The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1913-01-11
BIG BORROWING
FOLLOWS PEACE
Enormous Financial Transac-
lions When War Ends.
EXPECT FLOOD OF new LOANS

Not Only BelIigerent States Will Have
20 Put Their Finances Again on a
Sound Basis, but Other Countries
Are Also Preparing to Raise Stu
pendous Sums.
! The prospect that the war Ia the
Balkans would soon reach it's end has
been raising misgIvings in European
money markets as 10 the large amount
OF new government loans that will be
offered for underwriting as soon as
possible after peace shall have been
declared. According TO the Frankfurt
ter Zeltung. there viii be such flood
OF new loans la comparatively short
time as the markets have probably
never known before. Not only the
0elligerent states will have TO put their
finances again on a sound basis. but
other countries are also preparing to
Issue great international loans.
Turkey already arranged for a part
OF its needs, but IFS transactions were
left incomplete pending the termina.
ton OF the war In Tripoi aud the re.
suit Of the present war. OF course the
porte will need large sums OF money
after the war TO place It's military
equipment again on a tolerable basis.
IL will undoubtedly be an active bidder
for any moneys awaiting investment
in west European countries
Then there viii probably have to be
readJustment OF the Turkish public
debt. the victorious Balkan states TAX
ing over the payment OF the interest
on part OF Il or paying n lump sum 10
compensate Turkey for the loss OF It's
European territory
Balkans as Borrowers.
Bulgaria and its allies will also need
money IN large amounts. as their hnan-
cial position has been greatly weaken.
Ed by the war. Before It's outbreak
Bulgaria was negotiating with group
OF French. English. German and Aus.
trian banks for loan OF S37.OO0.00
and u received an advance OF 5000.
600 upon il. and Il has just borrowed
SS.00OOO0 on 5ls per cent treasury
notes 40 Paris
The tnfavorable terms attached TO
this transaction are sufficient lndi-
cation OF Bulgaria's pressing need for
money IL viii require large amounts
for its military establishment after the
war, as well as for administrative and
development purposes IN It's newly con.
quercd territory.
Similar conditions VIII prevail In
Servia. Greece and Montenegro. Servia
Is reported 60 have Just borrowed ST.
100000 from Brussels hank FOR three
years. evidently Intending 10 provide
for Il. and for subsequent requirements
through loan after the war
italy Wants $4,000. 900.
Italy is also a large prospective Dor
rover. Il is automatically reported
thar X was IN negotiation with the
Paris Rothschilds for SI40.OoO.0 600. at
the time when the Balkan war broke
out. which. OF course. caused the trans.
action 20 be postponed. Il Is also ex-
pected that both Austria ami Hungary
will raise loans soon after the war ends.
but the amount OF their Joint require.
ments Is not known,
h Is also n well known fact that
Spain wants 10 raise large amount. nf.
money 20 placc It's dnnn~eS upon 4
sound footing, and Il Is assumed that,
n VIII resort To 4 foreign loan Tor meet
ing part a. leastof It's requirements.
The SUN mentioned a. the minimum.
OF its foreign borrowing Is NGoWaUn
Behind all these borrowing Plains luolnS
the hig Chinese loan of aisaut S3mWs1
600. which has Net vet heep accepted
By the Chinese government. although
ofercd by The SIX powers group of