OCR Text |
Show oo BANKS NOW SELLING DRAFTS ON BERLIN SALT LAKE, Aug. 1 The resumption resump-tion of banking relations with Ger-Imany Ger-Imany by American bankers and business busi-ness men is forecasted by the announcements an-nouncements recently sent to local banks b their New York correspond lenis that drafts on Berlin may now be sold. From San Francisco comes the word I that there already has been some I speculation on the coast in the Ger-mau Ger-mau marks. H. M. Chamberlain, cash-1 ler of Walker Brothers' bank, said yesterday yes-terday that his institution has been notified that at the present rate of exchange the alue of the German mark is about 7.6 cents Speculation on the coast Is said to be counting on rise in the price of marks. Their value before the wr, r was 23.8 cents The drafts are sold through the New- fork correspondents of German banks. The local banks i can now sell the drafts direct on the German banks by arrangement with the American correspondent banks. rri |