Dated November 1, 1919. Due November 1, 19: 



Interest payable May 1 and November 1. 

 Denominations: Coupon, $100, $500, $1,000. 

 Principal and interest payable in U. S. Gold without deduction for any French taxes, present or future. 



Each issue is the direct obUgation of the city issuing the same, and will be the only- 

 external loan of these cities presently outstanding. The finances of these cities are under 

 the control and supervision of the French National Government. The cities are, next to 

 Paris, among the largest and most important trade centres in France, and their credit is 

 established upon a sound basis. All are situated far from the zone of recent hostilities ?nd 

 their industrial condition has hp'^^^^^g^ggf^vather than weakened by the war. 



