New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-27
FRENCH RENTES F|RMER
AFTER BEAR ATTACKS
Bio Failures at Lyons Con-
tribute to DepreSs Weeks
Prices in Paris.
BlLLION-FRANC LOAN NEAR
Treasury, However, Is in by No
Means Tight Place, as Ma
tional Revenues Show Ten
dency to Increase.
nv Gable to The Tribune. ]

n, Gable to The Tribunel
paris. Oct. 26-The Bourse last week
mac q trife firmer, in spite Of the Next
can situation and the large failures at
LYONS. Trading was strictly profess
sional the specializing public holding
severely aloof.
The Lyons failures were somewhat
considerable, the liabilities Of NJ Giri-
non. the largest defaulter, being posted
at $4,000 francs. Girinon dlsap-
reared on Friday, and a warrant was
issued for his arrest on allegations OF
fraud made against him by the Banque
Mutuelle de France. Efforts are being
made to obtain a governmental decree
declaring the members Of the Lyons
Bourse responsible in their corporate
capacity for Girinon's defalcations.
Bear Attacks on Rentes.
French rentes showed a stronger ten
dency yesterday, though a net loss OF
221t centimes on the week was re-
corded
Bear attacks have for some time past
attracted attention to the market sta
bility of the national funds. One OF
the weapons used most effectively is
the imminent issue of a 3 per cent
French loan Of S200,000.0O0. 1t has
been positively stated again and again
that this appeal to national credit
would precede the date Of issue OF all
foreign loans, especially the constella-
tion OF Near Eastern loans. and that
the issue of their loans would be put
off for at least month by the banks
which have taken them in hand.
Many fnanciers think, however, that
this assumption is a way or throwing
dust in the eyes Of the public. 1t is
said by these financiers that those
SPECTATORS working for fall in rentes
must have taken their dreams for re-
alities. Do they think, it is urged, that
a French minister can decide in his
office that the national debt can be
swollen by $200,0000O0 by stroke
of the pen? According to the French
constitution no state Joan can be
granted except by a vote of Parliament
and a law promulgated by the Presi-
dent of the republic. The opponents Of
such a loan quote the words Of the
Finance Minister Charles Dumont,
when he laid on the table of the cham
Der four months ago a proposal tend
ing to the issue, if necessary, of two or
three sections of a limited sum in order
10 meet the present requirements of
the treasury. These partial issues
would be spread over the financial
years of 1911 and 1915. According to
this view all notion of a great state
loan is precluded.
Taxation Yield Increases.
The French Treasury is not in so
tight a situation as some pessimists
seem inclined to believe. The tax re-
turns sho an increase Of S40,V00,O00
al this moment-the third quarter Of
the financial year. Moreover, the min
lister can apply to the Conseil d'Etat,
which body can open credits of sup
Elementary nature to meet urgent calls
as, for instance, now-for military ex
penditure during the Parliamentary re-
cess. 1t was incumbent on the au-
thorities to find quarters and food for
10000 recruits under the new law of
military service of three years. The
Conseil dEtat has ia. IN the place OF
Parliamentary vote and nothing more.
French capitalists. especially holders
Il national per cent securities, feel
sure that there is no immediate ques-
ton Of issuing the famous 1,OO0O0O,OW
franc loan. II Turkish and Balkan
loans are held in allegiance, this fact is
due to the unsettled state Of those
regions, and not to the initiative Of the
Minister of Finance. These are the
views Of moderate republicans who are
inclined to support the financial policy
Of NJ. Dumont, but in the uncertainty
which reigns among financiers and also
the investing public the field remains
open TO all kinds of conjectures until
the reassembling of Parliament next
month. Surely the Finance Minister
will be compelled to obtain largely IN
creased credits to defray further heavy
expenditure, but the French constitu-
ton stands out in broad daylight, and
any important appeal to the nations
wealth will have to pass through the
mill Of Parliament and the machinery
OF state. Probably in November the
first crossing OF swords will begin in
the Chamber of Deputies. In the
mean time certain spectators on the
Bourse have an excellent opportunity
Of attacking all national stocks.