Doctors Disagree

Doctors disagree on only two subjects: what is wrong with a patient and what cured a patient. The franc, which a month ago seemed beyond medical aid, is now in the convalescent ward. The patient shows a healthy appetite and touched 6.06 cents--the highest point since July 2, 1922.

Doctor Loucheur (Minister of Commerce) announced, when his patient suffered a slight relapse after this effort, that he expected to keep the franc about 16 to the dollar.

In the meantime France studied the course of the late illness. It was "discovered" that France had saved the franc by her own efforts, that Mr. J. P. Morgan's $100,000,000 credit (TIME, March 17) had not been needed, that the conditions of the loan had been too severe. Inquiries in Manhattan showed, however, that the well-known medical firm at No. 23 Wall St., Manhattan, had saved the day. Reports originating from the French Ministry of Finance stated that the franc recovered when there was a rush of buyers to cover a shortage, following the operation of one bank, Lazard Freres, in throwing -L-3,000,000 on the Paris Bourse in one day. But the psychological effect of Morgan's thundering loan was decisive. It was never expected that the full sum would be used. A large portion of the loan was used, approximately $33,000,000, nearly all of which has been repaid. When the devil was sick, etc.