Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-17
GOSSIP OF THE STREET
FEW LIKE.PLAN
OF JOINT LOAN
Bankers and Brokers Do Not
Relish Inter.Allied Funding
Proposal

The plan to restore the worlds credit
through an International financial union,
as outlined In a dispatch from Paris
yesterday, was the cause OF some dis
cussion and in some instances of amuse-
ment in the financial district Of this
city.
Briefly, the dispatch said the French
Government was considering bill pro-
posed by Deputy Jacques Stern, estab-
fishing among the Allies an international
financial union. 1t then went on to say
in effect that the bill proposed a con-
solidation of the war debts Of all the
Allies. which amount to almost $685.
oo0.oo0,0 900. To carry out the plan 1t
would be necessary to float an interna-
tional loan Of about 100000. 900 to
be distributed on a basis of population
and production, or power to contribute.
The dispatch also said similar plan
was under consideration by the British
Government.
Bankers and brokers whose opinions
were asked on the subject almost in
variably asked, Where do we come IN?
as soon as they had finished reading H.
They felt that under such pian' es-
pecially that part referring to power to
contribute" the United States would get
q raw deal"
Some prominent bankers said the SUB
ject was one worth consideration as
there were some points Of merit IN IT,
but they said the subject was 100 pls
to admit Of snap judgment.
Ono banker said the pooling OF tne
war debts Of the Allies and tne ISSUE
against the consolidated debt OF inter-
National bonds. coincident with the re-
tirernent Of all present war bonds, might
not be a bad thing for the future inter-
national commerce Of the United States
and the Allied countries. If these bonds
could be issued much on the same plan
as the British consols, and II their parity
could be in some way maintained. they
would largely take the place OF golo IN
international exchange. But he added,
"the subject Is a big one and would re-
quire much study"
Another banker remarked jocularly
'"The whole scheme appeals to me IN TINS
way: ! have SO: my friend here mas
500. I say to him: Let us be good
fellows and pool our cash and our debts
and pay the debts from the cash pool
The United States can't be a party to
such a plan as that"
Another financier, tho president Of
trust company, said he could not see
how Deputy Stern would be any better
off by his plan'to "avoid international
bankruptcy" by floating an international
loan Of over 100000, 100000.
e.. Railroad Situation
Speaking Of the railroad situation yes
terday which still Is burning topic
In the financial district, well-known
banker remarked that he thought 1t a
pity that the board Of railroad execu-
tives, which Is now holding conferences
in various cities, should not throw open
It's deliberations to the public and give
those most Interested in the subject an
opportunity to say something on the
various plans considered. Open as OPP
posed to secret diplomacy and discus
sion of public matters. he said is the
order of the day, and no single question
affects all the people of the country sc
much as transportation. These execu-
tives, he remarked, may think that they
represent the great mass of the people
for whom the railroads exist, but their
! whole past experience has been centefed
on the perfectly laudable aim Of making
the roads earn the largest possible
amount for the owners-the security
holders. and beyond the brief for the
public held by the Interstate Commerce
Commission and the various State board
or commissions the public that pays
the freight" has had no say. II these
executives wish the public to believe that
they also represent them-as perhaps
! they do-they should at least permit
the public to know in what form they
do SO in their deliberations. otherwise
they may perpetuate the general i'm
preston that they do not.
Copper weakness Mystery
Brokers could give no satisfactory ex-
PLANTATION for the weakness of copper
| stocks yesterday. An entirely opposite
condition was anticipated. In view of the
assurances from the War Department
| last week that stocks Of copper now
on hand would not be hurriediy disposed
of. This assurance was a source OF
great eneoura cement, it was said, to the
producers of the metal There are no
figures available showing the extent of
these stocks, but as they are distributed
among q large number Of concerns they
undoubtedly run into millions Of pounds.
There Is also difference Of opinion
among brokers who make a speciality OF
copper stocks as to the supplies of the
metal now on hand at the refineries.
some holding the view that they are very
low. especially at the larger works,
while others say that very large stocks
were carried In anticipation of a long
war; One broker said that during the
war period, when the refneries and
smelters were working under pressure,
there was always about 100000, 900
pounds in the various processes. More
conservative estimates place the total
refined copper stocks in the hands Of the
companies at present around 100000. 900
pounds. The demand at the present
fixed price Of twenty-six cents pound Is
said to be small. In anticipation Of re-
duction In price at the first of the year.
AS a matter of fact, coppers were not
so weak as was generally reported. The
apparent weakness was due in large part
to the majority of copper quotations APP
pearing yesterday ex-dividend.
studebaker Notes
"A group Of New York and Chicago
| bankers Is Offering $15,000,000 Stude-
baker Corporation Is serial gold notes
at prices ranging from 100 to Yield Z
! per cent for the two-year maturity to
98M to yield 7.25 per cent for the ten
year notes. The Central Union Trust
Company of New York Is trustee
The notes mature in amounts rang
nually from January l, 1921. to Janu-
ary 1. 1899.
They are dated January /. 1919. The
pafAa ara rcd deen1 abla at the OOtion nj