Evening Republican, Volume 19, Number 207, Rensselaer, Jasper County, 1 September 1915 — Violent Break in Foreign Exchange Hits U. S. Trade. [ARTICLE]

Violent Break in Foreign Exchange Hits U. S. Trade.

jp " The tremendous export trade of the United States, in which the country leads the world for the first time, was imperiled Tuesday by an alarming drop in foreign exchange rates, notably sterling. At the close of bus'ness the English pound brought only $4.55% in American money. This is a drop from its normal value of 31% cents; from its value August 1, of 20 cents, and a break in the last twenty-four hours of 5% cents, which is without precedence. In the face of this rapid depreciation bankers in New York are wondering how much longer Great Britain will pay the premium and buy goods in this market which She can get elsewhere where the value of her money is greater. The English pound has depreciated, they say, because London has failed to provide a method here of paying the big bills now coming due to American shippers.