Salt Lake Tribune | 1917-03-18 | Page 14 | $100,000,000 French Loan is Floated

$100,000,000 FRENCH LOAN IS FLOATED NEW TO"RK, Marh 17. T. P. Morgan Mor-gan & Co. announced today the flotation in this country of a new French loan for $100,000,000 Jn two-year notes dated I April 1 and bearing interest at the rate , of 5V2 per cent. The notes are beinq offered to subscribers sub-scribers at .Oft and interest, at which price they will 3'ield slightly over 6 per cent. The loan is convertible at par at any time before maturity into twenty-year 2L2 per cent bonds payable in 103V.The collateral pledged behind the notes is to have a value of $120,000,000, on the bayis of the current rate of exchange, and will include $20,000,000 of American Ameri-can securities, including Canadian Pacific Pa-cific issues.- Principal and interest, are payable at the option of the holder in francs at the fixed rates of exchange of 5 francs to the dollar, without deduction of French taxes.