Prior to and during the early months after the outbreak of war in Europe in the Autumn of 1939. large amounts of European capital fied from Europe to the United States through Switzerland. After the fall of France in May. 1940. there were fears for the neutrality of the Swiss Confederation and the Swiss-dollar rate tumbled to 21-12 cents, down more than 2 cents. In January, 1941, when there was fear that the United States might "freeze" all foreign balances in this country, there was a scramble, believed to be mostly on the part of German interests. to convert dollars into Swiss francs. thereby running the franc rate up to 2330 cents. highest since February. 1938. The volume of business was so great that the Swiss authorities took care to emphasize two sets of quotations—one for regular commercial business and the other for transfers of capital. In the interval the Swiss central bank was compelled to ad-inst the official franc-dollar rate Several times in the interests of an orderly market.
Text read from the printed page and cleaned; old type leaves the occasional error.