A financial sensation this fall has been the long rise of sterling exchange in terms of U. S. dollars. In February, 1923, sterling reached $4.71the highest level since the loosening of War control over the Allied exchanges in March, 1919. The advance was not maintained, however, and by December, 1923, sterling sold at $4.34 and thereabouts. This fall, British currency has climbed steadily until it has almost touched its 1923 high point.
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