The New York herald., 1922-01-30
PARIS BOURSE FIRM
DESPITE POLITICS
~.
Big Financiers Believe Way
Out of Differences Will
Be Found.

Special Gable to THE New York HnRALp.
Copyright, 1899, by THE NEW YORK HERALD.
New York Herald Bureau.l
Paris, Jan. 20.
With the new Governments position
in all financial matters still not fully
clear and with the outcome Of the Genoa
conference in the balance, owing to
American hesitation. coupled wit h
French insistence that guarantees be
given that the treaties and reparations
arrangements will not be altered, the
French financial market last : week
showed an exceptional lack of activity.
but did not lose the spirit of optimism
which has prevailed since the beginning
Of the year.
The fact is that the big Industrial and
financial leaders believe firmly that
some way out cc the present interna-
tional ufsagreements will be found soon
and are only waiting for signal for
the resumption of affairs which VIII
have the desired effect on the markets
on both sides Of the Atlantic.
This movement of optimism Is being
strengthened by the attitude Of the Bank
of France, as well as the big credit in
stitutions. which are spreading the gos-
pei Of hopefulness as far as possible and
have succeeded in drawing attention to
the new issues of the National Credit.
which will have no limit and which will
bring in more than the per cent. which
has been offered to the public hitherto
Although the details are not yet certain,
1t is already known that some of the
provincial banks have offered to take an
unprecedented share when the distribu-
tion commences.
AS far as the exchange is concerned
everything seems to be favorable for
France, according to Boure operators,
who are pointing to the fact that many
heavy orders for francs continue TO ar
rive from the United States Apparently
due to recognition on the part OF Amer
lean bankers, France intends to insist
henceforth for payments from Germany,
and it is significant that while the value
of the franc Is rising the mark Is again
showing a downward trend, although
Chancellor wirth's financial scheme is
held by Berlin as being the first step UP
the economic ladder.
Russian securities and sugar stocks
suffered relapse last week, the former
in some cases falling far below the Mo-
V6fnDeI QuOtdIlOHS, WIliic Iic IHoNcAiCHe
to bring in unimportant securities into
the Bourse lists apparently has ceased
owing to the growing feeling that Rus
sia does not intend to use the Genoa
conference as more than a note taking
occasion, to be followed by the applica-
tion of counter measures in Russia with
the help of the few neutral nations she
IL likely to influence in her favor at the
council table.
Egyptian sugar securities dropped II
points last week following the report
that the dividend would be only 16 shil-
lings, as compared with 35 shillings last
year. Oils remain resistant but there
were ony a few transfers.
The railroad interests expect an early
floating Of a loan of probably 00,000,-
900 francs for the Improvement OF the
Alsace-Lorraine lines, which deterior-
ated badly during and since the war and
now need complete revision OF rolling
stock as well as the construction of new
branches connecting with the French
eastern lines. The discount rate re-
manned unchanged.