In the U. S., there was floated a loan to France of $100,000,000 by J. P. Morgan & Co., the First National Bank (Manhattan) and Messrs. Brown Brothers & Co.* According to M. Etienne Clementel, French Minister of Finance, the money is to be applied "to the reduction of the Government's indebtedness to the Bank of France, which will hold and use the proceeds as it may deem wise for the protection and stabilization of the franc. The Government's indebtedness to the Bank has already been materially reduced since the peak of such...
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