The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-03
NO JAPAN LOAN HERE.
New York Bankers Decline to Con-
slider Flotation.

New York. March 2.-There is small
likelihood of New York bankers taking a
japanese war loan. This announcement
was made today by a banker who has
been in cable communication with repre-
sentatives Of the Japanese government
who desired to sound" this market on
the possibility of securing war funds
here. 1t was pointed out to Japan's
representative that while her credit was
good, there could be little chance of get
ting the American people to subscribe for
loan at anything like reasonab Bile price
while the war with Russia was one. a
per cent loan offered here at 20 or IS
was declared to be the best possible terms
that New York could listen to. Japanese
IS are quoted now in London in the neigh
borhood of So New York. it was further
urged, knew very little about Japanese
finances and could not be expected to
subscribe for a loan without possessing
much fuller details than were available
today.
The bankers who have the application
under immediate consideration were de-
cidedly of the opinion today that Japan
would find it to her advantage TO drop ali
negotiations for war loan in this market
While two or three representatives of
that government were on their way to this
city a prominent Japanese banker who is
familiar with their plans said that all
published reports which connected their
visit with efforts to raise war funds here
were premature and without, as he
thought, justifiable founda ton
There have been a few local subscrip-
tons for the 100,c00.000 yen per cent war
loan already issued by Japan. These have
come chiefly from Japanese residents of
this city who have made the initial per
cent payment Circulars containing these
details of the loan were in circulation
among Japanese bankers today. The
bonds win be issued in Japan in denom-
nations of 80. 100. 800. 1909, and 500 yen.
payable TO bearer. principal and interest
payable in Japan in gold; redemption
takes place within five years from date
of issue Interest payable semi-annually
in June and December. Minimum price
of issue yen 95 payable in Japan. zone
yen is approximately so cents United
States currency.
Subscriptions are payable in instruments
as follows: Yen 2, on application; yen
u. on April 1926: yen Is. on May los,
yen 10, on July lO--0- Ntli ~, Oil +1taS,U 9t
1926: yen Is. on September 1926; yen Is,
on October 16-25, and yen S. on November
1926.
Payment in New York should he made
one month previous u date IF payment in
Japan. Subscription list will be closed
in Japan on or before March 10 1904 In
default of payment of successive install
ments when due all previous payments
will he liable to forfeiture. The Yokohama
Specie Bank. Limited. New York, will
undertake for investors in the above bonds
collection of coupons due and Of princi-
pal when redeemed at the current rate
of exchange.
Bankers having the matter in charge
would not say how much the New York
subscriptions amounted to- They init
mated however. that few of the bonds
would probably come here. but since the
loan had been four times oversubscribed
at home its success. of course, was al
ready assured.
Commenting on the possibility of ever
creating much of a market for foreign
government bonds in the United States
prominent international banker who
placed a portion of the last British loan in
this market. said today that the expert
ence of American investors with such
fiotations had not been sufficiently favor
able to induce them to make any further
investmets under present market condi-
tons This statement. while sweeping.
applies in a measure TO all foreign gov
ernments loans ioated here. These fota-
tons with the allotments TO American
subscribers have included: SIS nm al
loted 10 New York; British consols. $50
ocoe1 issue Of 1901. S50.0"oo allotted 10
New York. British government. $l5e.-
6po.on issue Of April. 1872. IS. o01.do3 al
lotted to New York Besides these loans
New YORK bankers also took s@ot''o.'"
German loan. and at various times sew
eral different blocks Of Russian bonds.
sl3 90 al3 of which are still held By the
large life insurance companies Local
participation for several foreign munich
nal loans has also been secured here. but
these holdings are not important.