Business: French Credit

Last week the Paris-Orleans Railroad Company sold $10,750,000 worth of 5½% external sinking fund gold bonds through a banking syndicate composed of A. Iselin & Co., Brown Brothers & Co., Halsey, Stuart & Co., Hemphill, Noyes & Co. and Wood, Gundy & Co. Few financial theorists in the U. S. reflected sentimentally that this was the railroad that carried U. S. soldiers from Bordeaux or Brest to battle. But all financial theorists did reflect deeply upon that interest rate—5½%. Why?

This was the first French offering since the U. S. State Department removed...

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