Internal War Loans Belligerent Countries

Russian Government
Internal 5% Loan of 1914
(First War Loan)
Dated—September 14, 1914.
Due—September 14, 1965.
Period of Subscription—November 6, 1914 and November
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Right of Redemption—Redeemable at par by annual drawings,
estimated to redeem the loan in 49 years, beginning
November, 1916, for payment three months later. Of the
nominal amount of the loan 0.503965% was redeemable at
time of first drawing, to be increased annually by 5% of
the nominal amount of bonds drawn. Drawings may not
be increased nor can the bonds be converted or entirely
redeemed before March 14, 1925.
Interest Dates—March 14 and September 14.
Issue Price—94.
Form and Denomination—Coupon or registered bonds in
denominations of 50, 100, 200, 500, 1,000, and 5,000 rubles.
Future Loan Privilege—Subscribers were given a preferential
right to allotments in loans issued before January 14, 1917,
in proportion to their subscriptions to this loan.
Method of Subscription—Subscriptions were received by the
State Bank, its branches and offices, and most other banks
and branches.
Method of Payment—40% upon allotment not later than November
14, 1914, 30% December 14, 1914, and 24% January
28, 1915. Final payment included accrued interest from
September 14, 1914. Payment could be made in full on
or after November 14, 1914. Subscriptions for less than
1,000 rubles were payable in full November 14, 1914.
Fiscal Service—Principal and interest payable at the State
Bank, its branches and offices, at offices of the Treasury
where no branch or office of the State Bank is located, and
at places designated by the Minister of Finance.
Taxation—Payment of interest is forever free from the tax
on revenue from money capital.
Collateral Privilege—These bonds are accepted at prices fixed
semi-annually by the Minister of Finance, and published
by the Government, as deposits pledged against (1) Government
contracts and deliveries, (2) excise payable in installments
and (3) customs duties.
Note-—Dates according to our calendar. Russian calendar 13 days later.
Coupons of all the Russian War Loan bonds must be presented for payment
within ten years after maturity and bonds within 30 years after maturity.
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