AMERICAN MONEY MARKET.

Wanganui Herald, Volume L, Issue 14698, 1 September 1915, Page 6

AMERICAN MONEY MARKET.

GREAT DROP IN EXCHANGE RATE. Press Association.—Telegraph—-Copyright. Received September 1, -11 a..m. - NEW Y'ORK, August 31. The Sterling Exchange is at the lowest on record, a pound reaching four dollars and 581 cents, or beneath the point where financiers expect Britain to .be driven out of the American market and to purchase war supplies elsewhere. Chaos prevailed on the exchange market, tlie French and Russian exchanges are also falling. British buyers are now obliged to pay fourteen pence premium on every sovereign’s worth of goods purchased in the United States. France and Russia pay a similar ratio. No American contract for war supplies has yet been cancelled because of tlie exchange.