Evening star., 1939-08-29
Dollar Turns Down
In Sterling Terms
Al London
Unit Opens at S4,24,
But Closes Nervous
Day at S4.36
BY the Associated Press.

By the Associated Press.
LONDON. Aug. 29.-The United
States dollar continued to range
nervously in foreign exchange
trading today as the equalization
fund control kept to the sidelines
for the fourth day.
The unit opened around 424 to
the pound, dipped to 4.39 and finally
closed 4.36. compared with $4271a
for sterling in New York late yes
terday.
French francs held their ground,
ending 175.25 to the pound, against
1855, the previous close.
PARIS, Aug. 10 R.-The United
States dollar closed at 1000 francs
(250 cents to the france in the for
eign exchange market today and
compared with 245 cents for the
French unit in New York over
night. Exchange on London, ITS
In Bourse trading principal rente
issues were: Three per cent, 7500
francs; AIS, "a" 83.05; 41as, 1887,
1920.
NEW YORK, Aug. % (P).-The
British pound sterling rose in terms
OF the dollar today in what bankers
characterized as orderly" foreign
exchange transactions.
The unit around noon was quoted
of "a 40 I'M frnyN, Ia CT
nights closing figure. The French
franc made a similar comeback,
rising .05 of a cent to ESQ cents.
Dealers said that transactions were
not as heavy as those yesterday and
that the chaotic condition brought
about by last weeks removal of the
peg" from sterling largely had dis
appeared.
While quotations were not avail
able for the Danish krone, trans
actions were reported in currencies
Of the other Scandinavian countries
of the Sterling bloc" which had
tied their monetary units to the
pound. In both cases the fall was
less than had been expected In view
OF the precipitate descent Of sterling.
The Norwegian unit sold at 1925
cents. a dip of 20 Of cent from the
close last Thursday before the pound
dropped. The Swedish krona, At "a
cents, was IL of 4 cent down from
Thursdays close.
Bankers were advised the heads Of
the Scandinavian central banks had
not yet decided whether to leave the
sterling bloc. There was no oficial
quotation for the Argentine peso,
also allied to sterling.
Higher were the Belgian belga, up
.0l Of cent, the Swiss franc, up .O5
of cent, the German mark, up ST
OF a cent, and the Canadian dollar,
which gained .56A of a cent. Meth
erlands guilders dropped behind by
90 Of cent.
The Foreign Exchange Committee
OF Bankers which was formed last
week was said to be exercising q sort
OF supervision over dealings to pre-
vent speculation. This supervision
was IN the form of exchange of in
formation among the bankers and
dealers represented.
Noon rates follow:
Great Britain in dollars, others in cents.
Great Britain, demand. 4.37l2; Great Brit
ain cables 4.3S: d0-day bills, unquoted:
S0-day =, 1a, bills unapoted: Canada. Montreal
Montreal 102. 1Ss4 Belgium, 1898; Dem
mark. unquoted: Finland, 2.05: France,
o, I.SG: Germany. RI any. 1907: beneyyolent; 1900
1870; Italy, 5.2fIa; Netherlands. E3.61:
Norway. 23:?5; Poland. 1882; Portugal,
erland, % 81: Arsentfna ioficial5. unauot-
ed, Argentina tfree), 2326: Brasil 5ofii-
cian: sos: Brazil tfree) 500: Mexico.
SHANGHAI 7.25i Yugoslavia. 2 80.
Rates in snot cables unless otherwise
indicated. n nominal