OCR Text |
Show 1I1BIEBI0 i RELIEVE 5!TUUIBI i Ift! WORLD EXCHAPJGE; London Eagerly Reads Reports ; j From U. S. of Possible Early I Developments i STOPPING OF LUXURY 1 IMPORTATION URGED Portion of New French Loan to Be Floated in America as Stabilizing Step NEW YORK, Feb. 5 Rates on demand bills for the English Eng-lish pound sterling, which tumbled yesterday to the record rec-ord low of $3.19, opened to- , day at S3.22 1-4 and rose to j ! $3.25 1-4 at the end of the I first hour. j LONDON. Feb. 5 Reports from I Washington regarding possible action j on the international financial situa-1 tion, were eagerly read :h ere oday , as I 7.nW a report rrom " fpvork' that-. some of the banks there -had discon- j tinued the. dijgourit. 40 foliar bills 1 against the expof 'jnjSbadise, be-1 cause of the Urop in exenange. ! The reported action of the banks created satisfaction as it would mean that fewer goods would be sold to I Great Britain. The stopping of the importation of j articles of luxury is strongly ad'ocat-1 ed, and it was reported this morning; that further orders for this class of I goods recently placed in the United i States had been cancelled. FLOAT LOAN HERE. j PARIS. Feb. C A portion of the! new French loan will be floated in the i United States through a consortium of bankers and will be placed in dol-' lars with a view to easing the ex- j change situation, it is learned here. 1 These bonds will bear 5 per cent inter- j est as in France, being redeemabloJ with a 50 per cent bonus within sixty years. j It is understood the amount to be j placed in the United States has not ! been fixed, but some estimates have run as high as 52,000,000,000. , Subscriptions will also be received 1 at London in pounds sterling on the ' same terms. Experts here count upon j the success of these foreign subscrlp- lions to assist in the stabilization of 1 exchange. ! |