davidaulloa/AmericanStories huggingface dataset:
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
STOCKS RECEDE
ON BEAR DRIVES
Technical Position of Market
Made 1t Vulnerable to
Selling Pressure
BIG BANKING PROBLEM

New York. Jan. 6-The New York
Evening Suns closing financial review
today says:
Wall street read very strong inti-
nation of continued tight money rates
today into the address of Governor
Harding of the Federal Reserve Board
at Washington. The technical position
within the stock market was OF ma
ture to make it fairly easy for the bears
to seize this Interpretation for we'll
directed raid in the afternoon session.
Through the forenoon trading had
been rather listless and prices were
heavy from the opening. Those who
had not yet realized on the profits of
last week were rushed into selling as
soon as the tenor of Mr.. Hardin's re-
marks came over the wires from the
capital. Selling for the short account
was likewise considerable and in the
first hour of the afternoon and there
after the volume of transactions was
large.
Thus. while visions of strained
financial situation were floating before
the eve, actual rates for cal! money
were dropping. The call renewal figure
was s per cent. the lowest in several
weeks. BY midday I per cent was be-
ing asked for accommoda ton, and in
the second hour of the afternoon 6 per
cent. Time funds were also bit
easier, offerings ranging from ~ to S12
per cent.
What Governor Harding said has
been said repeatedly before within the
last few months. with especial emphasis
on the competition among banks for
balances which. he insisted. would 10
terfere with the commercial develop
ment of the country at time when it is
imperative that there should be no in
terfercnce. But the significance of the
occasion Of the conference which opened
today in Washington hes in the general
feeling that the moment has come for
positive action to the end that banking
facilities shall be more directly turned
into commercial channels.
This has come to be recognized as the
big problem of 1920 and the sooner the
steps for its solution begins the sooner
will postwar conditions and obstacles
be overcome to the ultimate prosperity of
the country.
The concrete object of the banking
conference, of course, is to secure con-
troll of credits without unduly disturb
ing the banking situation. There would
appear to be little promise of stock
market expansion during the process and
the selling today was regarded as a re-
Election of that feeling.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
FOREIGN EXCHANGE

New York, Jan. 6.--The foreign ex-
change market opened lower this morn.
ing. French exchange lost two cen
times. lire lost points Swiss lost one
centime and Belgian exchange two cen
times. Spanish exchange was an en-
ception, showing a slight improvement
over yesterdays final figures.
Quotations were: :
Demand 'sterling 3.7sia, cables.
1914 franc cables, 1919; checks.
1O.S1; lire cables, 1926; checks.
1928; Swiss cables $50; checks 5.82 !;
guilder cables, 37"s checks. 371a; pc
setas cables. 1920; checks, 1910;
Stockholm cables, 81 40 checks, 81 80 !;
Christiania ables, 20 % checks, 2O.1O; ;
Copenhagen cables, 1915; checks,
1850; Belgian cables. 1918; checks,
1880; marks, 2.02; Austrian kronen,
SO; actual mark currency 80.
In midafternoon the feature of ex-
change was a continued decline in
French. Compared with the opening
figures, on Monday, of 1915 for cables
and 1918 for checks. Francs have de-
clined to 1887 for cables and 1850 for
checks. Lire. at 1928 for cables aud
1880 for checks, are 3 points under
yesterdays opening. Marks are 2.03,
with 2.01 at the opening on
Monday.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
PRONOUNCED CONTRACTION
MLOCAL STOCK DEALINGS
PTces We're Well Sustained Considering SURROUNDING rt
hng Infuences-Serousness OF Money Situation Belld

While there was further contraction
IA the volume of dealings in the local
stocks the tone of the market continued
quite strong. Considering the sur
rounding restricting, if not unsettling
influences, the list. as whole, stood
up remarkably well. The fresh npprc
nenslon concerning the monetary situa-
tion induced by Governor Harding s
statement at the interest rate confer.
ence is just as applicable to the local
STOCK market as any of the other prin- =
cipal exchanges and commodity mar
kets. The only noticeable effect here,
however, was the pronounced curtail-
ment of dealings.
In discussing the monetary situation
today, an official of one of the leading
local institutions stated that the great
trouble has been that the INK and file
OF the stock market community were
disposed to make light of very i'm
portant question and an acute situation.
All the recent gossip, he said, of pos
sible easier money conditions with the
turn of the year was built largely upon
imagination rather than on concerto
facts. With time money virtually un-
obtainable in New York on bids Of S1a
per cent for thirty and sixty day loans,
1t would seem little short of ludicrous
to speak of easy money rates in the
very near future. Money is tight,
he said, "and money is going to remain
tight for some time to come, simply be-
cause the demand tremendously exceeds
the supply in sight,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

MARKET YIELDED UNDER
PROFESSIONAL PRESSURE
ndons Made at Interest Rate Conference Foresadotved
Continued Restraint against Speculative Ac,pity

New York, Jan. 6.-Today's stock
market continued under the complete
domination of the professional traders
ana the trend was distinctly reaction
| airy. In looking around for the cause
Tor fresh dropping of security values
nothing better could be offered than
the money market. The acute monetary
condition was further impressed upon
the minds of the market community by
he remarks made by Governor Harding
in the conference held today at Wash :
!ngton between the Federal Reserve
Board and the representative banking
interests of the country. His appeal TO
the bankers of the country not to raise
interest rates on deposits for ont of.
town balances did not strike Wall
street so forcibly as did his intima-
lions that further increase over the
present rediscount rate of 43i would be
necessary.
Anothee big chiller was found in his
statement that "unessential loans
should be discouraged. Still another
jolt came in this assertion that com
petition by bankers with the investment
market was not conducive to sound
banking"
All of this was promptly interpreted
as slap against Wall street and the
stoch ndrkeJ. II, IN all events, damp
ened the growing hopes of easier money
market conditions in the immediate fu-
ture, or at least more liberal stock mar
ket accommodations.
The reactionary elements were nat
urally disposed to make all the capital
possible out of the situation. but their
forts were not very successful. They
did succeed in forcing prices off all
llong the line, and in certain parts of
the list made considerable impression.
Altogether, however, the market be-
haved we'll, and displayed increasing
resistance as the lower levels were
reached, indicating the absence Of any
considerable volume of real liquida
ton.
Although there was nothing in the
overnight developments to affect the
market much in either direction, the
majority of the active stocks were heavy
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

at the opening on n moderate resump-
tion of yesterdays professional selling
and continued profit taking. Pressure
continued to concentrate i'll favorites
issues, notably the steels, oils and
equipments, where early reactions
ranged from l to . points.
The heaviness of the first hour gave
way to irregularity, many declines
being fully recovered, while some of
the early gains were replaced by losses.
American Woolen featured the turn by
a spirited rally of s points, and with
United States Rubber, which also re-
bounded easily on the rumor of the
stock being placed on a 10 per cent
dividend basis on Thursday, with an
extra dividend of per cent for the
quarter, precipitated considerable short
covering. Decided strength developed
in Sloos- Sheffield, Baldwin Locomotive,
Industrial Alcohol, Endicott johnson
and Middle States Oil, but the usual
leaders reflected the absence of buying
power.
The fixing of the renewal call loan
rate at 8 per cent, the minimum initial
rate since the November break, for
time made things bit more cheerful
and gave promise of bringing a general
recovery movement. The good effects,
however, were completely Offset by the
rews from the interest rate conference
at Washington and by midday fresh
movement set in, carrying
the prices of the entire list back to and
under the low level of the first hour.
The fresh yielding of the market in
vited vigorous short selling all around
the room in the early part of the after
noon and by reason of its weakened
technical position the whole list gave
ground constantly. Reduction in the
call loan rate to 6 per cent helped to
check the reactionary current, help the
market remained in a very unsettled
state.
Some stocks, notably specialties, made
recoveries later, but in gen.
eral the decline of call money to 6
per cent exerted little favorable in
fuence.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
LIVESTOCK QUOTATIONS

Chicago. Jan. G.--HOGs- Receipts. 50. 70
oC9 a. bowsr boSyT bgts a. 81 toP
fpS Sa light eq% SRt HfSS shfs
sil.15q 1865; neayy packing sows, smooth
sl4@ a. so; packing sows, rough, Sl3.AO a
il; piss, s1s; 5O@ II so, 400
Beef steers medqTr W. qgd gS so heavy weight
good, good sii a fs,75; common, SS,7S@ii: light
weight good ,o1d,,,n s5a Ghoi.s Fl slS 5o 10 26;
cattle helfers. S6,5O@1i.75; cows, 5000
ysa ee2es i feesf y s's ssars 4s;
so stqefer f!eers c6
Lambs, s16,5O@ls; culls and common SfS
a ewes, medium. and good, ss.5OqfI:
cuils and common, S5@s?5
East Buffalo. y; " Jan q;-cATrLE-
400 head STEADY. s6a 90 ''''''
Hoes Receipts, 5000 head, Twenty-Five
t. % cents sD5 RFRs ps ,S HeSyy rausSs @ESs
IA TX. stass, SI06li5O.
SHEEP AND LAMs-Receipts. 24OO head
Steady, Unchanged
,T5 Ssa9 STEADY Js 4sa1ss H9asPiTsPIs s.
heavy yorkers light workers. and pigs, sl5 80
ReaG. ~ aG STEADY. Top sheep, 1i2 ton lambs.
ecALvEs-R Receipts. 90 head Steady.
rop, S2l.SO'
% 90 head Lower Bulk, ;i4.7o@1lGo;
iight. slf,5o@ib; light lights. .sli@lI75;
nsssS SssD p"ss"s ss 'S%: fSa 'HH|9 s
" s9T arri q Receipts. 5000 head strong.
Beef steers medium and heavy. choice aud
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
CLOSE IN CORN PIT
MATERIALLY BETTER
Cheaper Price for Hogs Had
Bearish Effect EarIy-cash
Article Stronger

Chicago, Jan. Fluctuations IN
corn were most erratic today but gen
orally the undertone of the market wa wo,
iirmer and the close was materially bei.
ter.
The warning of Governor Harding NJ
the federal Reserve Board, to the n rem. L.
resentatives of the various clearinr
houses ut their meeting with Officials
of the board in Washington, that Fad.
eral Reserve funds were not to be used
for speculation. created some apprehep.
sion among traders and their selliD.
forced a setback.
There was good demand because Of
small receipts, n report that the gov.
ernment stocks of wheat here and a,
milwaukee had been sold prediction,
OF bad weather and expectations Of an
carly ratification Of the peace treaty,
Cheaper prices for hogs had bear.
ish effect carly. The cash article wa,
stronger on claims of export business,
Oats also improved after irregularty
The best buying was by cash houses
Longs and local bears were among tht
sellers.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

prime. none; medium and good, sil.504
10 5O common, ss:25@11; light, good and
choice. Sl3, ,75m 10, 10; common and medium,
SI.75 912 90; butcher cattle, heifers. tI@lB:
cows. S7ql2. 30; Gamers and cutters. So. 10 a
g. "a; veal calves. light and handy weight,
SI3. 3.5O@ls; feeder steers S6.75gl2; stocker
'fiTf sTEEP@Recep,s y as. 1000 strong Lambs
u.aUWlS.15; culls and common. Ssgl5;
and choice, T5o@l0; cuIls and common.
s407.
KSnsqs So6 CITY Jan R fHoG&KsGeipts, IS i e
heayies, sl4.a5@l570; ,medlums. slt,2S@
014; packing sows. sis,50@l4; plgs, sll5O
CATTLF-R, celpts, $4,000 head. I-reg-
ular. Heavy beef steers, choice aud prime,
Sld 65 q 50i medium and good, fl3,25@
1855; common. SlO.60Wl3,25; light, good
and cholc sl2,GS@l7Ti' common and MT
dium g lgH i2Gh, butcher her, gayle helfers,
ana cutter, 81 25| 500; 3ygSI q calves tlSY
SHEEP -RGcipts, 1000 head. Higher.
Lambs SI7cp1S. 5Oi Culls and common. Sl0, 30
Q1B.5O; yCarling wethers, Sl4.25 a IL. 80;
ewes IS, o56DlO.s0: culls and common, S4l
:. breeding ewes $s0l4; feeder lambs, sl2
GiG5O
1000 head Slow 20Ss5c lover Top,
CNTrLE-.Rteeirts Igp" head. ,ElIers.
sHEEP--Receipts. 5000 head Lambs.
35 q soc higher. Sheep and feeders steady.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
MoNEY.LENDING RATES

NEW YORK-Money on call, both
mixed collateral and all industrial coll
lateral, opened today at S per cent for
lending and renewing.
The time money market continues
firm on very moderate dealings. On
industrial per cent is still quoted for
sixty and ninety days for good mixed
per cent is bid.
Prime mercantile paper is slow at
per cent minimum.
Bank acceptances OF the hrst class
are unchanged on limited trading.
Call loans on acceptances stand at
n per cent,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
CENT A POUND DROP
IN PRICE OF COTTON
Sentiment Unsettled by Federal
Reserve Board Statement
Regarding Speculation

New York, Jan. 6.-The cotton mar
ket continued heavy in tone under fairly
general selling in the afternoon. senti-
ment being still much unsettled by the
federal board statement.
Another point receiving bcarish en-
phasis was the weakness in the Liver
pool market today, which suggested to
some of the local people that trade de-
mapd in the English market had been
filled, for the present at least
Trade demand followed the decline,
but hardly in the expected volume.
At the low point, prices showed net
losses of more than a cent pound.
The exports We're $500 bales, includ-
in g6193 bales to Great Britain and 710
TO Japan and CIhin1
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
BUTTER, EGGS AND CHEESE

New York, Jan, -BUTTER--UnSettl
extras, 500 q zoe; creamery extra extras ''tiJ. t55
fcoreJ, 6Sla " 69c; firsts. 6Oh Gp67Is c; PACK
Ing stock, current make, No. ., 46c.
EGGS-Stcady Receipts. 1GI cascs
Fresh. gathered extras, S3c extra tirsts,
81 n s2C; hrsta, 7sQOS0C. state, Pennsylvania
and nearby western hcnncry, whites, frsy
to extras, sIms7c; state. Pennsylvania and
nearby hennery. browns $50 see; do, gath
CHEESE-EasW Receipts, 1880 boxes.
State, whole milk, flats current make. spe.
cials, 81 W32C; do, average run. 30D3lc;
state whole milk, twins, current make, spe-
u,Uls, SlA G 3.ci do. average run. 3lc.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
DIVIDENDS DECLARED

Great state Petroleum Co.. . per cent,
payable January 30 TO stock Of record Jan
nary Is.
payable February 10 10 stock of record Feb
ruAr" .
Il .c,Iisor. Topeka and Santa Zee Railway,
d,tN' 'tarlv 81 80 on common payable Marc!
to stock OF record January 30.
Midwest Refining Co, quarterly Of 81 nnj
extra 30 cents. payable February to stoc;
of record January 10
Kelly Srrir Rheld Tire. quarterly Of 81 o.
common and 81 on 5 per cent prcferred; n
stock dividend OF per cent on common hisu
was declared. The common and stock are
payahle February . to stock of record Jan.
uary il, and preferred February l6 to stock
Of record February ..
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
Reserve Banks Discount Rates

Official discount rates at the twelve
Federal Reserve banks were at fol-
lows:
(The first column gives rates for all
periods up to and including a fifteen
day maturity, the second for a period
of sixteen to ninety days The third
and fourth columns give the rates for
discounts Of collateral loans secured by
bonds or notes.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
FINANCIAL
lfaaJ5TEE GIRAKD NATIONAL BANK
e Philadelphia

EflSJoTkE GlRAkD NATIONAL BANK
@@ Philadelphia
December Is. 1919
Tho Annual Meeting OF the stockholder,
Of the Girard National Bank will be held At
the ySgs33Sins House. lie South Third street
nary, 1890, at II o'clock a. m.
AZ TINS meeting action will be taken upon
proposed amendment to the Articles OF
association, increasing the maximum num-
per Per OF Directors TO twenty-five. and an elec.
tion OF Directors TO serve for the ensuinr
year will be held. and action taken upo6
such other matters as may come before
BY order of the Boa rd OF Directors.
JOSEPH WAYNE, JR-.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
Coin Withdrawn for Export

New York, Jan. G.-FOrty thousand
dollars coin has been withdrawn frolh
the Subtreasury for shipment to Ceylon.
Approximately, 100000 was shipped to
South America.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
s., REPUBLIC TRUST COMPANY

-, January 8, 1920.
~ The Annual Meeting OF the stockholders OF
tnis company will be held at the tenporary
once 0t the company. As S. Broad St din
.oln Bldg.l Philadelphia. Pa, on Thursday,
January 10; 1920, between the hours OF Il
~: and P. NJ, for the election of four
uIectors TO serve for three years, and for
me transacton OF such other business a 5
lnitG pa brought before the meeting
VIM. c. POLLOCK, JR,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
.S5S THE REAL ESTATE TRUST COM.
PANY OF PHILApEIPUJA

I The Annual Meeting Of the stockbolderS q,
tnis company will be held at its buiIdins
! fsourrneast corner Broad and Chestnut streets
n. m. at which there win be an election for
Successors TO those directors whose terms
men s1pirei and such other business will be
lSonnsldered and acted on as may be brought
WILLIAM II. PHILLER.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
CHICAGO BUTTER AND EGGS

ChlcsEo' Jan, e.-BUTTER. Higher.
EGGS--Hishsr. Receipts l4is cases.
Firsts. CSC; ordinary hrsts. 80 ~ 500; at mark,
cases included, 94967; refrigcrator hrsts.
4sh 44a% q refrigerator extras, SOC 5piA 9
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
New York Metal Market

New York, Jan. e.--CoPPER--All months.
iph Q bid. Market firm, Lead---Ail months.
SO q sA c. Market nominal spelter. East
81 louis, ts'40epe0oc. Marhft firm.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

k.nxs-, THE PETERSBURG GAS COMPANY
|E1P FIRsT MORTGAGE FIVE PER

t1ENT BONDS, DUE 1891.
= fi,rrsnant to the provisions OF the Mort
&,aS 81 The Petersburg Gas Company 10
HEe Heal Estate Tsust Company OF PbjIa
3,tni.in Trustee, dated April l. 1901 seem
~ 4 4, Issue o. $3.50 600 First Mortgage Five
~. t.nt Bonds. tenders OF such Bonds at a
&.f{ifssn{ 70 absorb the sum OF 10000 the
Z ~ s..s,nt payable 10 tho Sinking Fund AprIi
<*s2Tf Will be recaived by the Trustee III
1, H}ficn southeast CORNER OF Broad and
,'S.stnuf streets. Philadelphia. Psnnsyi-
h. rtS until p. m. on January IL. for sale
. ~ 1eiipSry OH April I. 1890. at which data
{ai<feti on eseaptsd Bonds. viii ee4ss.
~1'' ny W. u FOX. Seff
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
BANK CLEARINGS

Bank clearings today compared with cor
responding day last two years;
lU2O 1919 1918
Phila ssh, s44 1873 800 U3JTIl $50 81 Gl0
Bos. sO,lsA46j 5.l55,O5l IL. li2, ,D5G
MY. l23O, 1ij 3yJ SO+.pilY YjS 7UI,7ll, ,lUl
Balt.. l5.G40.OOl li.OlH63 63S 49,.
81. Louis 2G.475, 142 "a, kSS, ,O99 ...
Chicago i22 OBS. OOl p3 G3t 40 ......,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
.t,lSy-THE PENsYLvANIA COMPANY FOR
tNE ASSURANCES ON LIVES ANN
GRANTJNG ANSUITIEs,

Pfilsdeiphia. Dec. "a, 1919
The Annual Meeting OF the Stockholders ~
this company will take PLACE at its office
By Chestnut street on Monday, January 10
1920. at 12m., at which time an election viii
be held for thirteen directors to serve for the
ensuing year. " '''e
e. S. NEwHAI,L
Secretary
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
ff~-SOUTHwEsTERN NATIONAL BANK
Broad and Sonth Streets
PhIIadefDhia. Pa

December 10. 1910
Tho annual meeting of the stockholders OF
this bank. for the election of Directors will
be held at it's Ranking House on Tuesday,
January 13, 1920. betwsen the hours nj ia
aeon and o'clock p. m. -
JOHN r. SCOTT JR.,
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

,5s,S1sss57THE ANNUAL MEETING OF THE
- contributors to the Glen Mills Schools
wiIl be held on Wednesday, January Ii.
Iyso' az o'elock p. M at the office OF the
12lS Chestnut street. The annual report
of the board Of mana gers viii be submitted
anu an election viii be held for officers for
the ensuing year and six managers 10 serve
Tor three years. " W
EDMUND G. HAMERsLY.
r,..,,,, Secretary.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
PHILADELPHIA-CalI, G per ce

time, 6 per cent; commercial paper,
three to six months, 5A per cent, and
six months, 5& @6 per cent.
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
Philadelphia. January 6. 1926 1o20e''
SssJDTHE ANNUAL MEETING OF tn

,ie--ST7THE ANNUAL MEETING OF THE
'S-HS Corporation of the Germantown MS
isensary and Hospital will be held on Tnrs-
day January 49, 1920. at the hospital. Penn
when the annual report will be read. an eIsc,
'tion Of Eve members to serve as managers
such other business transacted ss MAJ
properly come before the meeting
y THOMAS EVANS
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06

LONDON-MoEey is quoted at 81
per cent. Discount rates, short bills, )
per cent three months bills, per cent
Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-06
- THE ANNUAL MEETING or r
F.sFz FRANKLIN NATIONAL BANK

l,rsysszs THE ANNUAL MEETING OF TuR
~ Pennsylvania Building Co viii ~
held at office of the company. 516 PennsvI
vania Bldg, January IL, 1920, al n n, ~
GRAHAM L. WILSON
New-York tribune., 1920-03-10
Republicans Offer New Treaty
Compromise; Supreme Council
Urges Peace Basis for World
League Considers Plan to Put
Europe ON Its Economic Feet
Scheme for Rehabilitation of Germany and Reorgan.
lzatlon OF Other Continental Nations To Be
Acted On in Brussels Next Month

Millerand's opinion of the economic
memorandum would emphasize this
point and that the French Premier
would insist that any loan to Germany
be made only with the distinct under
standing that France insist on recog-
milton of her right to negotiate war
indemnities whicf would serve as
credits.
What France fears is Germany re-
habilitated while France remains finan-
cially stricken. The French say frank
ly to the British: "If you won't sup
port our claims for 1ndemnities will
you guarantee their equivalent in
loans?" And the British reply: "We
support your claims for reparation."
An exceedingly bad impression is
created in Paris-so bad that Premier
Lloyd George felt compelled to declare
immediately: Germany must pay"
The French are determined that Ger
many shall not rise financially strong
unless the French are also helped back
to stable position. The British be-
lieve that the French have not grasped
the whole situation and when they do
all suspicion will disappear, but it is
not an eXaggeration to say that M
Millerand's political position will be ex-
ceedingly embarrassing