Foreign Exchanges

The foreign exchanges have swayed up and down within a narrow range. Sterling has been under noticeable pressure, owing to British purchasing of American cotton and American securities, as well as the recent payment of $4,028,085 on debt account to this country; the remaining British debt of $4,600,000,000 will continue to operate adversely upon the marked trend of sterling toward par. French francs have shown considerable strength from rumors of a Ruhr settlement, and also from the fact that no inflation of French currency has thus far attended that episode. As for marks, an additional 358 billion were issued at the last Reichsbank statement, along with an increase of 568 billion in Treasury Bill discounts. The mark exchange rate is still strongly supported by the German government.