Loan

Half the $100,000,000 international bond issue on the basis of which the Belgian franc was stabilized last week (see p. 16) was offered in Manhattan by a syndicate headed by the house of Morgan and the Guaranty Trust Co.

The issue, consisting of 30-year 7% bonds was offered at 94 to yield 7 1/2%, and proved so attractive as to be oversubscribed within 30 minutes in Manhattan at prices which rose to 94%.

The non U. S.-half of the $100,000,000 issue was snapped up almost as quickly in London, Paris, Tokyo, Berlin, Amsterdam, Stockholm and Budapest. The stabilized Belgian franc, now quoted in units of five francs known as belgas, promptly mounted to a fraction over sterling.