The Birmingham age-herald., 1905-07-08
JAPANESE LoAN&
Big Demand in the United States for
 the Bonds.

From the New fork Commercial
 Although official details regarding the Notation of a fourth foreign loan by the Japanese government were not ready for publication it was learned in we'll in- formed quarters that the new si5G000, 600 bond issue would be offered on substan- tially the same terms as the last issue of 41s per cent. That issue was made a the forthcoming issue will likewise be a claim upon that division of the govern ments revenues, but subordinate to the first series of Az per cents.
 Members of the local banking house which will manage the subscription offer ing of $50000,0O0 of the new bonds in this country, said yesterday that the report that the offering price would be s7ss, the price of the first series of 4iAs, was pre- mature, as the price had not been de- finitely fixed. There was no disposition to deny the correctness of the report, and it was said by bankers that there would probably not be any necessity of making a lower price on the second series than on the first, even though the second series is only second mortgage on the tobacco industry. It was pointed out that since the fiotation of the first series of 4las the price of that issue in the market had advanced to 9lh on account of the vic- tories of the Japanese navy and the evident sincerity of Russia in taking part in the peace negotiations
 The amount allotted to this country is only two-thirds of the amount of the pre- vious loan thus disposed of, but 1t is explained that this is not through any fear that American investors would not take the bonds, but on account of poli- tical reasons for allowing German bankers to participate in the transaction. It was said yesterday in well informed quar- ter that applications had been received by banks, banking houses and trust com panies in practically all of the large cities of the country for participation in the underwriting and that these applications amounted to as much as the entire loan, $l5o, 100000.
 An underwriting syndicate is being or- ganzed among the banks, insurance com panies and bond firms which were mem bers of the last Japanese bond syndicate, and a circular giving details of the public offering will be prepared within week. Arrangements for payments in install ments similar to the conditions of pre- vious loans will be made and 1t is the ex- pectation that Japan will leave the cash proceeds of the loan on depesit In New York at least until October. What course will be pursued with reference to the $50 O0O,OoO more or less which Japan still has in this country, is not stated.
 Since the outbreak of the war with Rus sia. Japan has issued the following for eign loans s5O.0O0,00O first 6s, s60,0O0,00O second 6s, sl50,OO0, 900 first 4lss, amounting to s2eO 100000 in all. In addition, $780, GOO 900 has been borrowed in series of four internal loans, making $500 ,Ooo thus far borrowed on account of the war Be- fore the war Japan had incurred an m debtedness, internal and external, or s2S2, ,000OO0 With the second tobacco loan the entire debt of the empire Will De approximately $SS2. 100000, but represen- tatives of the Japanese ministry have asserted that the proceeds or the new loan wiuld be used to repay some of the internal loans, so that the money of the neon,e could be turned into the regular channels of trade.
 The first series of per cents were or fered in New York at 93k and interest," They are now selling between par ana 1o1 The second series of 6s was onered ot ss and interest. These bonds are now selling around 30. Both issues are secur- ed bv lines on the customs receipts. The 4b per cent tobacco monopoly ponds were offered. as stated, at S7M and interest," and are now selling between H ana