New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-04
HOLIDAYS AFFECT
STOCKS in PARIS
Government and City
Bonds Well Received
by the Public.
Try Cable TO The rr'tuae.I

Paris, Jan. 3.-.IhC bOurSc was arm
this week. but little was done. on ac-
couu, OF the holiday season. Better
prices we're made in the per cent.
perpetual rentes and new rentcs. This
is sure sign OF confidence among bust
ness men and the public. Bank shares
improved and railway stock was firm,
with numerous demands.
There have been some dealings M
CITY OF Paris bonds and a few indus
trials. including coppers and Russian
mctallurgical securities, and also in
Credit Foncier bonds. Shan5 rubber
shares and South African mines were
IN demand.
Last year was a severe strain not
only on the stock market Of France,
but also on the finances OF the whole
country.
Firstly there was the budgctary de-
felt before the war and various
schemes Of several finance ministers 70
find resources for the ever-increasing
outlay followed, including the keen
controversy over the financial proposals
Of Joseph Caillaux. His opposition
caused q delay In the issue Of the re-
deemablc loan projected by his pre-
dccossor in the ministry and the gov
eminent.
In the succeeding ministry CaillauX
as Finance Minister was the leading
spirit and the government introduced
d temporizing policy in finance, lly-
ing from hand % mouth on receipts
from treasury bonds while preparing
q new income tax which met with much
objection in the country. Minister
Caillaux resigned Office in the well
known tragic circumstances and a
radical ministry with some change IN
portfolios secured an issue OF new
rentes. This occurred shortly before
the declaration of war, but notWith
standing Europe has been in deadly
strife, 100000 has been invested IN
these rentes by the French public OF
the total sum required OF $4,000, 900.
Minister Ribot issued a loan last au
tumn in per cent Treasury bonds to
meet special war expenses, and already
nearly S400,000,0 900 has been subscribed
and the public seem as eager as ever
TO invest their savings in these bonds.
A big loan will probably be issued TO
cover the enormous war expenditure
when peace returns or when victory is
decisive.
Minister Ribot is confident that the
country can bear the expense OF the
war till the end, and the government
pay its way by issue Of treasury bonds,
returns from taxes and money ad-
vsnces from the National Bank Of
France.
The position Of the Imperial Ger
man Bank is quite different. IL is
known for a certainty here that the
German government has withdrawn
large sums from the state bank on
bills and drafts. Paper currency is
sued in Germany increased greatly
last month. The circulation of bank
bills reached the total of 81 ,6S8 000,-
coo, in addition 20 the issues Of loan
ing banks and state paper money. No
doubt the German state bank has q
slightly enlarged gold reserve through
acquisitions in Belgium and occupied
departments Of France and seizure of
ali the gold in the empire.
The Project of the Seine and the
Municipal Councillors have authorized
the issue of municipal loan at So
per cent TO the value of $4,000, 900.
These bonds seem 70 have been well re-
eived By the public and especially Pa
risians.
Most OF the Paris banks have de-
cided to waive from January the
benefits Of the moratorium applying to
accounts subject to check. Depositors
may therefore draw their balance in
full.