New-York tribune., 1900-09-15
GERMANLOAN ANNOUNCED
TAKEN By THE NATIONAL CITY BANK
AND KUHN. LOEB & CO
ING IN 1904 AND l95-No DISTURBANCE
OF MONEY MARKET EXPECTED

OF MONEY MARKET EFFECTED.
AS was anticipated in yesterdays Tribune
Kuhn, Loeb & CO. publicly announced that ne
gotiations looking 10 the placing OF a German
Government loan in this country had been con-
cIuded- The transaction, as finally completed
after several days negotiations. covers the pUr-
chase by Kuhn. Loeb & Co. and the National
City Bank OF S0,OO0OO0 marks $50 O00O00) I
per cent Treasury notes OF the German En-
pire. maturing in equal proportions in 1904 and
1905. No syndicate has been formed. The
purchasing bankers take over the loan their
own initiative from the German Reichsbank tthe
Imperial German Bank through the DiscontO-
Geseuschaft OF Berlin, and NJ NJ. Warburg &
Co, Of Hamburg.
An issue Of the loan" Kuhn, Loeb & Co.
stated in their announcement, will shortly be
made both in the United States and in Ger
many: preference in auotments is 10 be given
10 American subscriptions. Payments for the
loan will be distributed over a considerable
period and will be made entirely in bills OF
exchange no gold shipments being contem-
plated: the money market is therefore not likely
10 become affected through payments for the
loan
The opportunity 10 subscribe for a + per cent
obligation OF the German Empire appears an ex-
ceptionaI one. II is a well known fact that no
and inviolable than throughout Germany. While
the wealth Of the German Empire is very great.
its debt is incousiderable: under It's laws any
deduction for taxes upon its obligations is ex-
GUIDED"
Inquiries made yesterday elected the informa-
-ion that no other banking establishment with
the exception of the Two mentioned have so far
directly participated in the subscription. but
other Institutions or individuals who wish TO
4 - CO
on equal terms. In pursuance Of this policy
ARRANGEMENTS were practically closed yesterday
whereby the Nev-York Life Insurance Com
nanv viii take up S5,OOOOOO OF the loan. This
sr,bscription which in reality insured the sue
cess Of the loan has been decided upon as the
result Of conferences between Edward y. Gibbs,
treasurer OF the company, and Kuhn. Loeb <
co and the National City Bank Some two or
three weeks ago when the intination was first
conveyed 20 London financial circles that Ger
many would need funds 10 carry forward her
I~bfnesa campaign representative fnanciers OF
This citv were approached respecting the posi-
biIirv of floating the loan n the United StaIss-
one Of The institutions thus sounded was the
Nex-York Life Insurance Company John A
Mccall the president. who was n Europe was
advised or the situation. He Immediately COM
/ uuuicaJed with Berlin, and upon assurances
rvbfcb presumably passed between Mr.. Mccall
with at her financial houses in this city ana lne
/ German Government IL was decided that goId
- - , 1 rer cAur basis could be easily dis
/ posed OF in the United states
/ Although the entire issue OF the bonds mas
! been taken by Kuhn. Loeb & Co. and the Na-
/ rional CITY Bank part OF them viii be orered
for 81 description in Germany But Just What Ine
nrOporrion viii be is not known, nor could any
authoritative statement in this direction De 90
! 1ained Yesterday nor has il yet been dennltely
/ determined now the bonds viii De PAID IoT
/ The impression prevails, however. that no gold
! p.iII be shipped but that payments VIII be rnade
/ IN credits on Berlin, through the National Clts
/ Pank Of this city This bank has a large amount
/ If money living in Berlin and IL is thought like
! n, that credits will be transferred from the Ber
/ lin bankers 70 the Imperial Bank o. Germany
/ II fl should happen that the loan Is 10 be pa1c
! FOR with American credits. the money Tnarke'
bsr. yCiTI he in uowise disturbed, but II gold !;
/ - he exported II VIII undoubtedly be auectei
/ Although II is generally believed that no gole
! eynor+s are contemplated the public announce
{ v7ent Of the loan, coming simultaneously WIZ
/ Sree shfornents OF currency TO the Interior ans
! ~ exDcctation OF poor bank statement 10
dav led 10 a great deal OF discussion as 70 hi
/ rrona biIitv OF dearer money The tendency
/ among the banks IS in favor Of higher interest
/ ana sou1e OF the banking officials yesterday re-
/ f,.sed 10 renew maturing time loans