SWEDEN: Glorified I. O. U.'s

Money lenders to sovereign States are the firm of Kreuger & Toll, financing company of "The Swedish Match Trust."

Three years ago they helped to stabilize the French franc by letting Prime Minister Raymond Poincaré have 1,875,000,000 francs ($75,000,000). He let them have as security, as glorified I. O. U.'s, a French Treasury bond issue. In the polite language of financiers the Swedes "bought"' this paper at $93 1/2 per bond.

Last week the new and dynamic Prime Minister of France, M. André ("L'Americain") Tardieu completed arrangements to buy back the French...