Bisbee daily review., 1914-11-04

BERLIN Nov. 3.-Germany's sue. cess in filling her war chest and her assurances of having ample revenues to continue the struggle. have ason. ished the world The ease with which she raised more than a billion dollars astounded financial centers every where. The manner in which she floated this enormous loan is told by Rudolph Havenstein, president of the Reichsbank, Co a correspondent of the New York World. Herr Haven stein said:
 The astounding success of the loan proves that if the war is to be won by the last million of money, as Lloyd George of England put it, Germany will have the cash. We have uncov- cred wealth few of us dreamed Ger many possessed, and in this gigantic subscription We have merely scatched the surface. IT necessary we can re. peat the loan tice over.
 Germany can fight her war not only with bullets of lead but with bullets of silver also, to use the expression Of MT Lloyd George.
 Practically in one day we raised one an one-eighth billion dollars. It took France three years Co raise one billion dollars in 1870 to pay our war indemnity. Now she is having diff. culty to get cash for immediate ex penses. No longer is France the bank CT of the world.
 Patriotism and Confidence.
 Two things are notable in this oper- ation-the deep rooted patriotism oi the German people an dtheir firm faith in ultimate victory.
 Among other measures the Relchs- tag passed Aug 4 in the memorable session Of a fe hours only, was a bin appropriating 5,OOO,O0O, GOO marks (S1120.0O000O) to be raised by loans. Nobody imagined that almost tho hole amount would be obtained by one single loan.
 After long, careful deliberation it was decided to call for subscriptions for an unlimited amount of per cent ten-year imperial bonds, and 1000. 100000 marks in per cent dve-year Treasury notes.
 On Sept 10 2,SOO papers published a call for subscriptions setting forth that it was the patriotic duty fevery Herman ith money to help the Gov ernment pay the cost of the war so Floriously begun by the magnificent German armies, and to support the millions of German soldiers in the field. The highest expectations of the managers of the financial policy oi the empire were surpassed by the result.
 The Treasury notes are in five ser ies of 2OO,OOOOOO marks each, to be paid back at the nominal value in six months instalments, beginning Oct 1, 1918, one series to be paid al a time that series to be decided by lot It would embarrnss the money market too much if the whole 1000, 0OoOOO marks had to be paid at once
 The imperial bonds cannot be paiC back by the Government before Oct l. 1924 The holder has no right tC demand payment by the Government before or after that time
 Both loans are offered at S75O the 100 marks face value.
 As the limited Treasury notes might be oyer-subscribed it was announced that subscribers desiring bonds in stead of notes in cose of over-subscrip tion should make it clear in their ap plicauons. This makes it possible tC realize the full amount subscribed for
 Fake Bids Barred
 This excluded concert subscribers and spectators. Every subscription Ina dto bona-fide, as every subscriber knew that the full amount subscribed for muse be paid in three instalments by Nov % fthis year.
 It is, perhaps, the first time in the history of loans that no fake sub scription was possible.