Internal War Loans Belligerent Countries

German Empire
5% Bonds and 5% Treasury Certificates
(First War Loan)
Dated—October 1, 1914.
Due—Bonds "unkundbar" until October 1, 1924 (see Note).
Treasury Certificates issued in five series of 200,000,000
marks each, one series to be redeemed by drawings on each
of the following dates: October 1, 1918, April 1, 1919, October
1, 1919, April 1, 1920, and October 1, 1920. Drawings
to take place each April and October beginning April, 1918.
Period of Subscription—September 4, 1914 to September 19,
1914.
Right of Redemption-—See Note on "unkundbar" regarding
5% bonds.
Interest Dates—April 1 and October 1.
Issue Price—97.50 for both bonds and certificates. If bonds
were registered in the Debt Book of the Empire until April
15, 1915, the issue price was 97.30.
Form and Denomination—5% coupon bonds in denominations
of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and
100,000 marks and registered bonds. Treasury Certificates
were issued in five series of 200,000,000 marks each in
coupon form and in same denominations as bonds.
Method of Subscription—Subscriptions were received at the
Reichsbank and its branches, Royal Sea Trading House
(Prussian State Bank), Prussian Central Treasury Association
at Berlin, Royal Main Bank of Nurnberg and its
branches, other financial institutions and life insurance
companies.
Method of Payment—Subscriptions to over 1,000 marks upon
allotment were payable 40% not later than October 5, 1914,
30% October 26, 1914 and the balance November 25, 1914,
with accrued interest, although subscriptions could be paid
in full at any time. Subscriptions for 1,000 marks and less
were payable in full not later than October 5, 1914.
Deposit Privilege—Both bonds and certificates could be deposited
at the Securities Department of- the Reichsbank
which would collect and forward interest to depositors without
charge until October 1, 1915. Such deposits could be
withdrawn at any time without festriction.
Note—"Unkundbar" can be literally translated "unannounceable." This has
been interpreted by the German press to mean that the Government cannot announce
any change in the terms of the bonds to take effect before October i, 1924,
nor are the bonds redeemable or convertible before that date.
91