/---1917----\ /---1918----\ Aug. High Low High Low 22 Am. For. Sec. 5s. 1919 97-7/8 90 98 94½ 97½ Anglo-French 5s. 1920 95 81-7/8 95 88¼ 94¾ Canada 5s. 1926 100 89 95 90-7/8 92 Canada 5s. 1931 100¼ 87½ 94 88-7/8 92-3/8 Fr. Republic 5-1/2s. 1919 101 91½ 99 94 98-7/8 U. Kingdom 5s. 1918 98-5/8 95½ 100 97 99-7/8 U. Kingdom 5-1/2s. 1919 98-7/8 93¼ 99¼ 95¼ 98¾ U. King. 5-1/2s, new 1919 101-9/16 95¼ 100 9¾ 99-5/8 U. Kingdom 5-1/2s. 1921 98½ 84½ 95¾ 91-5/8 95-3/8 _French Cities_ Paris 6s. 1921 96-7/8 73½ 92-1/8 81-5/8 91-7/8 Bordeaux 6s. 1919 96-7/8 74 95½ 84 94-7/8 Lyons 6s. 1919 96-7/8 74 95½ 84 94¾ Marseilles 6s. 1919 96-7/8 74 95½ 84 94¾ _Russian Govern._[6] External 6½% 98¾ 45 64½ 33 61 External 5½% 1921 98-5/8 36 60½ 34½ 57 [6] Curb market quotations. [Illustration: Diagram Showing the Effect of the War on the Prices of Stocks (See explanation on page 32)] "British issues, as shown above, declined least of all, 'and consequently had less ground to regain in the rise,' _Bradstreet's_ adds: "The feeling of confidence in England's credit has all along been a factor in connection with its American obligations. This will doubtless be strengthened by the announcement made this week that the United Kingdom secured 5 per cent. notes, due September 1, 1918, will be paid at their maturity on that date. There were originally $250,000,000 of these notes, which were sold in our market in 1916; but the outstanding issue has been reduced to about $180,000,000 by purchases in the market for redemption. French obligations have been one of the chief features of the advance. As will be seen from the above table, the French Republic 5½ per cents., due 1919, have risen 6 points from the low figures of the year. The 6 per cent. notes of the French cities, Paris, Lyons, Bordeaux, and Marseilles, with rises of about 10 points each, are conspicuous examples of the good effects following the checking of the German advance and the counter-offensive launched by the Allies and the American Army. No division of this part of the bond market has, however, shown such a marked improvement as the Russian external or dollar bonds, which though not listed at the Stock Exchange, are dealt in extensively on the New York Curb market'." GERMAN PROPERTY IN AMERICA