t. t thereto ma may pa pay for fOl them b by mint mint- At It 1 maturity these bonds will 1 be repayable repayable re- re payable able In cash or convertible Into 41 Ii per cent Joint Anglo Anllo bonds re- re front from ten to twenty years cars thereafter b by the two governments jointly and severally se Sir Henry Henl Babington ton Smith a member mem- mem tIer Ver of ot the commission made public the announcement 1 It Il was announced that Russia would participate in the loan In Installment Benr Henry Henry- P P. P Davidson ldson of ot the firm of ot J.P. J.P. J. J P. P Morgan Co Issued a n statement on behalf of at his firm In part as follows I IThe The Tho Interests of ot the small Investor I 1 aro consulted In n tho the decision which th the tho thoi o i commissioners have re arrived at to Issue tho the bonds In denominations as UK low a alOo as s lOo and to allow subscribers to make mak e Installment payments for tor the loan It 1 Is Isto s I Ito to be ba noted that this is lIS an external I. I loan f fre free fr from m hI hlf present or ot future e I English or or French taxes It Il Is proposed b by the commissions commission s that the proceeds proceed of ot the tho loan be handled handled han han- so as In no way to disturb out our r lown own mone money markets and to that en enl end 1 c the general plan will w be he to leave leavo th the e cash realized from the bonds on deposit with banking Institutions which bo- bo I como come members of ot the tho syndicate throughout the tho United States This proposed loan ma may In us fact fact be lie I considered as an arrangement made mada by American commercial and agricultural Interests with their regular customers to accept deferred deterred payments co g commodities purchased The agricultural manufacturing manufacturing- and financial interests of ot this countr country should welcome the opportunity to extend ex extend extend ex- ex tend credit to any solvent customer where here the extension of ot such h credit furthers fur tur- there American trade The normal export ex export export ex- ex port trado trade of ot this country countr to Great Britain and France Prance runs Into man many hundreds of trillions millions of ot dollars annually annual annual- l ly To lo o preserve such trado under the existing abnormal conditions we wc bellevo be- be the tho proposed arrangement to be Imperative e and accordingly we and theman the man many banking bonking Institutions and houses that thal will be associated with us will act as ns managers ers without compensation com com- Ratification Required The 2 per cent margin between the prices at which the issue will he be offered of- of to the public and the syndicate o will reimburse e members of the syndicate It 1 IP I. contemplated for tor their expenses In placing tho the loan on the market Parliamentary ratification of ot the plan I is s necessary in iii the case o of both Great Britain and and France but it Is assumed b by members of ot the commissions commissIon that such Indorsement m nt will be secured without without with with- I out difficulty Mr Jr Davidson said ald that a large Jarge number number number num num- ber of ot banks throughout the country had hart 81 signified their approval al of tho the proposed proposed pro pro- posed pOled credit and doubtless would would bo b invited to Join tho the syndicate sn He lie de declined declined declined de- de to name an any of ot those these banks asserting as asserting ns- ns the that he would prefer to make public the list In its entirety at a later late d ate t I I I. I I c Announced lit nt t Chicano Also Chicago Sept 28 Cheers S-Cheers Cheers from scores of Chicago's leading leading- bankers and business business busi busl- ness men greeted th the announcement at ata a no banquet hero here tonight that the credit loan lonn to France and England England Eng Eng- land and the largest external loan ever contracted for tor In the United States had been lIeen arran arranged sed for tor Tho The announcement was made maJe here b by Lord Reading chairman of ot the Anglo Anglo- French commission slon who with Ith three other members of the bod body arrived tda today to to- to da day The other visiting commissioners who ho will return to New w York tomorrow tomorrow tomor tomor- ro row are Sir Edward H. H Holden Basil Blackett and M M. M 1 Ernest Mallet With them came Thomas W W. Lamont of J. J P P. Morgan organ Co During the da day daIr Mr Ir Lamont explained details of ot the loan lean to practically every banker In the city and representatives tl s s of ot bond houses houles Tonight he ho expressed the opinion that the the- bonds would bo be hospitably received In this city Mr Ir amont Jamont explained that the selling op operation operation op- op was the lar largest ever tr undertaken undertaken undertaken under under- taken b by a n. syndicate In America The bankers were Informed that In Information information In- In formation from New fW York toda today showed that banks with German c connections connections con con- n- n could be count counted d on to do their share at the proper propel time lime Mr I Lament Lamont explained that It was planned In selling the bonds to or organize organize organ organ- anIze an- an ize the whole country countr Into districts The Chicago banks and Institutions that hat desired to take part In the op operation opera opera- ra- ra Ion tion Mr Ir Lamont gave a as sit nit U illustration illustration tion would form torm the Chicago district of ot the te These Thes banks and In Institutions Institutions institutions In- In will according to the tho plan select a a. committee to represent themselves themselves them them- selves and to operate co-operate with the New NewYork NewYork ew York lorle and oth other r similar committees Long distance telephone messages e In Informed informed In- In formed Mr Ir Lament Lamont that Boston bankers bankers bankers bank bank- ers were a n unit for tor the pIon plan that Pittsburgh Pittsburgh Pitts Pitts- burgh burKh promised a similar attitude and that Philadelphia and andew New ew York were for It Baton Baron Reading was the guest of ot honor at a reception given ghen by the Chicago Chicago Chi Chi- C cago O Bar asso association at nt the Midday lIll a club this thin afternoon Two thousand judges and lawyers lawers Including one woman practitioner Mary Leo Lee Culbert greeted Baron Heading enthusiastically an RM h he was Introduced by former Judge Charles S S S. Cutting C president of the thc I Chicago association |