The Washington herald., 1920-08-29

purpose so that there will not i'm
mediately take place any pronounced
further bulge in bond market quo
tations. Tney do feel, however, that
by the turn of the year, or possibly
a little earlier, there will develop
broader bond market than has been
in evidence at any time in a num-
her OF years. They feel that liquida-
tion of commodities by that time
will have assumed such proportions
as to have released a sufficient
amount OF funds to permit buying
of securities on a more extensive
scale than in the past.
Considerable interest has been
shown in the Anglo French loan
which is to mature on October Is
next, this having been brought
about to a very considerable extent
by the presence in this country of
Jean Parmentier, French financial
representative, who is endeavoring
to negotiate a loan to France said
to be from s10O,O00,OO to 3l5O,0OO,-
900. 1t is learned that New York
bankers do not feel that more than
s1Oc, ,000,0 900 can be successfully
floated at this time. 1t is also
learned that in the event OF a loan
DtlhS ~ III Nails
legss of an attractive character in
order to popularize the issue so as
to assure its lodgment with Amer
ican investors. The rate of interest
also, it is stated, will be an attrac-
tive one. while the bonds will carry
a redeemable clause which will per-
| nit their being called in for retire
ment at a given price, presumably
several points higher than the offer
ing quotation, at any time in the fu-
ture when the French authorities
may deem it advisable to do so.
| Therefore, the loan will carry fea-
lures which will assure to the pur-
chaser of the bonds a substantial
profit on the investment at some
time between the date of issue and
maturity, probably fifteen or twenty
years hence. Formal conferences re-
garding the transaction are expect
| ed to be held within the next few
days and an official announcement
of consummation of the transaction
is expected within a week or ten
days End men say that they al
ready have received a considerable
! inquiry with regard to the forth
coming issue from various sections
of the country, particularly from
! the Middle West. In connection
with the loan il is understood that
France will ship a moderate amount
of gold to this country-possibly as
much as s50.OO0,OO 1t is stated
that France has available gold to
serd, but does no. want to part with
more than she is obliged to on this
occasion.
Short term notes during the week
were quiet but prices held firm,
| particularly in the rails. Industrials
were unusually quiet, there being
| little demand in this group and
| prices in some instances were a
shade easier, although in the main
a fairly even keel was maintained.
Attention was called to the Kenne-
! colt Copper Corporation Is which at
| 81 Y a92 show big yield on the in
vestment. The Tobacco issues also
were the subject of favorable men,
| tion as were number of other in
| dustrial notes, but there appeared
to be some difficulty in creating
much interest in this group as a
whole. The Pennsylvania Is, Louis
! willie and Nashville Is, Atlantic
Coast Line Is, New York Central is,
Northern Pacific Is and Southern Pa
cific is all held at about the same
quotations obtaining week ago.