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Show AftGLD-FREIMCH IH i TO BE UNDERWRITTEN Large Syndicate of American Ameri-can Bankets to Make Nice Profit. CONCESSION IS MADE Whether Credit U to Be Extended for War Munitions Muni-tions Not Stated. KYV YORK. Srt. f . i prxpoaKi MMMOOth Qrattl Iqm to Kniitand ami Knt. it way teporte-1 tonlfiht. la to be underwritten by & sytMlkte or American rtrmu-lers and lankira. who are to M0tlaj a vXimmlsatoti for their er-vicea. er-vicea. The aevurltiAn ofTerM. it wn said, will te RHllah and KYenoh 5 per cent sovernment bonds, and the price to the investor a to h par. The amount of th loan, it was reported. re-ported. Is ma yet uttdeterminod. but ill tw ltVMQ K0O.dC0,Afl and J5.tO.00O. Whether munitions of war will be Intruded In-truded wl'.htn tle soope or t:e pmpoer1 OPadR, an tkr as -ou!d te learned tonlKlu. has not been decided. Syndicate Is I-arjjc. T!e undarwrttlnv -ndirat. u waa reported, re-ported, will be the largest of its klml err etabllatiod in the United States, and probably will b open to nearly all national banks. trust companies and state banks that, may care to panlclpat While the amount of th commission to be paid these banks ww not ex-presjxM ex-presjxM In prcentare. U ia understood the pp'rt: wIT! he a small one. POMlMSr one-half of one per cent. Elimination of tha reported differencea in the opinion between American financiers finan-ciers and membara of the Anelo-French 'Xoimiiskn (H Die manner of placlnK can apparenth' lias resulted in a victory for the American ftnanclera. Colnmision' Plan. Prevku- raporta wr to : lie affe--t that Usfl cmmiaeion'i. vswwa were that The loan should be plaf b aubacriptlon. and that there should be no underwriting; a udicate. The American confei aes wr reported to favor adoption of a plan whereby a ayndicate would underwrite the bi laauc and w ou Id HB elve at tea st o ne - ha M of on pe-r cent for I la services. Effort :o elicit an expression of the commlaston'a views on this part tonight, were futile. The various, members or the delegation hae been spending the day out of town, and it was aaid at their hotel that some of them were not expected ex-pected to return until tomorrow. Inquest ioned Authority. Word that an a gree me n t had t ee n reached tentatively on this detail of the negotiations came from several other source, however, whose ability to peak with authority cannot be Questioned. So far as the plan now has developed. It is the intention of the conferees. It ia reported, to open their books to virtually vir-tually all banks who wish to participate and to place the bonds with any and aJ! of them, pro-German or otherwise, at a figure only a shade better than that which the investor will have to pay. which. It was said tonight will be par. Tbe interest rate. It was understood, ha-" been agreed upon definitely at f per cent . One vital issue yer remains for decision whether the big sum realized by the sale of the bonds shall b available for the pas-ment of munitions of war. as well ) as wheat. ooMM ar.d other commodities, j Will Exclude Munitions. Chief among other minor details yet j to be worked out is the matter of Russia's Rus-sia's rrartioipattori- Indications tonight were that munitions would be excluded from the scope of the loan and that another an-other method would be adopted to pay for them. Whether Russia will participate In the loan ia yet undetermined. This will depend, de-pend, it is said, wholly upon the conference con-ference at L7I)dOO among the Russian and French finance ministers and the British chancellor of the exchequer. There will be no definite announcement announce-ment of an agreement tomorrow. This much became known definitely tonight from Americana In cioss touch with the negotiation!. The situation Is regarded aa encouraging, encourag-ing, but there Pre ''ertain things to be acredd upon that will require more than a week to settle. A fortnight morn may bring' an announcement that both sides have agreed on all details. Banker's Statement. An American banker In touch with the noti'atlons 'as authority for the statement state-ment tonlirrit that the attitude of certain blr New York hanking houBes toward the establishment of an nnderwrltlns syndicate had been misunderstood to a great extent by ths circulation of reports that these banklnc houses expected to malte a profit of millions in underwriting underwrit-ing the issue. This. It was said. Is untrue un-true The HUPTKestion that all hankers, ble and little, who will participate In placing Che loan, shall share alike, originated, orig-inated, according lo this authority, with the head of one of these houses. The commission will continue Its meetings meet-ings tomorrow with American financiers. finan-ciers. HILL DECLARES FOREIGN LOAN A MARKET MATTER (TrfTCAGO. Sept. 19. -.James J. Hill, railroad builder and financier of the northwest, pmssed Through CMoaeo tonight to-night on Ids way to St Paii from New-York New-York . where he has been In conference (Continued on Page i, Sport Section.) ra-FRHH LOIN TO BE UNDERWRITTEN f" Continued from Page One.) with New York bankers. He said he believed be-lieved the loan was -errain to be, made, I although it was possible the amount might be less than a billion dollars. "It Is a marketing question." he said. "If the loan should be refused we would find rhat they could gei alon-? much better bet-ter without us t bun we could Without them. Tt is the simple, everyday matter of buyer and seller. "This year all the records for grain production in the United .States have been excelled- The A"ngt6-lSeri.ch commission has come here with a proposition that we give them credit. Grant the loan and we cave our markets. Decline to grant it and they simply would co elsewhere to cr their era In. They could zet nil they need from India. Argentina and Canada. They eould get enough to tide them over until at least next April and If In the meantime the Dardanelles should be forced pood T,ord ! .lust think of what would happen to out markets. " |