The Dollar Loan

As far as the great German public was concerned, the first domestic gold loan (of $50,000,000) raised by Germany since the war was a dismal failure. Only $12,500,000 (approximate) was subscribed. The banks, however, guaranteed the loan up to $25,000,000, and so will be obliged to find about $12,500,000 more. Thus half the loan is assured. It is understood that the Reichsbank will list the balance of the loan on the bourses, and it is hoped that a good part of it will be taken.

The failure of the loan is generally recognized by the German press who are fairly unanimous in blaming the fiasco on the Allies. The Reparations Commission reminded the German Government a short time ago that they were contravening the Treaty of Versailles by raising a loan without the authorization of the Allied Powers. The German press excoriates the Commission by saying that repeated indirect threats to render void the loan are responsible for the failure.