Foreign Exchange

Recent trends in foreign exchange have been interesting. The franc, after a rise practically to 7c, broke sharply, when the rumor of a Ruhr settlement was dissipated. Marks are still stabilized by German government operations, despite a current note increase of 401 billions, and the report of a deficit in the Reich budget of 7,100 billions. Invitation to American investors to participate in a 50 million dollar German government loan, non-interest bearing but retirable at 120, seems to have obtained little response here. Proceeds of the loan will be mainly used for combatting the French in the Ruhr.

The cost of living among wage earners' families was 57% higher in February, 1923, than Industrial in July, 1914. --(National Industry Conference Board.)

Analysis of the business situation by the Chicago Journal of Commerce tends to show that while there is a vigorous boom in all basic lines of industry, and while wholesale trade is 20% ahead of last year, retail volume is not running parallel in its increase with the growth of wholesale business. It has been made known through the Federal Reserve Bank by the Federal Government that all uncalled Victory notes maturing on May 20 can be redeemed now.

These notes are outstanding to the value of $820,000,000 and bear the distinguishing letters G, H, I, J, K or L prefixed to their serial number.

A corner of the sulphur market is reported to have been effected by an agreement between American and Sicilian producers.