The past fortnight has witnessed a revival of violent fluctuations in the leading European exchanges: Sterling fell sharply, French francs struck a new low level for all time, and Belgian francs and Italian lire shrank perceptibly. German marks are so low as to be practically unquotable.
In part the decline may be explained as due to the usual exporting of American crops, especially high priced cotton. But it is obvious that the recent political ferment in Germany, the uncertainty as to the Kaiser and the Crown Prince, and the threatened breach between England...
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