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Show JKJ Heavy Drop in Rate of Exchange NEW YORK. Dec. 4 Exchange on England, France and Italy dropped yesterday to the lowest points of depreciation de-preciation ever recorded in thi-market. thi-market. Btedllng fell to $3.87 1-2 to th pound, against tho pre-war quotation of $4.86 5-8. This represents a discount dis-count of sliphtlv more than twenty per cent in what for srenrrations was re garded ae. the most stable form of international in-ternational remittance Francs or bills on Paris fell to the point where it took nearly ten francs to buy nn American dollar, representing represent-ing a depreciation of fully fifty per per cent, while the lire, or Italian change, valued al 19 3 cents before t he-war, he-war, fell to a level where it took 12 2-3 of Ihem to equal an American dollar Dealers In exchange stated that a large part of yesterday's pressure to sell, especially of French and Italian bills, came from commercial interests hefe and abroad who offered their bilh almost regar.ilr-ss of n-v. - -Detained. Cables from Loudon quoted Amor lean exchange there at $3.88 for a Pound sterling, vith predictions that the huge debt of England to tins country coun-try would precipitate a further slump. |