Note, in the light of all the statements made about Kuhn, Loeb & Company, and the Warburgs in particular, the assumption in the above quotation that the transaction was really between a German and an American firm. It was principally an arrangement between the Warburgs themselves in family counsel. But the loan will pass in Norway as “an American loan,” and the fact that the terms of the loan “are not regarded as very favorable to Norway” will react upon Scandinavian opinion of this country. It goes without saying that “no marked effect on the rate of exchange between the two countries has followed,” for that would not be the object of such a loan. The dislocation of exchange is not unprofitable.
It would be most interesting to know in how far Kuhn, Loeb & Company has endeavored to readjust the rate of exchange.
During the war, Kuhn, Loeb & Company made a loan to the city of Paris. Considerable German comment was occasioned by this—naturally. And it is very well worthy of record that in the city of Hamburg, where Max Warburg does business, the chief of police issued this order:
“Further mention in the press of loans made by the firm of Kuhn, Loeb & Company to the city of Paris, and unfavorable comments thereon, are forbidden.”
The following story is vouched for as reliable, and if in one or two minor details it does not represent the exact fact, it is a trustworthy illustration of how certain things were done:
“A Jewish international banking corporation bought up the mining and other similar concessions of Jugo-Slavia, and consequently the policy pushed at the Peace Conference was that which was most convenient for that group. An understanding on the Fiume question was in progress between Wilson and Nitti. Certain concessions had been agreed upon