The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-12
FRENCH BANKERS
ARE EXASPERATED
CONTINUED From First Pagc.)

CONTINUED From First Pagc)
lis simply one more argument against
American securities, and probably one
of a brutal kind, moro brutal than the
others, | think 1t will shut the French
market to American securities.
There has been bad luck in the re-
lations between American fnanciers
and French financiers. There is n SEN
timent that when YOU issue a paper or
when you issue n statement that II will
never go week. month or year before
it VIII be disclaimed. Take the case Of
the Central Pacific bonds that were
sold In Paris The bonds had hardly
been issued and the. ink on them was
not dry when tho bankers said we
have to withdraw the bonds or amend
the deed of trust
The New Haven Cnse.
Tho New Haven 4 per cent bonds
were considered mighty high class Sc
curities at the time they were placed
abroad. Since then all we have heard
was that Mr. Mellen was going to jail
| in a month; that he was running the
Boston and Maine, which was going TO
pieces SO we do not know where we
stand.
Take the Westinghouse bonds. They
| were issued in Paris. and the same day
a receiver was appointed for the com
pany. We could not follow that pace.
do not he too harsh In saying the
French bankers are eSasperated. We
cannot follow such an intricate and
large country as yours. We have to
put absolute confidence in your firms.
which correspond to ours in station and
reputation"
In discussing European finances,
Prince PoniatowsSi said
The European situation is very
complicated and do not think II Will
cradle state financing TO do on a large
scale. and we have the same timld
feeling on the part of investors as YOU
have in this country. 1t VIII take
| months and months before they get
back into peaceful frame OF mind
For the last seven months there has
been constant possibility OF n Euro
pean war. We said conditions would
Improve when the Balkan War came
10 an end Now we have no excuse.
/ but the feeling is just as bad.
I'VE have In Europe this ycar the
need of about f300.0OO.00o. This In
cludes every demand for 1919
There is hardly enough money to
take care OF commercial activity all
over Europe. Where are we to find
money for such purposes as do not APP
peal. that is. political loans, Balkan
! loans. etc?
The Balkan loans must include
/ $500, 100000 for Austria; nearly $50
! 100000 for Greece and nearly $50. 600
! coo for Italy. have not touched Ser
/ via or Bulgaria.
There is nearly $1,000. 600, 900 o.,
European state financing to be done.
/ Reside this there is Germany ana
France. who Will want about $500
! 000.O 900.
business conditions in Your coun-
try are good, but You going into
the coming year and will have TO 80
great deal "f rehnancing with short
term notes. You Will he utterly un-
| able to place long-term bonds here or
in Europe"
Prince Poniatowsk! said that relief
would only come through a slowing
up of trade.
The prince stated that the evolu-
! ton through which American AFFAIRS
! are passing has caused such hcsitancy
upon the French interests TO invest IN
| American securities that he does not
! believe they Will send money over here
for investment for the next two years.
Continuing. Prince Poniatowski said
/ that French investors hcsitated to in
/ vest in American securities owing to
/ the constant stirring up or problems
the last eight years. He said these
probl Ems have not been solved. ann
| but for this. America would have re-
| ccivcd a great deal Of European capt.
| tai