Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-12-18
FRENCH LOAN
CLOSES WITH
A GREAT RUSH
Subscriptions Reach Vast
Figure, but Amount Is
Not Announced
GOLD RESERVE GROWS
BY YVES GUYoT
Editor LAEence Economique ct Financiere.
Special cable TO Evening Ledger


PARIS. Dec 1s-The loan closed we'd
nosday is uuduestionably great sue
cess, but II Is still Impossible to get tho
slightest exact forecast OF it's total
Though some Indication is furnished by
tho appearance for the first time In the
weekly statement Of the Bank of France
OF 2. 10000 600 francs subscribed direct TO
the Trcasury's current account with the
bank This amount however. Is only part
of such payments. Inquiries at postonlces
and loan bureaus show that an enormous
amount of liquid money has been forth
coming, even in small towns, n surpris-
ngly large proportion being in gold. A
curious fact was an clevcnth-hour rush,
evidently by persons who had intended TO
subscribe but postponed It until the last
moment
It should he remembered that previous
war .OnnS cannot afford a criterion for
Judging this one. owing to the difference
In conditions. Thus, In the 2,250,0OO,000
francs loan of 1871, or 35OO,OOO.O of ~,
the total being determined beforehand,
many people deliberately subscribed FOR
far larger sums than they wanted with
tho certainty they would he allotted only
part Of their subscriptions. Consequently
the totals were abnormallv swelled, the
loan Of =! being subscribed twice over
while that Of the following year totnlcd
I5,O>OO0O.oO0 These were largely paper
ngurca, whereas the present total wholly
represents cash or securities actually pro-
duccd. Furthermore, 10 francs per share
must he paiG down and all the remainder
not later than the end of next March, In
on'y three instruments, whereas In 1871
Is inetalmcuts were allowed and 90 in 70.
Besides tho success Of the loan tho Bank
Of Frances figures are very satisfactory,
showing a continually rising gold reserve.
now surprising 100000 0O0 francs, which
Is especially good, considering how much
gold has been paid simultaneously as sub
sCriptipn to the loan tndisCountcd bills
deposited by persons wishing to sub
scribe 10 the loan have increased 55,VOO-
OO1 francs i'm the week
There has naturally been large in
crease 5OD,OO0O0, in advances against
scrip. also due to tho loan. Finally. note
circulation has been diminished by no less
than 62l ,COOOD francs.
Nn altogether exaggerated attention Is
being paid to the rise In prices especially
of food and Combustihles. Prices have
risen no doubt, hut the rise s not eXces-
slve considering that the nation is at war,
with consequent limitations to the supply
Of freight and shortage of labor. Any
how, prices are less high than some years
ago in time of peace The rise in coal has
caused the proposal Of remedies which are
risky, II not dangerous, Thus, II Is sug-
gcsted that the State undertake coal
selling monopoly on the same line as
its grain monopoly. Promoters of the
scheme appear not to realize how cum
brous and impraCtiCable 1t Is. Unless this
proposal succeeds, which appears un-
likely. there might be an opportunity for
American exporters to put coal on the
French market. Hitherto. their efforts
have been unavailnE. but France un-
doubtedly needs large quantity of
foreign coal, and 1t is possible that
America might compete favorably with
England.