| Show FRANCS FRANC'S DECLINE HITS U US 8 COTTON I IRICh Rich Secretly crt Convert Holdings Into Ameri Amen American American can Exchange NEW yom TORK Aug What 6 6 What the fall of ot the French franc to a ot little more than 2 cents means to American wheat and cotton cotlon A fields and to American factories Wa was told to The Associated Press by George E Roberts vice resI- resI resIdent president dent ot oi the National City flank Dank ot New York Ho He described how bow roan many wealthy I Frenchmen have contrived nd to have plenty ot of ready spending money when they come to the United States He explained the anomaly ot of the seeming business pro ot of France Franca and foresaw essential economic soundness within reach of oC the l French nations nation to be had through it Its own efforts To the question ot of the effect ot of othe the francs franc's fall on American busi bUsl business ness he replied RISING nISI The The Incomes ot of tho the French rench peo peo- peo plo peo-plo pIe are In francs Six months ago the franc trane was rated at 26 to the dollars dollar but now It requires 40 francs to buy a dollars dollar's worth of or any any- anythIng anything anything thing Wages Wage have been risIng that Is Frenchmen have be been n get get- getting getting set setting ting more oro francs for tor their days daya work but the wage rise has hu not kept up with the speed of ot tho the tall fall fallin fallIn In dollar purchasing power of ot the franc French prices toot too have gone up but not as fast tast as 00 the franc has baa fallen tallen France Is 10 tho the fourth largest purchaser of ot colton Tho mills Imported bales from this country In 1925 But cot cot- cotton cot cotton ton goods prices are rising In l France ranco tauter taster than wages ages and last last- fast faster r Pr than purely French products The distribution ot of cotton In France therefore Is likely to bo be lessened NOT ENOUGH E WHEAT T France will not harvest enough wheat heat to afford arford her people the accustomed ac supply and the govern govern- government government ment will probably forbid the tho man man- manufacture ot of flour ot of o low gravity In like manner It will wish to limIt them as to Imports of ot all kinds ot of foreign goods to a avoid void the pres pres- pressure suro sure on the franc which results from payments abroad Dispatches from Paris say that Paris Fans officers ot of American exporting concerns were ero doing very little business and thinking ot of reducing expenses On On the other hand the tho low value ot of the franc has the tho effect of ot cut cut- cutting cut cutting ting prices of ot goods gooda of ot foreign pro production In world markets and Is the worst kind of ot competition that other countries can have French Iron and steel manufacturers are reported sold old old up months ahead ot of capacity although the Iron and steel business In most countries Is depressed To sum up the ho declining value alue of o the franc Is a disturbing factor In all alt world t markets both as re- re regards re Jarda gards goods normally Imported Into and as regards goods In the production of ot which France Franco I Is a competitor with other countries To sum up the declining value ot of the tho franc Is a disturbing factor In all world markets both as re- re regards cards re-cards cards gards goods normally Imported Into Franco France and a as 01 regards roods goods In tho production of ot which France Is n a competitor with other countries How can Frenchmen whose money has hag been depreciated afford to come here as travelers or reside on French Incomes Mr Roberts was waa asked CONVERT MONEY HONEY A person whose Income Is In francs said the economist Is suffering heavy losses It if obliged ed to toI tot t I convert his currency Into United States statu money Of Ot course there are numerous Frenchmen who have had foresight enough to convert n a apart apart part Jart ot of their fortunes Into foreign Investments Investment It If they have Ameri Amen American American can investments Investment for example they are not affected by the decline ot of the franc Efforts to do this have been an Influence In the continuing of ot the franc trane In the foregoing explanation lies the reason for tor the origin ot of o the ex cx expression flight from the franc The banker said that notwithstanding standing stringent ent embargoes It was WM Impossible to prevent the flight of ot money across the French border borden The flight from the franc has taken many forms torms Francs have been stuffed In automobile tire tires and carrIed Into Belgium to be sold on nil alien en exchanges while stocks and other securities have been secret secret- secretly secretly ly Iy carried out of o France Franco by travel travel- travellers travellers lers lens to be sold abroad The flight of French money has haa run Into Inlo un- un untold Untold un untold told millions million |
